Annual Shareholders’ Meeting Presentation and Addresses

MARKET ANNOUNCEMENT

11 April 2022
FOR IMMEDIATE RELEASE





2022 Annual Shareholders’ Meeting Presentation and Addresses

AUCKLAND, 11 April 2022: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) attaches the Chairman of
the Meeting and the CEO’s addresses, and presentation which will be delivered at the Annual
Shareholders’ Meeting being held online today, commencing at 3:00pm (NZT).

ENDS

Authorised by the NZME Board

For further information:

Kelly Gunn
GM Communications - NZME
+64 27 213 5625
kelly.gunn@nzme.co.nz


About NZME
New Zealand Media and Entertainment (NZME) is an integrated media company, with a portfolio of
market leading news, entertainment and real estate brands strategically positioned across a network of
digital, print and audio platforms.
With a combined audience of 3.4 million New Zealanders*, NZME supports commercial partners to grow
customer engagement with a data driven, audience and customer centric approach. NZME is listed on
the NZX Main Board (code NZM) with a foreign exempt listing on the ASX (code NZM).
*SOURCE: Nielsen CMI Fused Q1 21 – Q4 21 January 2022 AP15+

CHAIRMAN OF MEETING’S ADDRESS: BARBARA CHAPMAN


Welcome

Welcome everyone and thanks for attending New Zealand Media and Entertainment’s Annual
Shareholder Meeting for 2022.

It’s a shame to once again not be able to hold this meeting in person, and I look forward to when we can
get back to some sort of normality and have our ASM together. I’m optimistic that will be in the not-so-
distant future.

State of New Zealand’s economy

NZME operates within the context of the business environment around us. When looking at the state of
our economy in New Zealand, we have experienced, and we continue to experience, a number of
challenges.

As we all know, New Zealand experienced another difficult year in 2021 with COVID-19 re-emerging in
August, resulting in full lockdowns and border restrictions between regions across the country. This
caused the effective isolation of our largest city – Auckland.

Omicron is still very much in the community. Supply chains remain disrupted, inflation is rising, interest
rates are rising, and the employment market, particularly with our borders having been closed for so
long, is extremely tight putting upward pressure on wage rates.

However, despite these major challenges, NZME was able to achieve tremendous results.

Agenda

Today in my address I’ll be taking shareholders through some of NZME’s high-level results from the
2021 financial year, providing an update on our strategic priorities and NZME’s guiding principles, as well
as some insight on our commitment to sustainability.

Following that I’ll share with you some details of our capital management plan and how we are tracking
in this respect before I pass on to Michael Boggs for his Chief Executive address.

Financial Results 2021

Despite the challenges of 2021, our financial results were solid. Overall operating revenue was up 5
percent on 2020, which included a 13 percent recovery in advertising revenue. A 37 percent growth in
digital revenue across the business was testament to NZME’s focus on digital transformation and
expansion of its digital platform offering.

NZME’s Statutory Net Profit was up 138 percent, partly due to the sale of GrabOne. Operating Net Profit
After Tax was up 6 percent on the prior year.

The increase in our share price, combined with dividends, resulted in a Total Shareholder Return for the
year of 103%.

Michael will provide further information on financial results and an outlook for 2022 in his address.

Having a defined strategy with clear priorities and opportunities and maintaining a tight focus on what is
going to help “shift the dial” shaped the financial result.

But alongside that we must also acknowledge the hard work and commitment of our people and our
customers, in what has been a very challenging and uncertain trading and operating environment, for our
success over the past 12 months.

2023 Strategic Priorities

NZME is committed to delivering shareholder value by focusing on our guiding principles, our key
strategic priorities and achieving the 2023 targets we’ve set for the business.

Late in 2020 we shared our guiding principles that would be applied to each of NZME’s strategic
initiatives. These guiding principles remain a steady focus in all areas of the business, driving results
and ensuring our 2023 key targets are met. They are:

Customer First – we remain focused on putting our customers first and adding true value – enhancing
their experiences and being indispensable.

Win with Quality – we remain committed to setting the bar high to ensure our premium quality focus is
applied to everything we do.

Digital Acceleration – we aim to deliver a world class digital business – driving the growth of digital
content via our news platforms including NZ Herald Premium, growing digital audio through iHeartRadio
and expanding and improving digital platforms such as OneRoof.

Audience Expansion – growing audiences across NZME’s multiple brands.

And being a Top Performer – we will continue to set new standards and benchmarks to ensure top
performance across all areas of the business.

In Michael’s address he will speak in more detail about NZME’s three strategic priorities and provide an
update on how the business is tracking under each of those pillars.

The business’ strategic focus continues to be on:

Being New Zealand’s Leading Audio Company

The New Zealand Herald to be New Zealand’s Herald, and

OneRoof to be New Zealand’s completely property destination.

Underlying NZME’s strong business performance in 2021 was our focus on these strategic priorities,
underpinned by our clear guiding principles.

The business’ transformation and performance was recognised publicly this year, with NZME recognised
at the 2022 Deloitte Top 200 Business Awards, taking out the prize for Most Improved
Performance. This was a fantastic achievement and testament to all the hard work done to drive the
performance of our business forward in another challenging year.

Furthermore, off the back of the Deloitte Top 200 win, NZME’s news teams celebrated the latest Nielsen
readership results confirming NZME as New Zealand’s go to news destination, with 2.7 million Kiwis
keeping up with the news via our multiple platforms.

Sustainability Commitment

NZME’s sustainability programme is aligned to the guidelines set out in the United Nations Sustainable
Development Goals.

As a business NZME is committed to protecting the craft of journalism and broadcasting to keep Kiwis in
the know. To do this requires a commitment to sustainable practices and the wellbeing of our
community, people, and environment.

NZME is focused on connecting and empowering our communities. In 2021, with Kiwis once again
impacted by COVID, keeping Kiwis in the know was more important than ever before – keeping them
connected and safe during the pandemic. The 90% Project was a bold initiative driven by the NZ Herald
that was hugely successful – driving a call to action to see 90% of the eligible New Zealand population
immunised by Christmas last year.

To honour our sustainability commitment, we also need to provide a workplace that fosters
innovation, engagement, and inclusion. NZME’s Diversity and Inclusion Committee has been
instrumental in driving a number of events and training programmes to help foster this. We are striving
for diversity at Board, Executive and People leader levels and continue to make progress in this area.

We take our responsibility to the environment seriously and we continue to review the actual and
potential impact our business practises have on our environment. We are committed to demonstrating
leadership in this area, including using our many platforms to inform and raise awareness of
environmental issues. An example of this is Our Green Future – a content hub shared across NZME's
lifestyle brands and The New Zealand Herald, both online and in print. This content hub brings together
sustainability content created by NZME's leading lifestyle brands and amplifies these important
messages through various NZME channels.  

Capital Management

Three years ago, NZME was in a very different financial position with a net debt position of about $100
million, leading the Board and management to place a strong focus on reducing that debt through a
strategic capital management plan.

Thanks to disciplined management we can now report a much stronger balance sheet and significantly
improved financial performance. This allowed for a return to dividend payments during the year, with
dividends totalling eight cents per share paid in relation to 2021.

At the end of March NZME signed a letter of intent with Google which sets out terms for NZME to supply
news content for Google’s News Showcase and other news products and projects. Discussions with
Meta – the owner of Facebook - are also continuing.

In January we announced that we had completed our acquisition of business and economic news
service BusinessDesk, which along with NZ Herald Premium, sees NZME further building on its digital
growth, providing comprehensive and trusted business news to its consumer and business customers

On 4 April we commenced an on-market share buyback programme for an aggregate purchase price of
up to $30 million, which may run up to 16 December this year.

Along with our progress on debt reduction, our market buyback programme provides us with an
opportunity to return value back to our shareholders whilst remaining in a strong position to make future
capital investments that align with our strategic priorities and put NZME in an excellent position for future
growth.

Board reflections and shareholder engagement

Although this year has been another challenging one for NZME, the Board has been pleased with the
progress that has been made and the financial position the business is in.

We have enjoyed the ongoing engagement we have with our investor community, and we hope this
ongoing engagement allows shareholders to gain a deep understanding of our strategy and focus, and
on our ongoing commitment to creating shareholder value.
We also hope it’s provided shareholders with opportunities to provide feedback and ask questions – we
welcome all feedback from our investor community, and we will continue to provide you with
opportunities to engage with the Board and executive directly. This will include at our Annual Investor
Day later in the year.

I’d like to take the time to thank the Board for their leadership and commitment throughout the year. We
all bring very different backgrounds, skillsets, and experience to the Board table, which I think is a great
strength, and it’s been a pleasure to work together over the past year. Thank you also for your support of
me as Chairman.

Before closing, I’d like to mention the item in NZME’s notice of meeting regarding a matter raised by
shareholders who are members of the New Zealand Free Speech Union. This matter will be discussed
further on in the meeting, following our formal resolutions.


Closing remarks

On a final note, and on behalf of the NZME Board I’d also like to acknowledge and thank Michael and
the Executive team for all their hard work in another challenging year.

A big thanks also to everyone at NZME, our customers, partners and shareholders for your commitment
and ongoing support.

I will now pass on to Michael to deliver his Chief Executive Address.

CHIEF EXECUTIVE OFFICER’S ADDRESS – MICHAEL BOGGS

Welcome

Kia ora koutou.

Thank you Barbara, and welcome everyone. Thank you for joining us for our 2022 Annual Shareholders’
Meeting.

I echo Barbara in saying we had hoped to be able to hold this meeting in person, but we look forward to
being able to do that again in the near future.

Overview

I’d like to begin with an overview of New Zealand Media and Entertainment.

NZME is a leading player in all the sectors of the media and entertainment industry we represent – be
that through audio, publishing, and real estate.

We are an audience and customer centric, integrated multi-platform media and entertainment business.
We are heavily focused on our audiences and customers, connecting advertisers to more than 3.5
million New Zealanders across our platforms. Those platforms include 32 print publications, 10 audio
brands, 17 websites and 12 real estate publications.

Through our audio platforms, with our nationwide broadcast network and digital platform iHeartRadio, we
reach 1.9 million people.

Furthermore, we have a publishing audience of 2.8 million, with 50 percent of New Zealanders engaging
with NZ Herald online each month. The New Zealand Herald remains New Zealand’s number one daily
newspaper. As Barbara mentioned, our acquisition of BusinessDesk early in 2022 has also contributed
to us growing our digital subscriber base.

Our OneRoof real estate products reach more than 850,000 through both the OneRoof digital platform
and our various dedicated property publications across the country.

Our audience reach and continued growth across our multiple platforms, including our ongoing focus on
digital growth, sees NZME continuing to have a strong position in each market it participates in, as a
leading, innovative, multi-platform media and entertainment business.

Keeping Kiwis in the Know

Our people have continued to demonstrate our commitment to protecting the craft of journalism and
broadcasting – delivering on our purpose of keeping Kiwis in the know.

We are focused on ensuring we are delivering quality journalism and entertainment for our audiences
and, despite significant uncertainty in the 2021 financial year due to COVID, we were successful in doing
so. Once again, we were faced with the challenges of the global pandemic and we felt the impacts not

just from a business and operational perspective, but also the responsibility to use our multiple platforms
to ensure our communities were connected and kept safe.

The 90% Project was a bold initiative driven by the NZ Herald and supported across the entire business,
with NZME taking a leadership stance to get 90% of New Zealand’s eligible population vaccinated by
Christmas last year. The campaign was one of NZME’s proudest achievements – it was a great success,
with New Zealand achieving the target with more than a week to spare.

We were hugely proud to have raised more than $1.5 million recently for the Ukraine Crisis Appeal – a
fundraising campaign between NZ Herald and World Vision to raise money for families impacted by the
terrifying events in Ukraine. We shared personal stories from families on the ground in Ukraine, which
clearly resonated with our NZ Herald readers, with donations reaching $1.5 million in under three weeks.

Furthermore, we are diversifying our content to meet the needs of our communities. These include:

Kahu - a digital platform that showcases Māori stories and talent from newsrooms across Aotearoa

Talanoa - a focus on the people, stories and voices of Pacific communities

KICK - a youth focused digital radio network designed and built by seven graduates from the New
Zealand Broadcasting School, helping grow the future of radio content by youth, for youth.

We welcomed 15 Te Rito journalism cadets at NZME earlier this year. Te Rito is a groundbreaking
initiative between ourselves and three other media partners, with support from NZ on Air’s Public Interest
Journalism Fund, to train and develop new journalism cadets to inject the industry with voices that better
reflect our diverse communities.

NZME recognises the responsibility that comes with acting as a voice of record for New Zealand and we
continue to use our audience reach and engagement to address key issues important to New
Zealanders.

2021 Financial Results Summary

In terms of our financial performance, as Barbara mentioned, we are extremely pleased with our 2021
year end result, despite it being another challenging year operationally, with disruption due to COVID.

I’m pleased to be able to highlight earnings growth, the elimination of debt on the balance sheet and a
return to dividend payments.

Despite the continued impact of COVID on demand during the year, Operating Revenue grew 5 percent
to $349.2 million. Operating EBITDA was $66 million, which was in line with the previous year.

Statutory Net Profit After Tax was $34.4 million which was $19.9 million higher than last year, which
included the gain on the sale of GrabOne of $15.4 million. It was pleasing to see operating NPAT was 6
percent higher than last year at $23.6 million.

Our balance sheet has significantly strengthened, and we closed the year with a net cash position of
$13.5 million – an improvement of $47.4 million from the net debt position at the same time the year
prior.

Given the significant progress made with revenue and profitability growth and a positive improvement in
our debt position, the Board declared dividends in relation to 2021 totalling 8 cents per share.
As mentioned in our Annual Results presentation earlier this year, these results demonstrated the
strength of our business, with improved outcomes and continued progress towards our strategic
priorities, despite another difficult year in terms of our operating environment.

Market overview

The bars on these graphs show the changes in total market revenue across each of Radio, Print and
Digital. The lines on these graphs show how NZME has grown its market share in each channel over at
least the last three years.

Pleasingly, our first quarter performance in 2022 shows our radio revenue looks to be on a trajectory to
return to pre-COVID levels.

Accelerated digital revenue growth

We have been pleased with digital revenue growth across all three strategic priorities – Audio, Publishing
and OneRoof.

The left hand graph shows the substantial growth of digital audio revenue from iHeartRadio – up 51
percent in 2021. The popularity of digital audio continues to grow, and with diversity of voice through
various podcasts and availability of all radio brands, this is a platform NZME is really excited about for
the future.

The middle chart shows both digital display advertising and digital subscription revenue growing,
resulting in a 32 percent increase in total digital publishing revenue.

Digital revenue from our OneRoof property platform also grew substantially – up 90 percent year on
year.

New Zealand’s Leading Audio Company

Turning now to our audio strategic priority – to be New Zealand’s leading audio company, supported by
the three key pillars you can see next to the icons on the left hand side. We are making solid progress
towards our 2023 targets for audio.

We’ve also grown audience share by 1.8 percentage points, exceeding our goal of 1 percent share
growth per annum.

Despite our radio revenue share being slightly short of our target growth last year, it’s been very positive
to see our radio advertising revenue recovering to now exceed pre COVID levels.

As mentioned, we also continue to grow digital audio revenue through iHeartRadio, and we have further
bolstered our iHeartRadio team with a number of key senior appointments, to cement our focus on this
being a significant growth opportunity for NZME.

Publishing

Turning now to our publishing strategic priority - our publishing business – with the focus on the New
Zealand Herald becoming New Zealand’s Herald.

We’ve seen total subscribers increase by 13 percent to 191,000 in 2021. We continue to track well
towards our 2023 targets.

As Barbara mentioned earlier, the acquisition of BusinessDesk earlier this year has been fantastic, with
their premium digital offering and business subscriber base. Total subscribers are now over 200,000,
with digital subscriptions now totalling 97,000.

Digital advertising revenue represented 46 percent of total publishing advertising revenue in 2021.

You’ll note that the 2023 EBITDA target has been adjusted to reflect the impact of the Software as a
Service change in accounting policy during 2021.

OneRoof

We are progressing our position to have OneRoof become your complete property destination. We’ve
seen good progress across residential listings penetration of the market and growth in listings upgrades
in our biggest market Auckland, as well as nationwide.

This has been supported by bespoke product bundles, delivering value to customers.

The first quarter of 2022 has seen continued positive momentum, with digital revenue growth in OneRoof
of over 50 percent against the first quarter in 2021.

NZME Executive Team

During the year, we had a number of internal appointments into NZME’s Executive Team, demonstrating
the depth within NZME and the talent of our people. Jason Winstanley was appointed as the new Chief
Radio Officer and Paul Hancox as the new Chief Commercial Officer.

In addition to our internal Executive appointments, Carolyn Luey, who has extensive experience in
telecommunications and media, rejoined NZME in the newly created role of Chief Digital and Publishing
Officer, with responsibility for delivering a sustainable growth strategy for our publishing business.

Jason, Paul and Carolyn all bring with them a wealth of experience, and their appointments reflect the
evolution of NZME’s Executive Leadership team to support the ongoing acceleration of growth across
our strategic priorities.

2022 Trading Update

The country is still in the midst of the Omicron variant outbreak albeit, large cities like Auckland appear to
be past the peak. The impact of the outbreak, inflationary pressures and the cooling housing market
continues to keep businesses cautious in 2022.

Despite low business confidence levels, we are pleased to report that Q1 advertising revenue in 2022
outperformed Q1 2021.

Whilst we have received Ministry of Health COVID advertising spend over recent years, it has not been
enough to offset the decline in travel and tourism advertising spend.

There are positive signs for the tourism sector with the government announcing the reopening of borders
to vaccinated and eligible travellers across Q2 – Q4 2022. We are beginning to see tourism advertising
bookings come through for the second half of 2022.

NZME has advanced its commercial discussions with Meta with regards to them supporting a number of
digital transformation projects over the next year. We expect to be able to update in the coming days.

Since signing the Letter of Intent with Google, we are making good progress on the final agreements.

As we have previously noted, based on the key terms of the Google Letter of Intent, if NZME and Google
ultimately enter into the final agreements at the end of the period of negotiations and having regard to
the current trading performance and other anticipated commercial arrangements, NZME expects that
EBITDA for 2022 financial year would be in the range of $67-72 million.

We are also pleased to have commenced the on-market share buyback last week.

Our People

Finally, on behalf of myself and the Executive Team, I would like to thank our fantastic, talented team of
people at NZME. The positive results we achieved in 2021 have been made possible thanks to their
dedication, passion, their support and commitment. I’d also like to say a big thank you to our customers
and business partners and our valued shareholders for your ongoing support.

Thanks also to the millions of Kiwis who choose to engage with NZME via our multiple platforms, each
and every day.

Thank you also to Barbara Chapman and the NZME Board for their ongoing support and guidance,
which has been particularly valuable as we’ve worked through many challenges over recent years.

In conclusion, I look forward to discussing any questions you have before the end of today’s meeting.

Before passing back to Barbara, I’d like to share with you a short video that captures some of the key
highlights of NZME’s 90% Project – a celebration of our customer-centric, multi-platform business and
the talented team we’re so lucky to have at NZME. Please enjoy.

---

KEEPING KIWIS IN THE KNOW
11 APRIL 2022
X
NZME ANNUAL
SHAREHOLDERS’ MEETING

WELCOME
BARBARA CHAPMAN
INDEPENDENT CHAIRMAN

Chairman’s Address
Chief Executive Officer’s Address
Ordinary Resolutions
1: Re-election of Director
2: Auditors Remuneration
Matter Raised By Shareholders For Discussion
General Business
AGENDA

BARBARA
CHAPMAN
INDEPENDENT CHAIRMAN

5
CHAIRMAN’S ADDRESS
➢Strong 2021 Financial Results
➢Clear Strategic Priorities
➢Commitment to Sustainability
➢Disciplined Capital Management
➢Board Reflections
Delivering Shareholder Value

6
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS) arrangements, however, exclude exceptional items to allow for a
like for like comparison between 2020 and 2021 financial years. For the avoidance of doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements.Please refer to pages 38-39 of
this results presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
2.Total Shareholder Return calculated for the 2021 financial year based on trading days.
2021 FINANCIAL RESULTS
•Operating Revenue
1
5%
•Digital Revenue across the Business
1
37%
•Statutory Net Profit138%
•Operating Net Profit After Tax
1
6%
•Total Shareholder Return 103%
2

STRATEGIC PRIORITIES
Customer FirstWin with Quality
Digital Acceleration
Audience Expansion
Top Performer
NEW ZEALAND’S
LEADING AUDIO
COMPANY
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
NEW ZEALAND’S
HERALD
YOUR COMPLETE
PROPERTY
DESTINATION

OUR SUSTAINABILITY COMMITMENT

1.8
1.5
0.6
-
-0.4
0.0
0.4
0.8
1.2
1.6
2.0
-20.0
-
20.0
40.0
60.0
80.0
100.0
120.0
FY18FY19FY20FY21
Leverage Ratio
(Net Debt / 12 month Operating EBITDA)
Net Debt ($m)
Net Debt / Leverage
Net Debt / (Cash) (LHS)Leverage Ratio (RHS)
CAPITAL MANAGEMENT
•Repaid remaining debt resulting in a
net cash position of $13.5 million as
at 31 December 2021.
•Dividends totaling 8.0 cents per share
have been paid in relation to 2021.
•NZME’s on-market share buy back
programme commenced on 4 April
2022.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS) arrangements, however, exclude
exceptional items to allow for a like for like comparison between 2020 and 2021 financial years. For the avoidance of doubt, 2020 has been restated to include the impact of the IFRIC agenda
decision on SaaS arrangements. Please refer to pages 38-39 of this results presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-19
government wage subsidy received in H1 2020.

BOARD REFLECTIONS
Barbara Chapman
Independent
Chairman
Carol Campbell
Independent
Director
David Gibson
Independent
Director
SussanTurner
Independent
Director
Guy Horrocks
Independent
Director

MICHAEL
BOGGS
CHIEF EXECUTIVE OFFICER

LEADING AUDIENCE AND
CUSTOMER CENTRIC BRANDS
1.Nielsen CMI Q4 20 –Q3 21 Fused November 2021 AP15+Note: NZME, Publishing andOneRoofaudience includes weekly print and monthly digital.
2.GfK RAM, Commercial Radio, Total NZ 4/2021, M-S 12mn-12mn, M-F 6am-9am, Share %, Cume000, AP10+.
3.Triton NZ PodrankerDecember 2021 (1 Dec –31 Dec).
4.AdswizzJul-Dec 2021 TLH averaged.
5.Nielsen Online Ratingsmonthly average Q42021 AP15+ (excludes APP).
6.OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz as of 31 Dec 2021.
Print AdvertisingDigital AdvertisingDigital Classifieds
Print AdvertisingDigital AdvertisingReader Revenue
Radio AdvertisingDigital Advertising
Reaches over 2.8million
1
•Over 50% of New Zealanders engage with
nzherald.co.nz eachmonth
1
•#1 Daily newspaper in NZ
1
•More than191,000 subscribers across print and digital
Reaches over 1.9 million
2
•Over 6 million hours are listened monthly through
iHeartRadio
4
•NZ’s #1 radio station&breakfast show onNewstalk ZB
2
•New Zealand’s number one podcast network
3
Reaches over 850,000
1
•Over 490,000Kiwi’s finding their next home at
oneroof.co.nz
5
•The most read real estate newspaper section
1
•91% of residential for-sale listings nationwide
6

KEEPING KIWIS IN THE KNOW
KICK
Kāhu and Te RitoThe 90% Project
Home Truths
campaign
Myth-busting in an
age of misinformation
Impact of COVID-19
on business
NZME leverages its powerful platforms to inform, improve and foster conversations on key topics
Talanoa, Voices of the Pacific Ukraine Crisis Appeal with World Vision

14
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16 and the IFRIC agenda decision on Software-as-a-Service (SaaS) arrangements, however, exclude exceptional items to allow for a
like for like comparison between 2020 and 2021 financial years. For the avoidance of doubt, 2020 has been restated to include the impact of the IFRIC agenda decision on SaaS arrangements.Please refer to pages 38-39 of
this results presentation for a detailed reconciliation. The 2020 operating and statutory results include $8.6 million (net) of Covid-19 government wage subsidy received in H1 2020.
RESULTS SUMMARY
For the full year ending 31 December 2021
11.9cps
Operating EPS
1
202011.3cps 6%
$34.4m
Statutory NPAT
2020$14.5m 138%
$349.2m
Operating Revenue
1
2020$331.2m 5%
$66.0m
Operating EBITDA
1
2020$66.0m
$23.6m
Operating NPAT
1
2020$22.2m 6%
8.0 cps
TotalDividends for 2021
$13.5m
Net Cash
Movement$47.4m

15
MARKET OVERVIEW
Millions $Millions $Millions $
46.0%
46.5%
47.0%
47.5%
48.0%
0.0
50.0
100.0
150.0
200.0
250.0
201920202021
Print Market Revenue
2
Market RevenueNZME Share
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
190.0
200.0
210.0
220.0
230.0
240.0
250.0
260.0
270.0
201920202021
Radio Market Revenue
1
Market RevenueNZME Share
1.PwC Radio advertising market benchmark report, Q1 2019 –Q4 2021. Note: report excludes independent broadcasters and contra revenue.
2.PwC NPA quarterly performance comparison report, Q1 2019 –Q3 2021. Note: report excludes any publishers that are not part of the NPA.
3.IAB NZ Digital advertising revenue report–total display, Q1 2019 –Q2 2021.*only up until Q2 2021, Q3/Q4 report not availableyet. Note: excludes digital audio and is display only.
22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
201920202021
Digital Display Market
Revenue
3
H1H2
NZME Share

16
ACCELERATED DIGITAL REVENUE GROWTH
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
201920202021
Revenue ($m)
+ 42%
+ 51%
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
201920202021
Revenue ($m)
Digital Subscriber RevenueDigital Publishing Advertising Revenue
+ 32%
+ 17%
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
201920202021
Revenue ($m)
+ 90%
+ 53%
Digital Audio RevenueDigital Publishing Revenue
Digital OneRoof Revenue

NEW ZEALAND’S LEADING
AUDIO COMPANY
1.GfK Radio Audience Measurement, Commercial Stations, NZME excl. Partners, M-S
12mn-12mn, Market Share %, S4 2020 –S4 2021, AP10+.
2.PwC Radio advertising market benchmark report, rolling12 monthaverage to 31
December 2021 vs 12 months to 31 December 2020. 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 but including the impact of the IFRIC agenda decision on SaaS
arrangements. However, it excludes exceptional items (redundancy costs, one-off
projects and other exceptional items).
4.Includes Covid-19 government wage subsidy received in 2020.
Create New Zealand’s
best local audio
content
Grow broadcast and
digital reach
Grow market revenue
share and digital
revenue
Radio advertising revenues have
recovered to now exceed pre
COVID levels.
FY 2020
Achievement
FY 2021
Achievement
2023
Target
NZME share of total audience
35.6%
1
37.4%
1
> 1% share point
growth per annum
Radio Revenue Share
40.4%
2
40.9%
2
> 1% share point
growth per annum
Digital audio revenue as a % of total audio revenue
2.4%3.4%5%
EBITDA
3
Margin Target (pre NZIFRS16)
14%
4
12%15 –17%

1.Stats.govt.nz Dwelling and household estimates: Dec 2021 quarter.
2.EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ
IFRS 16 but including the impact of the IFRIC agenda decision on SaaS
arrangements. However, it excludes exceptional items (redundancy costs, one-off
projects and other exceptional items).
3.Includes Covid-19 government wage subsidy received in 2020.
4.Adjusted from 19-20% to reflect the change in accounting policy on SaaS
arrangements. Capital expenditure is expected to reduce by a similar amount.
NEW ZEALAND’S
HERALD
The #1 News
brand for all
New Zealanders
Subscriber first
Be a safe, scalable
destination for
advertisers
Total subscribers now over
200,000, with digital
subscriptions now totalling over
97,000.
FY 2020
Achievement
FY 2021
Achievement
2023
Target
Subscription Volume Target
169,000
subscribers
191,000
Subscribers
More than 210,000
subscribers by
2023year-end
Subscription Volume Mix
32% / 68%43% / 57%Digital Only > Print
% Households Subscribing
9%
1
10%
1
> 12% by year-end
Advertising Revenue Mix
42% Digital46% Digital> 45% Digital
EBITDA
2
Margin Target (pre NZ IFRS16)
19%
3
18%18-19%
4

1.OneRoof’s listings as a percentage of residential for-sale real estate listings on
trademe.co.nz as of 31 Dec 2021. Excluding private listings.
2.Nielsen Online Ratings, monthly average for Q42021 (FY 20 has been amended to be
the gap as of Q4 2020).
3.EBITDA is a non-GAAP measure and is presented as excluding the impact of NZ IFRS
16 but including the impact of the IFRIC agenda decision on SaaS arrangements.
However, it excludes exceptional items (redundancy costs, one-off projects and other
exceptional items).
4.Includes Covid-19 government wage subsidy received in 2020.
YOUR COMPLETE
PROPERTY DESTINATION
Strengthen core
residential listings
business
Be indispensable
to agents
Expand the portfolio
OneRoof digitalrevenue has
continued to grow, increasing
over 50% in the Q1 2022 against
the prior corresponding period.
FY 2020
Achievement
FY 2021
Achievement
2023
Target
Residential Listings
89%
1
91%
1
100% of listings
Audience
459k,
gap to #1 of 250k
2
497k,
gap to #1 of 396k
2
Reduce gap to #1
Listings Upgrade %
17.6% Auckland
3.9% Regional
23.5% Auckland
5.4% Regional
50% of Auckland
residentiallistings
22% of regional
residentiallistings
Revenue
24% / 76%38% / 62%Digital > Print
EBITDA
3
Margin Target (pre NZ IFRS16)
8%
4
7%15 -25%

EXECUTIVE TEAM
Michael Boggs
Chief Executive Officer
Shayne Currie
ManagingEditor
Paul Hancox
Chief Commercial Officer
Carolyn Luey
Chief Digital and
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

2022 TRADING UPDATE
•The country is still in the midst of the Omicron variant outbreak albeit large cities like Auckland appear to be past the peak. The impact of the
outbreak, inflationary pressures and the cooling housing market continues to keep businesses cautious in 2022.
•Despite low business confidence levels, we are pleased to report that Q1 advertising revenue in 2022 outperformed Q1 2021.
•There are positive signs for the tourism sector with the government announcing the reopening of borders to vaccinated and eligible travellers
across Q2 –Q4 2022. We are beginning to see tourism advertising bookings come through for the second half of 2022.
•NZME has advanced its commercial discussions with Meta with regards to them supporting a number of digital transformation projects over the
next year.
•Since signing the Letter of Intent with Google, we are making good progress on the final agreements.
•As we have previously noted, based on the key terms of the Google Letter of Intent, if NZME and Google ultimately enter into thefinal
agreements at the end of the period of negotiations and having regard to the current trading performance and other anticipated commercial
arrangements, NZME expects that EBITDA for 2022 financial year would be in the range of $67-72 million.
•We are also pleased to have commenced the on-market buy back last week.

OUR PEOPLE

ORDINARY
RESOLUTIONS

To consider and, if thought fit, to pass
the following ordinary resolution:
Sussan Turner
That Sussan Turner, who retires by
rotation and is eligible for
re-election, be re-elected as a Director
of NZME.
ORDINARY
RESOLUTION 1:
RE-ELECTION OF DIRECTOR

To consider and, if thought fit, to pass
the following ordinary resolution:
Auditor’s Remuneration
That the Directors of NZME are
authorised to fix the auditor’s
remuneration.
ORDINARY
RESOLUTION 2:
AUDITOR’S REMUNERATION

MATTER RAISED BY
SHAREHOLDERS FOR
DISCUSSION
NZME advertising and editorial policy independence
raised by shareholders who are members of the New
Zealand Free Speech Union

GENERAL
BUSINESS

The information in this presentation is of a general nature and does not constitute financial product advice,
investment advice, legal, financial, tax or any other recommendation or advice. This presentation
constitutes summary information only, and you should not rely on it in isolation from the full detail set out in
NZME’s Consolidated Financial Statements for the full year ended 31 December 2021.
This presentation may contain projections or forward-looking statements regarding a variety of items. Such
projections or forward-looking statements are based on current expectations, estimates and assumptions
and are subject to a number of risks and uncertainties. There is no assurance that results contemplated in
any projections or forward-looking statements in this presentation will be realised. Actual results may differ
materially from those projected in this presentation. No person is under any obligation to update this
presentation at any time after its release to you or to provide you with further information about NZME
Limited.
The Group adopted NZ IFRS 16 Leases on 1 January 2019 and IFRS Interpretations Committee’s (IFRIC’s)
agenda decision on configuration and customisation costs in relation to Software as a Service (SaaS)
arrangements in 2021. Operating results as stated throughout this presentation refer to results including the
adjustments for the adoption of NZ IFRS 16, SaaS arrangements and prior to exceptional items. For the
avoidance of doubt, 2021 operating results include the adoption of SaaS Arrangements and 2020 has been
restated for comparison purposes. Please refer to pages 38-39 of the 2021 Full Year Results Presentation
for a detailed reconciliation to these results excluding NZ IFRS 16 adjustments, SaaS arrangements and to
the statutory results. Further detail has been provided in note 1.2.3 of the financial statements in the 2021
Annual Report for the restatement of the 2020 balance sheet in relation to SaaS arrangements.
While reasonable care has been taken in compiling this presentation, none of NZME Limited nor its
subsidiaries, directors, employees, agents or advisers (to the maximum extent permitted by law) give any
warranty or representation (express or implied) as to the accuracy, completeness or reliability of the
information contained in it nor take any responsibility for it. The information in this presentation has not
been, and will not be, independently verified or audited.
DISCLAIMER