NZME updates investors on strategic progress

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
MARKET ANNOUNCEMENT
NZME updates investors on strategic progress

AUCKLAND, 16 November 2022: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) will today hold a
virtual Investor Day for investors and analysts, with Chairman Barbara Chapman, CEO Michael Boggs
and several of NZME’s Executive Team providing progress updates on NZME’s three-year strategy.

The NZME 2022 Investor Day Presentation is attached to this announcement.

NZME Barbara Chapman speaks to NZME’s ability to adapt to what has been another challenging
operating environment in 2022.

“I’m proud of the adaptability and flexibility NZME has demonstrated in challenging times to remain
largely on track to achieve the 2023 targets that were set under our three-year strategy. Supply chain
challenges, labour shortages and inflationary pressures have resulted in overall business confidence
in New Zealand falling to levels as low as have been seen in recent years.”

Strategy

At the end of 2020 NZME set three key targets and strategic priorities for 2023:
 To be New Zealand’s leading audio company
 For the NZ Herald to become New Zealand’s Herald
 And finally, for OneRoof to become your complete property destination

“Having a very clear and targeted strategy has ensured a strong focus on the initiatives that are going
to move the dial by driving growth and transformation, ensuring the long-term sustainability of the
business,” says Ms Chapman.

NZME now reaches 3.6 million New Zealanders across its multiple platforms – audio, publishing and
OneRoof. That’s close to 90 percent of Kiwis over the age of 15. The company noted its market-
leading brands across Audio, Publishing and OneRoof, with a number of record audiences achieved
over the past year.

Several of NZME’s executive team will cover the company’s three strategic priorities across the Audio,
Publishing and OneRoof divisions.

The strong growth across each of our strategic pillars means that digital revenues are now becoming
a more significant part of NZME’s total revenues. The share of revenue has more than doubled in the
last three years, with digital revenues now representing 27% of total revenue

Audio

NZME’s audio business – both across its terrestrial radio and digital audio platform iHeartRadio -
continues to grow and deliver on its profitability goals, as well as celebrating record audiences. NZME
has the largest digital audio advertising revenues in New Zealand, with digital audio currently
16 November 2022
FOR IMMEDIATE RELEASE

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
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MARKET ANNOUNCEMENT
representing 5 percent of NZME’s audio revenue. It’s digital audio platform, iHeartRadio, saw revenue
growth of 56 percent in the first half of 2022 compared to the previous corresponding period.

NZME’s radio stations reached more than 2 million people for the first time in history in 2022, and
NZME’s podcast network recently celebrated hitting 50 million annual podcast downloads, having
taken out the Top Network spot for each of the last 12 months. In the latest results for September
2022, NZME celebrated 4.8 million monthly downloads – more than 3.7 million more than its next
network rival, and 800,000 monthly listeners over the same period.

NZME CEO Michael Boggs says: “We remain focused on growing our digital audio capability and
offering, whilst maintaining traditional radio broadcast revenues to grow overall margin and EBITDA
across our vast terrestrial and digital audio network.”

Publishing

NZME’s Publishing division is reaping the benefits of a well-advanced digital transformation strategy,
with continued strong growth in digital subscriptions – now reaching 110,000 digital subscriptions –
overtaking that of print subscriptions. Digital publishing revenue increased by 18 percent in the first
half of FY22, compared to the previous corresponding period.

Having acquired premier business news website BusinessDesk at the start of the year, NZME is further
elevating its premium digital offering, today announcing the launch of Viva Premium – an online
subscription for access to Viva’s first-class fashion, food, beauty, culture, and design content, offered
in addition to New Zealand Herald’s premium content. Viva Premium is part of NZME’s ongoing focus
on continuing to evolve its digital subscription offering to appeal to a wider audience.

Soon, the NZ Herald will unveil its new brand strategy and brand promise ‘News Worth Knowing’ as it
looks to deliver on its vision to be ‘New Zealand’s Herald’. ‘News Worth Knowing’ emphasises the
quality and depth of the Herald’s journalism, with plans over the next year to bring the brand
experience to life across the Herald website, mobile app, emails, social and content so readers can
seamlessly engage with the news worth knowing.

“NZME has strong plans to further grow digital subscriptions, further personalise our offering and
expand our audience, as well as delivering strong digital advertising revenue growth.

“We were pleased to reach a significant milestone this year, with Digital Publishing now profitable on
a standalone basis,” says Boggs.

OneRoof

OneRoof remains focused on strengthening its residential listing business, making the brand
indispensable to real estate agents, and expanding the portfolio. Currently, due to consumer and
advertising uncertainty and changes in the property market with fewer real estate properties for sale,
this has led to lower than anticipated advertising revenue for OneRoof.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
3
MARKET ANNOUNCEMENT
However, investments have been made to OneRoof to grow the business as rapidly as is sensible
within current operating parameters. Whilst OneRoof is unlikely to achieve its 2023 EBITDA goal, the
current investment level is appropriate to ensure OneRoof benefits from future changes in the property
cycle in coming years.

OneRoof boasts a strong, comprehensive, and competitive inventory offering, with the number of
listings on the OneRoof platform remaining strong, with nearly all residential for sale properties listed
on OneRoof.

OneRoof has also significantly grown its audience in the past three years – closing the gap with its
nearest competitor, Trademe, to just 170,000 users, and having a 56 percent larger audience than
realestate.co.nz.

A key driver of revenue in residential lies in the growth of upgrade or depth product conversion.
OneRoof saw significant growth in listings upgrades and product conversion in the second half of
FY22, with Auckland seeing upgrade penetration increase from 30 percent last November to 43
percent in October 2022 and the rest of the country increasing from 7 percent to 16 percent. OneRoof
remains on track to deliver its FY23 target of 50 percent of listings upgraded in Auckland and more
than 22 percent across the rest of New Zealand.

Creating and maintaining a pipeline for agents to acquire new listings is a key focus for OneRoof, and
NZME’s cross-platform data capability will help extend our suite of products to create further value for
agent partners in FY23.

Our agent profiling products have proven attractive to the market and has grown recurring agent
revenue by 89 percent in FY22. We are adding further value to this product through additional layers
of data to enable more targeted agent profiling.

People

NZME will also provide analysts and investors with a sneak peek of its new employment brand
campaign – This could lead anywhere. The new campaign is two pronged – an external campaign to
advertise NZME as a fantastic place to work - highlighting the limitless growth opportunities, as well
as being internal facing, with initiatives including a new induction programme for new starters and a
new learning and development module for leaders within the business.

Michael Boggs says: “NZME has worked hard on engaging our team of 1,300 over recent years, and
we’ve increased our Employee Net Promoter Score, or eNPS, that puts NZME close to being in the
top 10 percent of consumer media businesses globally.

“I’m proud of how the entire NZME team has navigated the challenges of recent years, while staying
steadfastly focused on delivering on our 2023 Strategic Goals,” he says.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
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MARKET ANNOUNCEMENT
Outlook

NZME has faced several operating challenges, with the first half of 2022 impacted by the peaks of
New Zealand’s Omicron outbreak. Although there remains significant uncertainty in the market, as
reported in business and consumer confidence metrics, these have been evident for some time and
have now reduced from their peak lows.

Whilst there is a cautiousness being noted by advertisers, NZME notes that bookings for the remainder
of the year continue to track ahead of the previous corresponding period in FY21.

Whilst there is continued pressure on costs across the business, NZME has offset the significant
increases in paper and freight costs with several cost saving initiatives and continues to focus on cost
efficiencies.

In speaking about the outlook for the remainder of FY22 and beyond, Chairman Barbara Chapman
also reiterates the company’s intention to operate at the lower end of its target leverage ratio, but that
it still expects to continue to generate strong cash flows.

“Additional capital management options, including undertaking a further on-market share buyback
programme in 2023, will be considered as we review our year end position in February. This will take
into account the net debt position, the economic outlook and the NZME share price and liquidity at the
time,” she says.

Based on the above trends, on 9 November 2022 NZME updated its guidance for 2022 EBITDA to be
between $64 million and $67 million.

Since September 2021, more than $45 million has been returned to NZME shareholders through
dividend payments and the share buyback programme.

A replay recording of the webcast will be available on our website after the call at:
https://www.nzme.co.nz/investor-relations/webcasts/

ENDS

Authorised by Michael Boggs, Chief Executive Officer.

Source: Nielsen CMI Q3 21 – Q2 22 August 22 Fused AP15+. Monthly coverage for Daily & Community titles, Weekly coverage for
Newspaper Inserted Magazines, Monthly UA for Digital, Weekly Reach for Radio (GfK RAM S2 22). Note: Fused data has potential
for duplication. IAB NZ, H1/Q2 2022 Digital Advertising Revenue Report. NZME revenue. Note some anomalies in market size
where NZME actuals are larger than IAB reported total market. GfK, RAM, Total NZ, S2 2022, Mon-Sun 12mn-12mn, Cumulative
Audience AP10+. Triton NZ Podranker Sep 2022. Nielsen Online Ratings September 2022.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
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MARKET ANNOUNCEMENT
For further information:

Investors
David Mackrell
Chief Financial Officer
+64 21 311 911
david.mackrell@nzme.co.nz
Media
Kelly Gunn
GM Communications
+64 27 213 5625
kelly.gunn@nzme.co.nz

---

KEEPING KIWIS IN
THE KNOW
NZME 2022 INVESTOR DAY

2
Barbara Chapman
Chairman
1.Chairman’s Address
2

3
1.Chairman’s Address
Customer FirstWin with QualityDigital AccelerationAudience Expansion
Top Performer
These strategic principles have guided the delivery and development of our
strategy
Supplemented by learnings developed through observation of global media markets

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

5
Dividend Policy
"NZME intends to pay dividends of 50-80% 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."
•NZME has made significant progress in recent years, including the navigation of the turbulent Covid impacted
years while still delivering strong profit results.
•There has also been a strong focus on capital management:
▪Reduced debt
▪Re-commenced dividend payments
▪Undertook on-market share buyback
▪Supplemented buyback with special dividend
•The business is expected to continue to generate strong cash flows.
•Given the uncertain economic environment, the company intends to operate at the lower end of its target
leverage ratio of 0.5 to 1.0 times EBITDA
1
(pre IFRS 16).
•However, given the expected investment profile, the Board intends to increase the overall dividend payoutratio
to 50-80%of free cash flow.
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).
1.Chairman’s Address
Strong performance supports increased dividend payout ratio

6
Michael Boggs
Chief Executive Officer
2.CEOOverview
6

7
Michael Boggs
Chief Executive Officer
CarolynLuey
Chief Digital and
Publishing
Officer
David Mackrell
Chief Financial Officer
Paul Maher
Chief of OneRoof
Jason Winstanley
Chief Radio Officer
2.CEOOverview
Performance OverviewDavid Mackrell, Chief Financial Officer
AudioJason Winstanley, Chief Radio Officer
PublishingCarolyn Luey, Chief Digital and Publishing Officer
OneRoofPaul Maher, Chief of OneRoof
Summary & Q&AAll presenters

8
NZME REACHES
AN AUDIENCE
OF MORE THAN
3.6 MILLION
1
NEWS
2.7MILLION PEOPLE ENGAGE WITH OUR NEWS CONTENT
1
SPORTS
OUR SPORTS BRANDS ENGAGE WITH 1 MILLIONPEOPLE
1
ENTERTAINMENT
IN ENTERTAINMENT WE ENGAGE WITH 2.4MILLION PEOPLE
1
CLASSIFIEDS
WE ENGAGE WITH 630,000PEOPLE WHO INTEND TO
BUY/SELL/BUILD PROPERTY
1*
NZ’s #1 radio station
and favourite
breakfast talk show
2
90% of residential
for-sale listings
nationwide
3
91%
ofthe people
living in the North
Island
1
94%
of the people
living in
Auckland
1
74%
of the people
living in South
Island
1
NZ’s #1 breakfast and
drive show for 18-39s
~
SOURCE:
1.
Nielsen CMI Q3 21 –Q2 22 August 22 Fused AP15+. Monthly coverage for Daily & Community titles, Weekly coverage for Newspaper Inserted Magazines, Monthly UA for Digital, Weekly Reach for Radio (GfK RAM S2 22).
Note: Fused data has potential for duplication.
1
*Those who intend to buy/sell/build in the next 12 months who engage with NZME.
2.
GfK RAM, Commercial Radio, S3 2022, Total NZ, M-S 12mn-12mn, Cume 000s,
AP10+ (unless otherwise stated) ~M-F 6-9am & 3-7pm.
3.
OneRoof’slistings as a percentage of residential for-sale real estate listings on trademe.co.nz as of 30 June 2022.
2.CEOOverview
8

9
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
2.CEOOverview
Three strategic priorities set in 2020 with targets for 2023

10
NEW ZEALAND’S
LEADING AUDIO
COMPANY
YOUR COMPLETE
PROPERTY
DESTINATION
•Growing a strong real estate listings
business has been highly successful within
a number ofpublishing businesses globally
•Domain (Australia) launched it’s first
website in 1999, mobileapp in 2009, and
started scaling the business in 2014
•Domain is consistently achieving an
EBITDA margin of 32% with a recent Price
to Revenue valuation of 5.5x
•Continuing to grow OneRoof digital
revenue and delivering EBITDA margin
growth will add significant value to NZME
•NYT has built a strong digital subscriber
brand, utilisingthe power of its strong
journalism and brand
•Over 90% of NYT subscribers are digital,
with incremental growth achieved
through specialist verticals
•NZME is the leading digital news
subscription business in NZ and its
growth trajectory is in line with NYT to
date
•NZME’s digital publishing business
(excluding print) is profitable on a
standalone basis, with significant growth
opportunities
•iHeartMedia is growing a leading digital
audio offering utilisingits broadcast radio
heritage
•Digital now represents 28% of
iHeartMedia’s revenues
•NZME is gaining the largest digital audio
advertising revenues in NZ and is the #1
podcaster. Digital audio currently
represents ~5% of NZME’s audio revenue
•Growing digital audio rapidly, while
maintaining broadcast revenues, will grow
overall margin and EBITDA
NEW ZEALAND’S
HERALD
2.CEOOverview
Global platforms provide useful growth models that will deliver value for NZME

11
YOUR COMPLETE
PROPERTY
DESTINATION
SOURCE:
1.PwC Radio advertising market benchmark report, 12 months to December 2018 –8 months to 31 September 2022 (current). Excludes iHeart RadioRevenue.
2.PwC NPA quarterly performance comparison report, December 2018 -6 months to 30 June 2022 (current)
3.IAB digital advertising revenue –General Display, IAB NZ Digital advertising revenue report, Q1 2018 –Q4 2021
45%
47%
47%
47%
47%
30%
32%
34%
36%
38%
40%
42%
44%
46%
48%
50%
-
50
100
150
200
250
300
FY18FY19FY20FY21Current
Market Share %
Market Revenue ($m)
Total Print Advertising Market Revenue and
NZME Share %
2
Market RevenueNZME Share
39%
40%
40%
41%
41%
30%
32%
34%
36%
38%
40%
42%
190
200
210
220
230
240
250
260
270
FY18FY19FY20FY21Current
Market Share %
Market Revenue ($m)
Total Radio Advertising Market Revenue and
NZME Share %
1
Market RevenueNZME Share
2.CEOOverview
Delivering market share growth across platforms
24%
24%
25%
26%
28%
-
5%
10%
15%
20%
25%
30%
-
50
100
150
200
250
FY18FY19FY20FY21Current
Market Share %
Market Revenue ($m)
Digital Display Advertising Market Revenue
and NZME Share %
3
Market RevenueNZME Share

12
-
1.0
2.0
3.0
4.0
5.0
6.0
FY19FY20FY21FY22F
Revenue ($m)
Digital Audio Revenue
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY19FY20FY21FY22F
Revenue ($m)
Digital Publishing Revenue
Digital Subscriber Revenue
Digital Publishing Advertising Revenue
-
2.0
4.0
6.0
8.0
10.0
12.0
FY19FY20FY21FY22F
Revenue ($m)
Digital OneRoof Revenue
CAGR 46.8%
CAGR 57.0%
CAGR 12.6%
CAGR 113.8%
2.CEOOverview
Digital media strategy continues to deliver revenue growth

13
Total digital revenuesnow represent 27% of total revenue compared to 13% in 2019
YOUR COMPLETE
PROPERTY
DESTINATION
-
20%
40%
60%
80%
100%
FY19FY20FY21FY22F
Publishing Reader
Revenue
PrintDigital
-
20%
40%
60%
80%
100%
FY19FY20FY21FY22F
Publishing Advertising
Revenue
PrintDigital
-
20%
40%
60%
80%
100%
FY19FY20FY21FY22F
Audio
BroadcastDigital
-
20%
40%
60%
80%
100%
FY19FY20FY21FY22F
OneRoof
PrintDigital
2.CEOOverview
Digital revenue growth momentum continues

14
Notes:
1.Net Index (% expecting improvement minus % expecting deterioration).
•The ANZ Business Confidence Index
1
for New Zealand was improving through the 3
rd
quarter before higher than expectedOctober CPI data and the resulting rise in OCR
forecasts reinforced intense inflationary pressures and uncertainty inthe economy
•NZME’s advertising revenue for the first 3 quarters of 2022 has increased 6.6% when
compared to 2021 and is up 0.1% compared to 2019’s pre Covid-19 levels
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q1Q2Q3Q4
Advertising Revenue ($m)
NZME Total Advertising Revenue 2019-2022
2019202020212022
(19)
(64)
(67)
(42)
(34)
(32)
(42)
(29)
(16)
(7)
9
7
(4)
(2)
2
(1)
(4)
(14)
(7)
(13)
(16)
(23)
(52)
(42)
(42)
(56)
(63)
(57)
(48)
(37)
(43)
(80)
(70)
(60)
(50)
(40)
(30)
(20)
(10)
0
10
20
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Monthly Business Confidence -Net Index
2.CEOOverview
Growing advertising revenue despite low business confidence

15
•It has been a difficult year:
•The first half of 2022 was impacted by the peaks of New Zealand’s Omicron outbreak.
•There remains significant uncertainty in the market, as reported in business and
consumer confidence metrics. However, these have been evident for some time and
have now reduced from their peak lows.
•While there is a cautiousness being noted by advertisers, bookings for the remainder of the
year continue to track ahead of the sametime in 2021.
•There is continued pressure on costs across the business. However, the significant increases
in paper and freight costs have been offset by cost saving initiatives. We will continue to focus
on cost efficiency.
•Based on the above trends, NZME updated its guidance for2022 EBITDA to be between $64
million and $67million.
•The Board has updated the capital management settings and will consider a further buyback
in 2023.
2.CEOOverview
Outlook update

16
Note:
H1 earnings are seasonally lower than H2, resulting in a lower H1 margin than full year
Audio
FY 2020H1 2022
Tracking
Audience
Share
35.6%37.2%
✓
Revenue Share
40.4%41.1%
-
Digital
Revenue
2.4%4.6%
✓
EBITDA Margin
14%11%
✓
Publishing
FY 2020H1 2022
Tracking
Subscriptions
169K206K
✓
Subscription Mix
32%49%
✓
Households
Subscribing
9%11%
✓
Advertising
Revenue Mix
42%49%
✓
EBITDA Margin
19%16%
✓
OneRoof
FY 2020H1 2022
Tracking
Residential for Sale
Listings
89%90%
-
Audience Gap to
#1
250k297k
✓
Listings Upgrade -
Auckland
17.6%28.6%
✓
Revenue Mix
3.9%9.0%
✓
EBITDA Margin
(8%)(1%)

2.CEOOverview
Tracking well to 2023 targets

17
Engagement
INSPIRE ME
OUR ACTIONS
Learning and Development for all
COACH ME
Creating exceptional leaders
DEVELOP ME
Keeping Kiwis in the know
OUR PURPOSE
Curious. Confident. Connected.
OUR VALUES
OUR EMPLOYER PROMISE
2.CEOOverview
17

18
David Mackrell
Chief Financial Officer
3.CFO
18

19
NOTE:
1.
FY22 Forecast includes 10 months actuals and 2 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) and has been adjusted to remove GrabOne from comparative years. Please refer to the NZME Results Presentationon NZX and ASX for a full explanation.
3.
FY19 NPAT excludes
goodwill impairment of $175m.
4.
FY21 NPAT excludes impact of GrabOne gain on sale
3.CFOPerformance Overview
-
50
100
150
200
250
300
350
400
FY19FY20FY21FY22F
Revenue ($m)
Revenue
1
PublishingAudioOneRoofOther
-
10
20
30
40
50
60
70
FY19FY20FY21FY22F
$m
Performance
1 2 3 4
EBITDA (IFRS 16)NPAT
Improved revenue and earnings despite challenging environment

20
$mAudioPublishingOneRoofOtherTotal
Reader Revenue
Print
68 68
Digital
16 16
Total Reader Revenue
0 84 0 0 84
Advertising Revenue
Radio
108 108
Print
63 12 75
Digital
6 61 11 78
Total Advertising Revenue
114 124 23 0 261
OtherRevenue
1 18 0 2 21
Total Revenue
115 226 23 2 366
Total Costs
(92) (178) (24) (6) (300)
EBITDA
1
23 48 (1) (4) 66
IFRS16 Adjustments
(8) (8) (0) (0) (16)
EBITDA (pre IFRS16)
2
15 40 (1) (4) 50
EBITDA (pre IFRS16)
2
Margin %
13%18%(5%)13%
2021 Performance
EBITDA (pre IFRS16)
2
13392(5)48
EBITDA (pre IFRS16)
2
Margin %
12%18%7%14%
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 financial years. Please refer to the NZME Results Presentation on NZX and ASX for a full explanation.
2.
EBITDA is a non-GAAP measure equivalent to Operating EBITDA but excluding the impact of IFRS16.
Forecast is based on
midpoint of guidance
range.
Cost pools that relate
to multiple divisions
are allocated based
on revenue,
geography and
headcount.
3.CFOPerformance Overview
FY22 forecast divisional performance

21
•The cost base remains below the 2019 level.
•Albeit the benefit of the permanent reductions
made in 2020 has been partly eroded by wage
and salary inflation and investments for growth.
•Key areas of growth have been investment in
OneRoof and acquisition of BusinessDesk offset
by the disposal of GrabOne.
•Wages and salaries are the largest cost pool.
Inflation has been controlled over the three years
but it has had a significant impact on the cost
base.
•Print volumes have reduced significantly which
combined with lower 3rd party print volumes have
resulted in lower print and distribution costs, partly
offset by distribution and paper cost rate
increases.
$306m
$300m
3
7
13
10
3
(20)
(5)
(14)
(2)
200
220
240
260
280
300
320
Cost Base 2019 to 2022
3.CFOPerformance Overview
Cost Base remains below 2019 level

22
NOTE:
1.
FY22F Capital Expenditure consists of 9months to 30 September 2022 plus expected October–December 2022 spend and excludes the purchase of BusinessDesk and Radio Wanaka
•Capital expenditure in 2022
expected to be ~$10m
14
12
6
7
10
-
2
4
6
8
10
12
14
16
FY18FY19FY20FY21FY22F
Capex ($m)
Capital Expenditure
1
3.CFOPerformance Overview
Capital expenditure returned to normal level of $8m -$10m per year

23
Leverage Ratio
1
•Free cash flow remains strongand the leverage ratio is expected to be 0.2 times at the end
of 2022
Dividends ($21.6m)
•Recommenced dividend payments in September 2021
•Dividends of 8 cents per share were paid in respect of 2021 year
Capital Return Programme
2
($23.5m)
•A special dividend of 5 cents per share was declared in June 2022 ($9.7m)
•On market share buy backs commenced on 4
th
April 2022 and 4.0m shares ($5.3m) had
been repurchased by 20
th
June 2022
•Following the announcement of the half year results a further 7.5m shares ($8.5m) had
been repurchased by 11 November 2022
Notes:
1.Leverage Ratio is net debt / 12 monthOperating EBITDA (pre IFRS 16)
2.Based on share buy back to 11 November 2022 and special dividend
2021
Interim
Dividend
3cps
$5.9m
2021
Final
Dividend
5cps
$9.9m
2022
Interim
Dividend
3cps
$5.8m
2022
Special
Dividend
5cps
$9.7m
H1 2022
Share Buy
Back
4.0m shares
$5.3m
September
2021
March
2022
June
2022
July
2022
H2 2022
Share Buy
Back 7.5m
shares
$8.5m
H1
2022
H2
2022
98.3
74.7
33.8
-13.5
10
1.8
1.5
0.6
-0.3
0.2
-0.5
0.0
0.5
1.0
1.5
2.0
-20
0
20
40
60
80
100
120
FY18FY19FY20FY21FY22F
Net Debt ($m) / Leverage Ratio
1
3.CFOPerformance Overview
Capital management –$45m returned to shareholderssince September 2021

24
Dividend Policy
"NZME intends to pay dividends of 50-80% 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."
•Repayment of debt has resulted in a leverage position
well below the target leverage range.
•Forecast to continue to generate strong free cash flows.
•With the uncertain economic environment the company
intends to operate at the lower end of its target leverage
ratio of 0.5 to 1.0 times EBITDA
1
(pre IFRS 16).
•However, given the expected investment profile, the
Board has increased the dividend payoutratio to 50-
80%of free cash flow.
NOTE:
1.
EBITDA is a non-GAAP measure and is presented excluding exceptional items (redundancy costs, one-off projects and other exceptional items).
Projected
2022
$m
Midpoint of Guidance EBITDA (inc IFRS 16)
66
Depreciation and Amortisation
(16)
Interest on loans
(1)
Interest and Depreciation on Leases
(15)
Non-Recurring
(1)
Tax
(10)
NPAT
23
Add Depreciation
16
Less Capital Expenditure
(10)
Working Capital Movement
(2)
Free Cash Flow
27
Projected Free Cash Flow 2022
3.CFOPerformance Overview
Dividend and Capital Return

25
25
25
AUDIO

26
Jason Winstanley
Chief Radio Officer
4.AudioNew Zealand’s leading audio company
26

27
Metric FY 2020
Achievement
FY 2021
Achievement
H1 20222023 Target
NZME Share of total
audience
35.6%
1
37.4%
1
37.2%
1
>1% share point growth per annum
Radio Revenue Share40.4%
2
40.9%
2
41.1%
2
>1% share point growth per annum
Digital audio revenue as a
% of total audio revenue
2.4%3.4%4.6%5%
EBITDA
3
Margin Target
(pre NZ IFRS16)
14%
4
12%11%*15 –17%
SOURCE:
1
GfK Commercial RAM, NZME excl. Partners, M S 12mn-12mn, Market Share %, S4 2020 -S2 2022, AP10+.
2
PwC Radio advertising market benchmark report, rolling 12 monthaverage to 30 June 2022. FY
2020 and 2021 figures as previously stated in FY 2021 results announced on 23 February 2022 Note: report excludes independentbroadcasters, contra revenue and digital audio.
3
EBITDA is a non-GAAP measure and
excludes exceptional items. H1 earnings are seasonally lower than H2, resulting in a lower H1 margin than full year.
4
Includes Covid 19 government wage subsidy received in 2020. Excluding the impact of the government
wage subsidy received in 2020, the EBITDA margin was 10.5%.
4.AudioNew Zealand’s leading audio companyScorecard
* H1 earnings are seasonally lower than H2, resulting in a lower H1 margin than full year
New Zealand’s Leading Audio Company

28
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20092010201120122013201420152016201720182019202020212022
% of US population
AUDIO CONSUMPTION US
Listened to a Podcast in the last monthListened to Online Audio in the last weekWeekly terrestrial radio listenership
SOURCE:
1.
TheInfinite Dial 2022, Edison Research, Triton Digital,2022 Podcast and Online audio consumption is forecast.
2
Nielsen Audio RADAR
•Broadcast radio continues its
strong reach, with 88% of
Americans listening each week.
•Digital listening and podcast
engagement is continuing its
strong growth, expanding the
overall audience reach.
Digital and podcast audience reach is quickly approaching the levels of
broadcast
4.AudioNew Zealand’s leading audio companyBackground
Note: Online Audio = listening to AM/FM radio stations online or listening to streamed audio content
available only on the internet.
1
1
2

29
•In the US, broadcast radio revenue
remains the major driver in Audio
revenues –share of total advertising
revenue market forecast slightly under
5% in 2022-2024¹.
•While broadcast revenue shares are
expected to remain stable in the USA,
digital audio and podcast growth is
expected to grow rapidly.
SOURCE:
1.
Zenith Optimedia(2017-2018) & Dentsu(2019-2024).
Radio continues to command a steady share of total advertising revenue –
podcasting is monetised and reported incrementally
6.2%
5.9%
5.8%
5.6%
5.1%
5.0%
4.9%
4.8%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
201720182019202020212022F2023F2024F
Share (%)
Radio Share of Advertising Revenue –Global
1
4.AudioNew Zealand’s leading audio companyBackground

30
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
201920202021202220232024
Millions USD
US PODCAST ADVERTISING REVENUE
2021 Projection2022 Projection
SOURCE:PwC | IAB FY 2021 and 2022 Podcast Ad Revenue Study
US podcast revenue has far exceeded original projections. PwC have increased the projected podcasting
revenue in 2023 from $2.19 billion last year to a revised forecast of $3.08 billion
∆ 19%
∆ 72%
∆ 47%
∆ 45%
∆ 37%
“The global pandemic created new listening behaviours which
audiences have maintained. Consumers arecontinuing to
regularly use online streaming platforms for music, radio,
podcasts and audiobooks at high rates.The embrace of new
technologies is not only supporting total audio
consumption,itrepresents significant futuregrowth
opportunity for audio.”
PwC’sGlobal Entertainment & Media Outlook
∆ 2022 Projection YoY Growth
4.AudioNew Zealand’s leading audio companyBackground
US Podcast Advertising Revenue

31
SOURCE: iHeartMedia, Inc. Reports Results for 2022 Second Quarter ($US)
•iHeartMedia is the leading audio media company in the USA based
on consumer reach.
•Radio advertising revenue in growth, 9% up YoY.
•Digital revenues comprised 28% in H1 2022, up from 24% in H1
2021.
•Podcasting revenue has grown 68% YoY and now makes up 9% of
Audio revenue.
iHeartMedia continues to experience rapid growth in digital revenues in the USA
2022 H12021 H1
Revenue
($millions)
%Total
Revenue
($millions)
%Total
Revenue Total
1,6711,458
Radio
1,20472%1,10376%
Digital
(excluding Podcasts)
31319%26418%
Podcast
1549%916%
iHeartMedia’s growth strategy is predominantly connected
to advertising revenue:
“Our strategy is centeredon building strong consumer relationships with national
reach. Providing this kind of at-scale companionship creates high-value
advertising inventory for current audio advertisers as well as new advertisers and
delivers superior returns to both. Moreover, we believe that we can leverage our
investments in technology and data-informed decision making to capture
increasing market share of the long tail of national and local revenue.”
Revenue from contracts with customers:
Radio revenue includes Broadcast, Networks, Sponsorship & Events and Other
4.AudioNew Zealand’s leading audio companyBackground
iHeartMedia USA

32
SOURCE: HT&E Half Year Results ($AU)
•Digital Audio Billings continue to grow rapidly.
•Flow through to revenue impacted by a higher percentage of 3
rd
party inventory (typically managed through a revenue-share agreement
with content owner).
•ARN have dominated the Australian Podrankersince launch, with the September 2022 Podrankerrepresenting 29 successive months at
#1 by audience reach, having successfully implemented a broadcast to podcast strategy.
HT&E are reporting an acceleration in digital audio revenues
H1 2022Proforma H1 2021
Rev ($millions)%TotalRev ($millions)%Total
Revenue Total
$161.8
$147.7
Radio
$151.493.6%
$141.795.9%
Digital (billings)
$10.46.4%
$6.04.1%
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
H1 19H1 20H1 21H1 22
Millions
ARN Digital Audio Billings to Customers
Note : Proforma H12021 is due to the acquisition of Grant Broadcasters
4.AudioNew Zealand’s leading audio companyBackground
Here, There & Everywhere (ARN)

33
3.4 million New Zealanders 10+ listen to Commercial Radio each week
1
and listen on average for 15 hours 22
minutes each week
2
. Major Markets have been growing over the past 10 years.
SOURCE:
1
GfK, RAM, Total NZ, S3 2022, Mon-Sun 12mn-12mn, Cumulative Audience AP10+.
2
GfK, RAM, Total NZ, S3 2022, Mon-Sun 12mn-12mn, Time Spent Listening AP10+.
3
GfK, RAM, Commercial Radio,
S1/2017-S3/2022,Major Markets, M-S 12mn-12mn, Cumulative Audience (000s), AP10+*Radios 2013-2016(NZ Major Markets include Auckland, W ellington, Christchurch, Northland, W aikato, 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)
Commercial radio reaches 75% of New Zealanders
4.AudioNew Zealand’s leading audio companyBackground
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1-20132-20131-20142-20141-20152-20151-20162-20163-20161-20172-20173-20174-20171-20182-20183-20184-20181-20192-20193-20194-20191-20203-20204-20201-20212-20213-20214-20211-20222-20223-2022
Audience (000's)
Cumulative Audience -NZ Major Markets only (000’s)
3
All Radio Major MarketsPopulation Major Markets

34
SOURCE:Radio Advertising Benchmark Report, PwC, 2022. NZME and Mediaworks only. 2022F represents July YTD 2022annualised.
•New Zealand’s radio advertisingmarket is
returning to pre-pandemic levels.
•Agency revenue continues to generate
approximately 30% of total radio revenue,
with 70% of revenues delivered from
customers that are not represented by an
agency.
264
260
256
261
220
240
250
–
50.0
100.0
150.0
200.0
250.0
300.0
2016201720182019202020212022F
Revenue $m
NZ Radio Advertising Market Revenue
4.AudioNew Zealand’s leading audio companyBackground
NZ radio revenue forecast to grow year-on-year

35
SOURCE:
1.
IABNZ, H1/Q2 2022 Digital Advertising Revenue Report. NZME revenue. Note some anomalies in market size where NZME actuals are larger than IAB reported total market.
2
AdswizzAudio
Metrix Sep 2022.
3
Triton NZ PodrankerSep 2022
•NZME audio revenue represents
majority of IAB reported revenue
•NZME digital radiois consumed
across 1.15 million devices a
month
2
, whilst our commercial
podcast network reached 795k
individual Kiwis
3
4.AudioNew Zealand’s leading audio companyBackground
$-
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q3
Millions
IAB REPORTED SPEND VS NZME DIGITAL AUDIO
IAB REPORTEDNZME DIGITAL AUDIO REVENUE (INCLUDES TRB)
NZ digital audio revenue continues to grow rapidly

New Zealand’s Leading
Audio Company

37
4.AudioNew Zealand’s leading audio companyStrategy
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:
New Zealand’s Leading Audio Company

38
4.AudioNew Zealand’s leading audio companyStrategy
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:

39
147 commercial
radio stations and
55local partner or
digital only stations
32 NZME Original
Owned or Partner
Podcasts.
18launched this
year
39 Catch up radio
show podcasts
67M music
tracksthrough
Artist Radio
We are active in
27 markets
Premium
international content
with over 350k
podcastsavailable
on iHeartRadio
BROADCAST
DIGITAL
NZME Audio Landscape
4.AudioNew Zealand’s leading audio companyBest Local Audio Content

40
•Brand portfolio covering all core demographics
•NZME was the leading company at the 2022 NZ Radio
Awards, winning six of the seven premier awards:
•Station of the Year -Newstalk ZB
•Broadcaster of the Year -Mike Hosking, Newstalk
ZB
•Best Network Team Show -Fletch Vaughan &
Hayley, ZM
•Best Talk Presenter Breakfast or Drive –Heather
du Plessis-Allan, Newstalk ZB
•Best Talk Presenter -Non-Breakfast or Drive –
Marcus Lush, Newstalk ZB
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
NZME’s leading audio brands

41
0
5
10
15
20
25
30
35
40
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022S3/2022
NZME Radio Share –
Total NZ All 10+ Share
2
NZME Music Market ShareNZME Talk Market Share
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
5
10
15
20
25
30
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022S3/2022
Market Share (%)
NZME Music Radio –Total NZ
25-54 Share³
NZME radio audience has hit record highs in 2022 with talk radio normalising
post Covid and growth for music radio
SOURCE:
1
GfK, RAM, Commercial Stations, NZME ,Cumulative Audience (000s), Total NZ S1 2019-S3 2022 AP10+.
2
GfK, RAM, Commercial Stations, NZME ,Market Share, Total NZ S1 2019-S3 2022 AP10+. Note
Radio Sport closed prior to S3 2020.
3
GfK, RAM, Commercial Music Stations, NZME ,Market Share, Total NZ, S1 2019-S3 2022 AP25-54
Closure of Radio Sport
Content
Changes Made
1,500
1,600
1,700
1,800
1,900
2,000
2,100
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022S3/2022
Weekly Listeners (000’s)
NZME Radio weekly
listeners¹

42
•Newstalk ZB audience surged during
Covid, while also attracting a younger
demographic.
•The Coast audience profile has moved
younger (53 years vs 50 years).
•The Hits average audience age has
moved one year older (36 years vs 37
years)and we expect this to move
further given the strategy changes we
have made.
SOURCE:GfK, RAM, Commercial Radio, S4/2021 and S3/2022,Total NZ,M-S 12mn-12mn, Cumulative Audience (000s), AP10+.
Coast
Flava
Gold
Gold Sport
Hokonui
Newstalk ZB
Hauraki
Hits
ZM
Coast
Flava
Gold
Gold Sport
Hokonui
Newstalk ZB
Hauraki
Hits
ZM
2530354045505560
More Female | More Male
Average Age
S3 2022
S4 2021
Relative Radio Audience Size by Demographic
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
NZME’sstrategy is this year successfully down ageing its older targeted brands

43
SOURCE:GfK, RAM, Commercial Radio,S3 2022, Total NZ, M-S 12mn-12mn, Cumulative Audience (000s), AP10+.
Coast
Flava
Gold
Hokonui
Newstalk ZB
Hauraki
Hits
ZM
Breeze
George
Mai
More
Edge
Magic
Rock
Sound
Today FM
253035404550556065
More Female | More Male
Average Age
NZME
Mediaworks
Relative Radio Audience Size by Demographic
There remains
significant opportunity
for NZME in the 40-50
demographic
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
Newstalk ZB is the number one station and ZM has the most listeners in the 25-
54 demographic

44
•New brand positioning statement
Feel Good
•Enhanced broadcast footprint with
the addition of new frequencies
•Successful podcast series We
Need To Talk with Toni Street
delivering over 100k downloads to
date
1
•46% growth in iHeartRadio
Total Listening Hours 2020
vs 2022
2
Strategy implemented to change content and marketing, moving the audience profile younger and making the brand
more appealing to advertisers
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
2020
20202022
Music
Positioning
Broad 70’s focused
Love The Music
Feel Good 80’s focused
Feel Good
New breakfast show headlined by star
broadcaster Toni Street
SOURCE:
1
Triton OmnyMay –November 22.
2
Adswizz Audio Metrics Jan-Oct 2020 v Jan-Oct 2022
Significant repositioning of Coast is well underway

45
Coast
Flava
Gold
Gold Sport
Hokonui
Newstalk ZB
Hauraki
Hits
ZM
Coast
Flava
Gold
Gold Sport
Hokonui
Newstalk ZB
Hauraki
Hits
ZM
253035404550556065
More Female | More Male
Average Age
SOURCE: GfK, RAM, Commercial Radio,S3 2022, Total NZ, M-S 12mn-12mn, Cumulative Audience (000s), AP10+
*
Expected Audience=Management Estimates.
The Hits and Coast are key to
growing our 25-54 audience.
NZME Target Expected Audience
NZME Current Audience
Growth in cumulative audience
of each brand and improving
the spread of brand
demographics will increase
overall share.
Relative Radio Audience Size by Demographic
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
Continued focus on 25-54 demographic to deliver revenue ambitions

46
6.2 million
STREAMING HOURS
SOURCE:
1
Adswizz Audio Metrics August 2022, NZME Stations only.
2
Adobe Analytics and Triton CMS NZME Podcasts only.
3
August 21 vs August 22; Triton Podcast Ranker.
LIVE
Radio and Music Streaming
In September, we served digital audio content to more than
1.4 MILLION KIWIS
2
+12.1% YoY
1
ON DEMAND
New Zealand's #1 Podcast Network for
every Podranker since its inception
3.775 million
DOWNLOADS
+96% YoY
3
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
A Global Digital Audio Platform with Complete Local Control

47
iHeartRadio Functionality
Live Radio
Custom Radio
Artist Radio (algorithm-driven music streaming)
Podcatcher (access to millions of Podcasts)
Connected device integration
(250 + native integration across Smart speakers,
connected car, smart TVs etc)
Talkback
(instead of only being able to call in, users can send a
message directly from their iHeart Radio app)
Launched iHeart ‘Talkback’ functionality as part of ZM’s Secret Sound promotion enabling listeners to record a 30
second voice note and share directly with the producer of the show. Over 13,000 queue jump/talkback entries on
the iHeartRadio app.
“NZME leads the way for iHeartRadio globally in driving listener engagement with the new Talkback feature which allows
listeners to interact with their favorite radio and podcast hosts.We’reexcited to see NZME continue to use Talkback to expand
listener engagement even further acrossits stations.”
–Uta Knablein, Chief Product Officer for iHeartMedia USA.
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
iHeartRadio functionality provides NZME with market leading capability for
audiences and advertisers

SOURCE:
1
Triton Podcast Ranker Sep 22
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
Commercial reach of 795k Kiwis, 2.5 x larger than our nearest
competitor
1
NZ’s leading podcast commercial offering
48

49
Progress in 2022
•2 new podcasts in The ACC suite bringing the total to 7 :
•The Agenda -General sport
•Between Two Beers –Long form interview
•Mad Monday –Rugby League
•BYC -Cricket
•NOOB Squad –Gaming
•NEW -Boys Get Paid –Horse racing
•NEW -Benchwarmers –Basketball
•1.2 million podcast listens/downloads YTD
1
(+95% on all of 2021)
•107 million social video views YTD
2
(+68% on all of 2021)
•Signed 2-year Content Partnership Agreement with Sky TV to
have ACC ‘Alternative’ commentary running on Sky Sport across
select rugby, netball, cricket and rugby league matches.
•Long term commercial partnerships in place with DB, Wendys,
Leader NZ.
The Alternative Commentary Collective (ACC) is NZME’smulti-channel sports entertainmentbrandencompassing
digital audio channels, socialchannels, on-air integration with NZME broadcast brands, andcontent integration
with the NZ Herald.
SOURCE:
1
Spreaker NZME Podcast Downloads and Triton CMS -1 January 2022 -30 October 2022.
2
Sprout -1 January 2022 -30 October 2022
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
The ACC –Multi-Channel Sports Entertainment

50
Be the place where creators bring their content to be Made, be Heard, and be Sold
4.AudioNew Zealand’s leading audio companyBest Local Audio Content
The home of NZ’s
Podcast and Digital
Audio content.
Greater production
capabilities to
accelerating partner
and NZME owned
content.
Be
MADE
Leveraging NZME
platforms, audiences
and expertise to
connect audience
and content.
Increased
discoverability
capabilities
delivering larger
Podcast CUME.
Be
HEARD
Unlock commercial
opportunities
through ad
placement,
sponsorship and
integration.
Accessing NZME’s
commercial team to
achieve revenue
objective.
Be
SOLD
Home Of New Zealand’s Most Loved Audio Content

51
4.AudioNew Zealand’s leading audio companyStrategy
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:
New Zealand’s Leading Audio Company

52
Commercial Radio reaches 3.4 million New Zealanders each week
1
, and on average listeners tune in for
15 hours 22 minutes each week
2
. NZME broadcast radio reaches 1.98 million Kiwis each week
3
.
4.AudioNew Zealand’s leading audio companyGrow Reach
SOURCE:
1
GfK, RAM, Total NZ, S3 2022, Mon-Sun 12mn-12mn, Cumulative Audience AP10+.
2
GfK, RAM, Total NZ, S3 2022, Mon-Sun 12mn-12mn, Time Spent Listening AP10+.
3
GfK, RAM, Total NZ, S3 2022,
Mon-Sun 12mn-12mn, NZME Stations, Cumulative Audience AP10+.
Broadcast radio has significant reach across all age demographics

53
The highest consumption is occurring by 16-34 year olds, with 92% consuming either digital radio or unique
streamed audio content in a month.
SOURCE: Infinite Dial New Zealand 2022
77
92
85
55
Total 16+Age 16-34Age 35-54Age 55+
Online Audio = Listening to AM/FM radio stations online and/or listening to streamed audio content available only on the Internet
4.AudioNew Zealand’s leading audio companyGrow Reach
TOTAL NEW ZEALAND POPULATION 16+
% LISTENED TO ONLINE AUDIO IN LAST MONTH
Digital audio consumption provides opportunity to grow from youth up

54
NZME’s digital audio audience and Total Listening Hours continues to grow. Connected devices listening, including
smart speakers, is now larger than Desktop / Laptops.
•Total digital radio listening and reach has again grown with H1 2022
Total Listening Hours up 28% on 2021.
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2019
Q1
2019
Q2
2019
Q3
2019
Q4
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
Average Monthly Device Reach
Average Monthly TLH
DIGITAL RADIO REACH AND CONSUMPTION
TLH AveReach Ave
SOURCE:
1
Adswizz Audio Metrix –all commercial inventory.
2
Infinite Dial new Zealand 2022
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2019202020212022
Average Monthly TLH
DIGITAL RADIO LISTENING BY DEVICE
MobileDesktop / LaptopsConnected Device
•Whilst mobile remains the primary device,
connected device listening has more than doubled
in the last 2 years.
•Smart speaker ownership in NZ is still some way
behind global markets with 16+ ownership currently
20%,USA at 35% and AUS 27% respectively
2.
4.AudioNew Zealand’s leading audio companyGrow Reach
NZME digital radio audience continues to extend its reach

55
Monthly podcast listening in NZ is inline with US/AUS at 39%. Predominantly driven by a younger
demographic, with 54% of 16-34 year olds listening to a podcast in the last monthand 41% listened in the last
week.
SOURCE: Infinite Dial Australia 2022 and Infinite Dial NZ 2022
26
32
37
41
38
18
22
25
37
40
39
20182019202020212022
PODCAST CONSUMPTION
USAustraliaNZ
39
54
40
25
Total 16+Age 16-34Age 35-54Age 55+
NZ PODCAST CONSUMPTION BY AGE
4.AudioNew Zealand’s leading audio companyGrow Reach
AUSTRALIAN, USA, AND NEW ZEALAND TOTAL POPULATIONS 16+ % LISTENED TO A PODCAST IN THE LAST MONTH
NZ podcast consumption is following international trends

56
SOURCE:
1
Triton NZ PodrankerSep21-Sep22 for Commercial reach, Triton CMS NZME instance for reach obtained bytNZME Produced content. SpreakerNZME Podcast Downloads and Triton CMS, Triton NZ
PodrankerSeptember 2022
Podcast downloads continue to grow. Downloads for NZME produced content in H1 2022 are up 86% on H1 2021.
NZME not only generates revenue from content it makes, but also locally represents some of the leading podcast
publishers from around the world that are being listened to by Kiwis. These publishers add on average 30%
incremental reach
1
to our commercial offering.
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
2020
Q1
2020
Q2
2020
Q3
2020
Q4
2021
Q1
2021
Q2
2021
Q3
2021
Q4
2022
Q1
2022
Q2
2022
Q3
NZME PODCAST COMMERCIAL DOWNLOADS
NZME PRODUCEDPARTNER NETWORK DOWNLOADS
PublisherSep 2022 CUME
NZME / iHeartRadio795,359
Audioboom (NZME Sales Representation)303,624
Stitcher297,644
Mediaworks117,226
Kast Media100,357
LiSTNR (SCA)93,629
Studio7132,422
Sports Entertainment Network (SEN)19,225
Nova Entertainment (Mediaworks Sales Representation)8,549
Headgum8,234
* AudioboomCUME cannot be de-duplicated from NZME so is reported separately
4.AudioNew Zealand’s leading audio companyGrow Reach
NZME Podcast Listenership

57
NZME has dominated every Podrankersince the industry initiative commenced in September 2021.
Total podcast downloads within the NZME Network over 5 times nearest competitor.
SOURCE: Triton NZ PodrankerOct 21 –Sep 22
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
NZME / iHeartRadioStitcherAudioboom (NZME
Sales Representation)
MediaworksKast MediaLiSTNR (SCA)SEN
TOTAL PODCAST NETWORKS BY DOWNLOADS
12 months to September 2022
4.AudioNew Zealand’s leading audio companyGrow Reach
NZME is the largest podcaster in NZ

58
4.AudioNew Zealand’s leading audio companyGrow Reach
Build iHeartRadio’s digital reach
by attracting new audience and
encouraging active engagement
Leverage NZME platform reach of 3.6m New Zealanders to grow audio audience

59
4.AudioNew Zealand’s leading audio companyStrategy
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:
New Zealand’s Leading Audio Company

60
30% of Kiwis’ media consumption is with audio, yet only 8.3% of advertising spend is within audio. There is a
need for a co-ordinated approach to audio advocacy with advertisers to position radio in the multi-media
landscape, articulate its strategic digital transition, and grow audio’s share of total advertising spend.
AUDIO
30.0%
AUDIO 8.3%
OTHER MEDIA
70.0%
OTHER MEDIA
91.7%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
ConsumptionAd Spend
SOURCE:NZME Audio Study 2021 (Consumption). ASA Charts 2021 -April 2022 (Spend).
1
Radio advocacy research –Fleur Herscott
Audio does not currently have a coordinated and strategic
advocacy organisation for the medium across all buying
channels. The Radio Bureau’s advocacy is limited and
focussed on agency buyers. The Radio Broadcasters
Association performs advocacy at a Government level but not
with advertisers.
“Good advocacy should deliver an uplift for the entire
Industry -improving revenue, awareness, engagement and
perception. Ultimately, it’s about making a bigger pie, not
fighting over the last remaining slices of the existing one.
And Customers are willing to help.”
1
Radio Advocacy Research 2022
4.AudioNew Zealand’s leading audio companyGrow Revenue
Audio advocacy will help grow market revenues

61
SOURCE:PwC Radio advertising market benchmark report, 12 months to December 2018 –8 months to 31 September 2022 (current). NZME and Mediaworks only. 2022F includes September YTD
actuals, Market Share is September YTD.Excludes iHeart Radio Revenue.
•This is NZME and Mediaworks broadcast
revenue only and does notinclude any digital
audio revenue.
•Broadcast revenues are expected to return to
pre-Covid levels this year.
•NZME’s market revenue share continues to
improve. Share has been growing outside of
Auckland by utilisingmulti platform sales teams.
NZME’s revenue market share has continued to improve since 2019.
4.AudioNew Zealand’s leading audio companyGrow Revenue
40%
40%
41%
41%
39%
39%
40%
40%
41%
41%
42%
–
20
40
60
80
100
120
2019202020212022F
Market Share %
NZME Revenue ($m)
NZME Radio Revenue and Market Share
NZME RevenueMarket Share
Radio revenue market share growth remains a focus

62
SOURCE: NZME Revenue, 2022F Revenue Forecasted
•Podcasting represents incremental audience and listeningand
therefore incremental revenue opportunity.
•Lower sell through rates on digital radio inventory provides significant
commercial opportunity from existing audience.
•Audience targeting commands a higher eCPMwhilst enabling
advertisers to target specific audiences based on behavioursor
demographic profiles.
•Advertising travels with the podcast content and therefore 3
rd
party
platforms represent new audiences which NZME can commercialise.
Growing digital consumption results in significant inventory opportunity across digital radio
listening as well as podcasting.
$-
$1
$2
$3
$4
$5
$6
2016201720182019202020212022F
Millions
NZME DIGITAL AUDIO REVENUE
4.AudioNew Zealand’s leading audio companyGrow Revenue
The leading digital audio commercial opportunity in market

63
1.AudioNew Zealand’s leading audio company
The Alternative Commentary Collective (ACC) is NZME’s multi-channel sports entertainment brand. DB Export
partnered with NZME to engage The ACC’s passionate male audience.
Monetise ACC via product integration across The
ACC portfolio, including:
•Live Commentary
•Podcasts
•Live Events
•Merchandise
“Export believes that there is no better place to have a beer than with some mates while enjoying a classic Kiwi pastime,
watching sport! The ACC is a true staple for sports fans, and we’re thrilled to be partnering with this group of like-minded
broadcasters, comedians and entertainers who are renowned for their irreverent, unique and popular coverage of all things sport.”
FraserShrimpton,MarketingDirectoratDBBreweries.
4.AudioNew Zealand’s leading audio companyGrow Revenue
Case study: DB Export and The Alternative Commentary Collective (ACC)
63

6464
PUBLISHING

Carolyn Luey
Chief Digital &
Publishing Officer
5.PublishingNew Zealand’s Herald
65

The NZ Herald is
New Zealand’s Herald

6767
1.Includes the impact of the BusinessDeskacquisition.
2.Stats.govt.nz Dwelling and household estimates: June 2022 quarter.
3.EBITDA is a non-GAAP measure and excludes exceptional items.H1 earnings are seasonally lower than H2, resulting in a lower H1 margin than full year.
4.Includes Covid-19 government wage subsidy received in 2020. Excluding the impact of the government wage subsidy received in 2020, the EBITDA margin was 17.0%.
5.Adjusted from 19-20% to reflect the change in accounting policy on SaaS arrangements. Capital expenditure is expected to reduce by a similar amount.
Metric
FY 2020
Achievement
FY 2021
Achievement
H1 20222023 Target
Subscription
Volume Target
169,000191,000206,000
1
More than
210,000 by
2023year-end
Subscription
Volume Mix
32% / 68%43% / 57%49% / 51%
Digital Only >
Print
% Households
Subscribing
9%
2
10%
2
11%
> 12% by year-
end
Advertising
Revenue Mix
42% Digital46% Digital49% Digital> 45% Digital
EBITDA
3
Margin Target
(pre NZ IFRS16)
19%
4
18%16%*18-19%
5
5.PublishingScorecard
* H1 earnings are seasonally lower than H2, resulting in a lower H1 margin than full year
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
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

69
AUDIENCE
The #1 Newsbrand 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

70
SOURCE:
1
Nielsen CMI Q3 21 –Q2 22 August 22 Fused AP15+. News includes sport and entertainment channels, Monthly coverage for Daily & Community titles, W eekly coverage for Newspaper Inserted Magazines,
Monthly UA for Digital, W eekly Reach for Radio (GfK RAM S2 22). Note: Fused data has potential for duplication.
2.
Nielsen Online Ratings August 22 (nzherald.co.nz) AP15+ ,
3.
NielsenCMI Q3 21 -Q2 22AP15+ (includes
NZH, HOS, Regional Dailies & Communities).
4
GfK RAM, Commercial Radio, S3 2022, Total NZ, NewstalkZBM-S 12mn-12mn, Cume 000s, AP10+ (unless otherwise stated) .
•Newsroom with more than 300 editorial staff across NZ
•Achieved NZ Herald’s biggest-ever brand audience of 2.26M
1
•Digital reach of 1.9 million
2
•Print reach of 1.4 million
3
•NZ’s biggest commercial radio station with a reach of 700K
4
•NZ’s biggest daily newspaper
3
•NZ’s biggest Sunday newspaper
3
•Biggest share of regional newspaper readership
3
5.Publishing#1 News BrandBackground
National coverage and award-winning content
New Zealand’s Newsroom
Reach a combined news audience of
3 million Kiwis each month
1
Award Winning Journalism
NETWORK STATION
OF THE YEAR

71
5.Publishing#1 News BrandStrategy
The #1 News brand for all New Zealanders
Embed trust and quality in the
newsroom and across NZ Herald
journalism
Audience expansion by focusing on
next generation audience and creating
personalised experiences
Multi-platform story-telling to
create immersive content
experiences that drive engagement

72
5.Publishing#1 News BrandTrust & Quality
Building quality and trust is a key focus for the newsroom
Having the best data to inform our
editorial decision-making
1
2
3
Identifying the best journalism to
engage our audiences –and build
new ones
Reinforcing a culture of quality –
through learning and development
and a focus on continuous
improvements
4
Quality first workflows and
automation –having the right
tools
Daily & Monthly Scorecards
•New article scoring engine focuses on
engagement metrics; Average Time On
Page, Recirculation and Conversion
•Monthly journalist report focuses on
quadrants to; Replicate / Optimise/
Support / Amplify
•Introduction of new quality-first
workflows with new authoring tool
•Extensive learning and development
programmesto grow journalism
craft
•Future developments include;
•AI-driven workflow efficiencies
•Audio and video workflow
automation
•Business of journalism incentives
Culture & WorkflowNewsroom Quality Focuses

73
•Breaking big news stories –
Police faked car thefts to access
CTV data
•How mental campaign
uncovered major failing
in our health system
•Mood of the Boardroom
took the temperature of
the business community
in challenging times
•World Vision
campaign to highlight
plight of refugees
from war in Ukraine
•Queen Elizabeth II
passing and
celebration of her
life
5.PublishingNew Zealand’s HeraldTrust & Quality
Focus on distinctive quality journalism that sets the agenda

74
NZ Herald’s new brand promise emphasises the quality and depth of the
Herald’s journalism
BRAND ON A PAGE
News worth knowing
BRAND PROMISE
VISION
To be New Zealand’s Herald
BRAND EXPERIENCE
Trustworthy. Valuable.Relevant.
PURPOSE
To deliver greater clarity and connection for all
New Zealanders throughhigh-quality,trusted journalism.
5.PublishingNew Zealand’s HeraldTrust & Quality

75
Building brand advocacy by bringing the brand experience to life across
all touch points
5.PublishingNew Zealand’s HeraldTrust & Quality

76
Invest to grow brand preference and continue to be well known as a modern
trusted source of news worth knowing
•New brand codes
•Brand experience
integration across all
touch points
•Local marketing
5.PublishingNew Zealand’s HeraldTrust & Quality

77
5.Publishing#1 News BrandAudience Expansion
Focus on expanding audience reach through diversified content that connects
with new audiences
•Showcase Māoricommunity stories
and journalism talent
•Stories told through a teaoMāori
lens
•Monthly audience of 275K
•Connect Pacific Island community
•Real life stories and news from the
Pacific
•Monthly audience of 265K
•15 dedicated journalists covering
legal and court reporting across
NZ
•Monthly audience of 1.3M, with
strong regional engagement
making up 48% of audience

78
Next generation audience strategy will launch a new proposition focused on
authentically connecting with young people
NZ Herald reaches 882,000 18-34 year oldseach
month and has strong quality brand associations
Source: Nielsen CMI Q3 21 –Q2 22 August 22 Fused AP15+. Monthly coverage for Print, Monthly UA for Digital. NZH Brand Health Survey 2022
Brand Perceptions 18-34 year olds
‘Our goal is to give the next
generation a voice in the day’s
news conversation’
Social
Reels
First
NewslettersPodcast
5.Publishing#1 News BrandAudience Expansion

79
Personalisationhas been expanded, delivering 2x lift in engagement
Homepage Promoted Module
Article Page Module
PersonalisedNewsletterPersonalisedApp Content
5.Publishing#1 News BrandAudience Expansion

80
Personalisationroadmap is focused on growing audience engagement through
delivering relevant content recommendations based on location and stories read
20222023
2024 and
beyond
Hello
Homepage
Module (NZH)
Personalisedsection
below fold on NZH
Homepage
Property
Listings (OR)
Personalised
Property Listings
Service for OR
website
Personalised App
Section (NZH)
“For You” section to be
added to NZH App
Homepage
“Top15” (NZH)
Personalised
recommendations
in top homepage
articles
NZME network-wide
Solution
Article recommendations
for Driven, BusinessDesk,
OneRoof
Personalisationas a
service
In-house personalisation
and ad tech SaaS
product
Email (NZH)
Algorithmically
derived “Top
Stories” newsletter
Predictive
Models
Development of
models that predict
behaviours
Early personalisation
initiatives
•Proof of concept article
recommendation
service
•Enhanced article
recommendation
service developed in-
house
5.Publishing#1 News BrandAudience Expansion

81
To optimisecontent discovery, shift to a segmented and personalisedhomepage
so readers can easily discover relevant content
Homepage
User Group
Segmentation
Geographic
Recommendations
Known User
Declared
Preferences
1/3 of homepage views are
generated by users looking
for their next article
75% of clicks
generated from top
14 articles
200+ articles
published each
weekday, covering 13
regions and 20
sections
~800K daily web users
Shift to curated homepage focused on key
segments:free users, premium subscribers and
regions
Source: NZME analysis
5.Publishing#1 News BrandAudience Expansion

82
NZH Video Web Experience
NZH App Video Experience
•Live streaming and short form focus
•Easy content discovery and navigation
•Content recommendations and playlists
•Vertical video format
•Inline vertical video carousels
•Snackable content focus
Mobile-first video experience with a focus on live, short form and snackable reel
formats
5.Publishing#1 News BrandMulti Platform

83
Grow accessibility to NZ Herald’s journalism via audio, leveraging text to speech
and news podcasts
NZ Herald immersive audio experience
•Leverage NZME’s strength in news and audio to
create a connected multi-channel experience
•Bring text and audio together, providing
audiences with choice on how to engage
•New features like:
•Text to speech listen option on all articles
•Articles converted to podcasts
•Playlists and recommendations
•Development of NZME voice with Te Reo
Māorivocabulary
5.Publishing#1 News BrandMulti Platform

84
Our vision is to be New Zealand’s home of
lifestyle with a diverse range of the best
lifestyle content
Create a digital lifestyle hub that delivers a high-quality, immersive, glossy,
magazine-like experience for our readers
Digital
Audience
500K+
Digital
Revenue
+50%
5.Publishing#1 News BrandMulti Platform

85
Each of our lifestyle brands will be distinctive, creating unique content
environments for our audiences and advertisers
INFORMED
5.Publishing#1 News BrandMulti Platform

86
Audience
Engagement
Editorial
Automation
•New Subscription Vertical Product
•Enhanced Content
Recommendation Engine
•PersonalisedHomepage Module
and App
•Article Page Optimisation
•Enhanced Video Player
•Premium Subscriber Article Sharing
•Site Search and Navigation
•Live News Experience –web / app
•Lifestyle Destination Hub
•NZH App Refresh
•Video –vertical format and
experience enhancements
•Audio –Text to Speech / Podcast
•Editorial Automation –Phase 2
(New Authoring Interface)
•Smart Workflow Automation
•Latest News Module
•Article Scoring Engine &
Editorial Scorecards
•Automated homepage curation
•Content Performance Prediction
Engine
•Video and audio workflow
automation
•Automated content moderation
Delivered in 2022
2023 and Beyond
5.PublishingNew Zealand’s HeraldStrategy
Continue to deliver more tools and technology to support journalism and
audience engagement strategies

87
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

88
•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
5.PublishingNew Zealand’s HeraldBackground
-
50,000
100,000
150,000
200,000
250,000
300,000
2021 Actual20232025
Target Subscriber Growth
Digital Only
Digital Entitled
Print Only
Note: Digital entitled subscribers are print subscribers who have activated their free digital subscription entitlement
Scorecard –2023 and beyond targets

89
5.PublishingSubscriber FirstPrint SubscribersBackground
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
20182019202020212022F
($millions)
Print Reader Revenue 2018 to 2022F
Print Subscription RevenuePrint Retail Revenue
•Stronger subscriber yield growth focus to help offset
increased printing and distribution costs
•Retail revenue decline trend continues. Subscriber revenue
now more than 85% of total
•In May, NZ Herald retail cover price increased 50c per day
and regional titles 20c per day
•Increasing the focus on subscriber acquisition offers to
partially offset downscaling of the free trial acquisition
programmedue to cost of sales increases
•This change will reduce acquisition, improve yield and
reduce churn
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
0m
1m
2m
3m
4m
5m
6m
7m
8m
9m
10m
Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022
Q4 2022F
Yield Per Newspaper per day
Newspapers Delivered per Quarter
Print Subscription Volume vs. Yield 2018 -2022F
Newspaper Subs VolumeNewspaper Subs Yield
Print reader revenue trend continues –yield growth accelerated

90
5.PublishingSubscriber FirstDigital SubscribersBackground
SOURCE: NZME analysis.
Digital subscriptions have continued to grow, despite slower news cycle
Cumulative Total Digital Subscriptions including BusinessDesk

91
•Corporate subscription base grown to 24% of
total subscriptions
•Reduction in 2022 yield driven by a
combination of the increasing corporate
customer base and longer introductory offers
periods on individual subscriptions
•Annual recurring revenue (ARR) of the
current subscriber base is $16.6m
5.PublishingNew Zealand’s HeraldDigital SubscribersBackground
SOURCE: NZME analysis.
$-
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
-
20,000
40,000
60,000
80,000
100,000
120,000
Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022
Q4 2022F
Yield per Day per Subscriber
# of subscribers
Digital Subscriptions Volume & Yield
Digital Subs VolumeDigital Subs Yield
Yield management critical as growth continues

92
5.PublishingSubscriber FirstDigital SubscribersBackground
SOURCE: INMA Q2 2022 Benchmark Survey. INMA Median Range across whole world of participating publishers
Benchmark definitions;
•Subscriber Penetration Rate: Subscribers divided by Monthly Unique Audience
•Monthly ARPU: Average revenue per user each month
•Paywall Stop Rate: Measures effectiveness of paywall, ratio of users who are stopped by the paywall and shown a subscription offer in a month
•Paid Stop Conversion Rate: Ratio of check out finishes to paywall stops in a month
•Monthly Churn Rate: Ratio of online subscriptions that were stopped in a givenmonth to online subscriptions at the end of the previous month
NZ Herald Premium is performing well versus global benchmarks

93
5.PublishingSubscriber FirstDigital SubscribersBackground
NZ Herald Premium including
BusinessDesk:
▪Digital subscriptions penetration of
average monthly unique audience at
5.5% ahead of global publishers.
▪On track to deliver >70% digital
subscriptions by 2025.
▪Digital subscription
ARPU3NZ$160per annum, Print
subscriptionNZ$510per annum.
▪Digital subscriptions direct
contribution per subscription ~10%
higher than Print.
SOURCE:
1.
The New York Times Press Release 3 August 2022 available from www.nytco.comand 2021 Financial Report. https://advertising.nytimes.com/audience-and-insights/
2.
News Corp full
year results 8 August 2022.
3.
ARPU = average revenue per user (Total Revenue / Total subscribers).
4.
HH = households.
5.
UA = unique audience.
Currently 52%
including BD
NZME
2025
Target
Digital
Subs​
% HH
4
% Population​% UA
5
New York Times (Company)
1
9,810,0006.9%​2.8%​-
News Corp Australia
2
882,000​8.9%​3.3%​4.6%​
The Times & Sunday Times
2
445,000​1.6%​0.7%​3.3%​
NZ Herald (inc. Business
Desk)​
105,500​5.4%​2.1%​5.5%​
Digital subscriptions are tracking in line with leading publishers

94
5.PublishingSubscriber FirstDigital SubscribersStrategy
There is a large total addressable market for digital news subscriptions in NZ
and opportunity to grow regional penetration
NZ Population
5M
Current
Subscriptions
208K
Total Addressable Market
News Subscription Potential
1M
Source: Census, INMA Benchmark, NZME Data
Herald Premium Digital Subscriber Household Penetration
Tactics to improve subscriber
penetration:
•Grow brand preference in key
regions
•Leverage new verticals to
unlock new audiences
•Distribution partnerships
Auckland
Wellington
Christchurch

95
Enhance Value
Proposition
Launch New
Verticals
5.PublishingNew Zealand’s HeraldDigital SubscribersStrategy
OptimisePricing
and Packaging
Digital subscriber acceleration through three strategies

96
5.PublishingSubscriber FirstDigital SubscribersEnhanced Value Proposition
Enhanced value proposition with focus on quality distinctive journalism,
customer experience and utility
Subscription
products
Distinctive quality
journalism
Data-led content
optimisation
Smart upgrade,
downgrade and
cross sell
Subscription
features
Mobile App Only
Subscriptions

97
Taking a customer-first approach and continuing to deliver a distinctive customer
experience is a key priority
Customer
Experience Vision
To empower New
Zealanders with
knowledge, by
providing personalised
experiences built on
empathy and trust.
I’m AwareI Buy
I’m
Welcomed
I Use
I’m
Recognised
Example: Premium Subscriber Customer Journey
•Understand how
to access
Premium articles
and the benefit
•Make it easy to
buy the right
subscription
•Understand how
to make the most
of my
subscription
•Find the content
I’m interested in,
save it and
comment on it
•Personalisemy
experience and I
get good value
from my
subscription
Premium
Subscriber
Expectations
I Cancel
•Make it easy to
cancel my
subscription
anytime
Voice of the
Customer
CX
Enhancements
•Herald Premium
Product page –
outlining best
pricing and benefits
•New ATL
messaging
•Viva Premium
proposition
•Clean subscriber
workflow to
reduce friction
•Newsletter
subscription
centre
•New onboarding
series
•NZH article page
optimisation
•NZH site
navigation (in
build)
•My NZH News
personalized
module,
newsletter
•Daily Briefing
Premium email
•Online
cancellation
journey with
smart downgrade
options (in build)
Customer
Interviews
Depth UX
Research
NPS
Customer
Feedback
Customer
Interviews
Depth UX
Research
NPS
Customer
Feedback
NPS
Customer
Feedback
Customer
Interviews
NPS
Customer
Feedback
Customer
Interviews
Customer
Survey
User
Testing
5.PublishingSubscriber FirstDigital SubscribersEnhanced Value Proposition

98
5.PublishingSubscriber FirstDigital SubscribersNew Verticals
Create new subscription verticals though a build, partner, buy strategy to broaden
appeal and grow ARPU
NEWSBUSINESSLIFESTYLE
NOW
FUTURE

99
5.PublishingSubscriber FirstDigital SubscribersNew Verticals
BusinessDesk is now a core part of a deep business offering, with plans to
accelerate growth
Highlights
•Full integration with NZME
iscomplete,delivering:
•double monthly audience
•strong growth in advertising revenues
•increased corporate
subscriberpenetration, with new
corporate bundle
•New site design offering a premium reader
experience
•FundSourceadded to grow penetration of
wealth management industry

100
5.PublishingSubscriber FirstDigital SubscribersNew Verticals
BusinessDesk will target 25%+ penetration of managers and professionals across
key industry verticals
All NZ Businesses
506,000
NZ Businesses
> $500K Turn Over
108,000
Source: NZ Stats NZ Business Demography 2021, NZ Census
NZ Business Addressable Market
Target Industry Verticals
186K
Managers &
Professionals

101
5.PublishingSubscriber FirstDigital SubscribersNew Verticals
FASHION & BEAUTYFOOD & DRINKAT HOMETRAVEL
LIFECULTURE
Viva has been a leader in Lifestyle, its content reflects modern Kiwi style and
attitude so is well-placed to become a leading digital subscription brand

102
5.PublishingSubscriber FirstDigital SubscribersNew Verticals
•Rich content-led value proposition with
expert opinion and thought-leadership
•Multi-platform storytelling with
immersive live experiences
•Integrated across NZ Herald platforms
and subscription customer journeys
We have launched Viva Premium to expand our digital subscription offering into
the lifestyle category

103
5.PublishingSubscriber FirstDigital SubscribersPricing & Packaging
Strategic pricing model has been implemented to optimiselong-term value
Strategic Pricing Modelling and Benchmarking Outputs
Lower introductory price drives
conversion of starts
Longer introductory offer periods reduces
churn rate
Yield can be optimisedonce we have a
mature sticky proposition with low price
elasticity
Key Pricing Strategies
Introductory Price & Length
Longer introductory offers
to build ‘100 dayhabit’
Retention Programmes
Stepped pricing post introductory
period and upgrades to annual
subscriptions
Yield and Cross Sell
Dynamic offer engine to grow yield
and drive cross sell of discounted
bundles

104
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

105
Digital market growth continues
5.PublishingAdvertisingBackground
Newspaper Revenue
3
Share of Total NZ Advertising
Market
2015 18%
2021 7%
CAGR 2015–2021: -10%
Digital Revenue
2
Share of Total NZ Advertising
Market
2015 31%
2021 58%
CAGR 2015–2021: +13%
SOURCE:
1.
IAB Revenue Report 2021.
2.
Digital Advertising includes Digital display, classifieds, search and directories, excludes programmatic.
3.
Advertising Standards Authority.
Digital Revenue
Categories
1
Display -$205M
Search –$1,188M
Social –$163M
Classifieds & Directories –
$292M

106
NZME revenue market share is stable in print and growing strongly in
digital
5.PublishingAdvertisingBackground
SOURCE:
1.
PwC Quarterly Performance Comparison Report Q3 2022, includes key NPA members only
2.
IAB Digital Advertising Revenue
Report includes Display Category only including Video, General Display, Sponsorship, Native, Audio, Q2 2022
45%
47%
47%
47%
47%
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
300
FY18FY19FY20FY21Current
Market Share %
Market Revenue ($m)
Total Print Advertising Market Revenue and
NZME Share %
1
Market RevenueNZME Share
24%
24%
25%
26%
28%
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
250
FY18FY19FY20FY21Current
Market Share %
Market Revenue ($m)
Total Digital Advertising Market Revenue and
NZME Share %
2
Market RevenueNZME Share

107
Self Service
Experience
1
st
Party Data Driven
Quality Advertiser
Environments
Brand safe and scalable destination for advertisers
5.PublishingAdvertisingStrategy

108
NZME 1
St
party data is built from our diverse audience touch points,
enriched through Artificial Intelligence, Machine Learning and Natural
Language Processing
5.PublishingAdvertisingData
Data diversity and scale
•Data processing has grown by 300% to 15TB data, 12M data
points and 28M ad impressions per day
800+audiencesegments
•Refreshedregularly andready topurchase offtheshelfvia
programmaticordirect soldchannels
Best in class partnerships
•LiveRampATS (AuthenticatedTrafficSolution) customer matching on
1
st
party data
•LandmarksIDdelivers the “Pinpoint” micro-geofencing that delivers
audience insights and targeting based on real-world behaviours
Futureproof cookie-less targeting
•Using Artificial Intelligence and Machine Learning pipelines, NZME
has developed targeting solutions based on purchase intent signals,
page context and advertisers own 1
st
party datato deliver effective
addressability solutions without 3
rd
party cookies.

109
Retail product offering will be expanded to take advantage of the
exponential growth in e-commerce
5.PublishingAdvertisingAdvertiser Environments
SHOPME IN-ARTICLE CAROUSEL
SHOPME NATIVE
RECOMMENDATIONS
LIVE SHOPPINGSHOPPING VERTICAL

110
Driven Car Guide will be positioned as an independent car advice site
leveraging deep automotive expertise
5.PublishingAdvertisingAdvertiser Environments
In-Depth
Reviews
Ask
An
Expert
Comparison
Tool
Modern
New
Website
New Car
Showroom

111
To future-proof the advertiser experience, an end-to-end self-service
experience targeted at the long tail of small advertisers has launched
5.PublishingAdvertisingAdvertiser As A Service
NOW
LIVE
50%+ of clients booking via
self service
Key client benefits
•Available 24/7
•100% control and visibility
•Create / book / monitor all in
one place

112
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

113
5.PublishingSimplificationStrategy
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
Digital Only Model
Audience
Distinct digital free and
paid content
Revenue
National digital subscribers
National digital advertisers
Simplifying and automating the business will enable the transition to a
digital only business in the future

114
5.PublishingSimplificationStrategy
•Community publications
have been standardised
and grown advertising
revenues
•NZ Herald Monday to
Friday refreshed and
introduced BusinessDesk
•Herald On Sunday
revampedand introduced
new lifestyle magazine;
Reset
•Regional daily publications
have been standardised
•Automated production
processes
Simplification of Herald print portfolio has improved the reader
experience and reduced operational complexity

115
5.PublishingSimplificationStrategy
Digital Business
Newsroom
Product
Operations
Print Hub
Production
Operations
Distribution
Integrated Print & Digital
Business
Newsroom
Product
Operations
Distribution
FROMTO
Transform the operating model to simplify and streamline end-to-end
processes and dial up the focus on the future digital business

116
5.PublishingSimplificationStrategy
Digital acceleration strategy has delivered a sustainable digital business with
positive EBITDA
1
and significant growth potential
Source: NZME Analysis.
1
EBITDA is a non-GAAP measure and excludes exceptional items
•Digital revenues have grown 60%
over the last 3 years
•Digital is EBITDA
1
positive with
editorial and overhead costs fully
loaded
•Solid platform for significant future
growth
•Print revenue decline stabilised
•Print EBITDA
1
impacted by cost inflation
across paper and distribution
•Print contribution remains positive in the
long term
•Publishing revenue in growth, with
change in mix to digital

117
5.PublishingSimplificationStrategy
FROMTO
Transition focus to nationwide coverage to accelerate digital growth and
New Zealand’s Herald

118
High
Value
(9%)
Key priorities
•Build NZ Herald brand preference nationwide to be the ‘main
news source’
•Increase penetration and engagement of key segments and
regions by surfacing more relevant content
•High-quality advertising environments to drive monetisation
Goal
•Broadest audience
reach and
monetisationvia
advertising
•Drive logged-in users by creating a rich, personalisedand
seamless content 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
•Compelling customer value proposition that delivers value
and increased retention
•Premium content offering and new verticals to grow depth
and bread of proposition
•Drive CLV through increasing yield and driving cross sell of
bundles
•Grow Premium
subscriber customer
base and CLV
5.PublishingNew Zealand’s HeraldStrategy
Strategic focus on increasing reader lifetime value is critical to driving
future digital growth

ONEROOF

Paul Maher
Chief of OneRoof
120
7.OneRoofYour complete property destination

121
7.OneRoofYour complete property destinationBackground
Metric
FY 2020
Achievement
FY 2021
Achievement
H1 2022
Achievement
2023 Target
Residential
Listings
89%
1
91%
1
90%
1
96% of all listings
(100% of agent listings)
Audience
#2, 459k,
gap to #1 of
250k
2
#2, 497k,
gap to #1 of
396k
2
#2, 503k
Gap to #1 of
297k
2
Reduce gap to #1
Listings Upgrade
%
17.6% Auckland
3.9% Regional
23.5% Auckland
5.4% Regional
28.6% Auckland
9.0% Regional
50% of Auckland residential listings
22% of regional residential listings
Revenue24% / 76%38% / 62%44% / 56%Digital > Print
EBITDA
3
Margin
Target (pre NZ
IFRS16)
8%
4
9%(1%)15 -25%
1.One Roof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz
1*
as of 30 September 2022
2.Nielsen Online Ratings, monthly average for Q2 2022 (FY2020 and FY2021 as previously stated in FY2021 results announced on 23February 2022).
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)
4.Includes Covid-19 government wage subsidy received in 2020
Scorecard

2. Current State: Audience
122
FY22 and Forecast FY23 real estate marketconditionscreate challenge to profit expectations
-Sales volume down versus original expectations
-Total stock in market up more than 50%
-New Listings down in Auckland in H1 with expectations that H2 will see the rest of the county follow
-Economic and lending conditions challenging
Overall Vendor confidence low, impacting willingness to commit to marketing programmesand has created challenges to speed of
EBITDA growth.
OneRoofinvested in talent and marketing through FY22 and is committed to holding investment in FY23
-Investment is paying off in a number ofareas:
-The only real estate portalto show growth in digital audiences
-Strong brand awarenessand preference growth
-Accelerating growth in listing conversion both in Auckland and rest of New Zealand
OneRoofis positioning itself for success in a highly challenging and competitive market.
Impact to FY23 Profit delivery
-The more challenging market conditions and the growth focused investments have resulted in a forecast profit below the target
range of 15-25%
Expectation is that as the market normalises, with a continuation of growth seen in FY22, OneRoofis well positioned to deliver to
EBITDA targets in the FY24 year and beyond.
7.OneRoofYour complete property destinationBackground
Profit performance in FY23

123
Real Estate remains NZME’s largest vertical and fastest growing digital revenue vertical
In New Zealand there are
1
:
130,000
MOVERS
863,000
FIRST HOME BUYERS
1,173,000
RENOVATORS
680,000
INVESTORS
SOURCE:
1.
Nielsen CMI Q3 21 -Q2 22 August 22 Fused 15+ -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.
3.
Reserve Bank of New Zealand
Total Real Estate Advertising Spend
Competitors (All)NZME
Residential Property remains NZ’s preferred investment
3
-Share of GDP amongst the highest in the world and growing
FY22 ~$166 million
REAL ESTATE CLASSIFIEDS MARKET SIZE
2
7.OneRoofYour complete property destinationBackground
Real Estate is a key market

124
New Zealand’s only multi-media real estate platform with market leading offers and with a unique audience
60%
5%
Desktop
35%
766,000+
readers
326,000
weekly readers
35,300
listeners
Source: Nielsen CMI Fused. AP 15+ and Google Analytics
Digitally ledPrintRadio
OneRoofdigital platformis more than simply a listing portal
•Delivering 34% of its audience that is not on competitor sites
•The only platform to deliver through the entire consumer lifecycle
OneRoofhas market leading commercial offers:
(OneRoofBoost 2.0 compared to Market Leading Competitor)
OneRoofCommercialOfferOneRoof's CompetitiveAdvantage*
Homepage Carousel
Reach of combined Herald / OneRoof
Feature refresh
33% More
Social Media
Double the number of weeks
Google DisplayDouble the number of weeks
Audience Targeting
-NZME / OneRooffirst party data
Unique to OneRoof
Sentiment AnalysisUnique to OneRoof
PRICE ~40% Lower
1.5-1.9
Million users+
7.OneRoofYour complete property destinationBackground
OneRoof’sunique value proposition

2. Current State: Audience
125
•Auckland sales impacted to a higher level due
to levels of lock-down due to COVID-19
•YTD September 2022
-36% below 2021
-16% below 2020
-4% below 2019
•Rest of New Zealand also lower than previous
years
-YTD September 2022
-25% below 2021
-10% below 2020
-21% below 2019
•Property clearance by auction down an
estimated 40-50% in 2022 Vs LY
Source: REINZ
1. Market trends: NZ
Auckland market sales down by over 35%
0
1000
2000
3000
4000
5000
JFMAMJJASOND
Auckland Residential Sales Volume
2019202020212022
0
2000
4000
6000
8000
JFMAMJJASOND
Rest of New Zealand (excl. Auckland)
2019202020212022
7.OneRoofYour complete property destinationBackground
Residential property sales slow in 2022

2. Current State: Audience
126
•Nationally New Listings (YTD September)
have been relatively flat year-on-year
•Auckland has seen listing declines moving
through 2022:
•H1 new listings down 10% year-on-year
•August and September report increases
versus 2021 given COVID lock-down in
Auckland in 2021
•H1 2022 was up 1-2% versus 2019/2020
•Rest of New Zealand has shown increases
September 2022 YTD (+ 8% versus 2021) but
showing signs of following the Auckland
market in September
1. Market trends: NZ
Source: REINZ
However, late Quarter 3 has not seen the seasonal lift commence.
0
1000
2000
3000
4000
5000
6000
JanFebMarAprMayJunJulAugSepOctNovDec
Auckland New Listings
2019202020212022
0
2000
4000
6000
8000
10000
JanFebMarAprMayJunJulAugSepOctNovDec
Rest of New Zealand (excl. Auckland)
2019202020212022
7.OneRoofYour complete property destinationBackground
New listings hold up through the year

OneRoof-Your Complete
Property Destination
127

128
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
There are three pillars to the OneRoofStrategy:
Your complete property destination
7.OneRoofYour complete property destinationStrategy

129
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
7.OneRoofYour complete property destinationStrategy
There are three pillars to the OneRoofStrategy:
Your complete property destination

2. Current State: Audience
130
Strengthen all-site audiences -
Consolidate#2 position
Grow Brand Equity and
Preference
Continue to grow listing
conversion
1
2
3
7.OneRoofYour complete property destinationCore Listings
Strengthen Core Residential Listings Business

131
1. Excluding Private listings (assumes 5% of listings on Trade Me)
Note: TM includes Private listings –assumed to be ~4-5%
Excluding Private listingswe estimate OneRoof to be ~94-95%
1. Market & Performance
Focus remains on increasing total market coverage
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
MayJulSepNovJanMarMayJulSepNovJanMarMayJulSepNovJanMarMayJulSep
2019202020212022
National Listings Penetration
% of RE
% of TM
Northland
97% of
RE.co.nz
84% of
Trademe.co.nz
Auckland
103% of
RE.co.nz
96% of
Trademe.co.nz
Lower North
Island
86% of
RE.co.nz
81% of
Trademe.co.nz
Canterbury
101% of
RE.co.nz
85% of
Trademe.co.nz
Waikato /
Bay of Plenty
101% of
RE.co.nz
87% of
Trademe.co.nz
Rest of
South Island
100% of
RE.co.nz
87% of
Trademe.co.nz
Otago
96% of
RE.co.nz
95% of
Trademe.co.nz
Hawkes Bay
/ Gisborne
98% of
RE.co.nz
92% of
Trademe.co.nz
7.OneRoofYour complete property destinationCore Listings
OneRoofhas comprehensive listing inventory

2. Current State: Audience
132
3.1 FY23 Strategy: Listings
OneRoof strengthening over the past 6 months, while overall market down
Sessions
increase
12% YTD
333K App
downloads
(+23% YTD))
September
gap to
Trade Me
170K
(Vs 396K
Dec 21)
Audience gap to #1 reducing with total market audiences declining during 2022
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20Sep-20
Oct-20
Nov-20Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21Sep-21
Oct-21
Nov-21Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22Sep-22
OneRoof v Competitors 2020-2022
-Neilsen Online Ratings Audience
7.OneRoofYour complete property destinationCore Listings
OneRoofaudiences strong despite market downturn
Source: Nielsen Online Ratings September 2022

133
Aug 20Aug-21Sep-22
Preference
Aug 20Aug-21Sep-22
Unprompted Awareness
+55%
+145%
+100%
+143%
OneRoofunprompted awareness71% Nationally
1
OneRoofthe only real estate portalto grow year-on-year
FY22 Strategy was to grow awareness in key regions –YoY unprompted awareness grew
Wellington +83%
Canterbury +166%
1.Source: ConsumerLinkOmnijetSept 2022
Investment in marketing paying strong dividends
7.OneRoofYour complete property destinationCore Listings
Awareness and preference have more than doubled since 2020

134
Continue
-Investment in brand campaign nationally
-Leverage strength of NZME Print, Radio and Digital
to create “anadvantage”
Start
-Apply segmentation study to communication
strategy and brand value proposition
-Deploy continuous brand survey to enable more
agility in marketing investment
-Increase investment in key regional markets to
grow brand awareness and preference
-Increase utilisation of NZME media assets
-Development of Brand Ambassadors across key
markets
-Regional sponsorships and events to increase
local relevance
Growing the OneRoofawareness and preference critical to both consumer and customer growth
7.OneRoofYour complete property destinationCore Listings
Continue to grow brand equity across all ofNew Zealand

2. Current State: Audience
135
Continue
-Engage real estate consumers across all stages of
their real estate journey
-Develop relevant content to meet their needs
Start
-Improved understanding of consumers by
segment and journey
-Investment in understanding and
improvingCustomer experience
-Increase in SEO optimised content
-Increased personalisation including “next action”
analysis
-Strengthen editorial positioning through OneRoof
research
3.1 FY23 Strategy: Listings
OneRoofconverts passive audiences to active and engaged buyers and sellers
7.OneRoofYour complete property destinationCore Listings
Continue to deliver audiences across the entire real estate funnel

136
1. Market & Performance
Listing revenues make up 71% of digital revenue
71%
8%
21%
0%
Digital Revenue by Source: FY22F
ListingsAgentAdvertisingOther
120
116
108
104
109
104
-
20
40
60
80
100
120
140
-
5.0
10.0
15.0
20.0
25.0
201720182019202020212022
Forecast
NEW LISTINGS (000)
REVENUE ($M)
OneRoof Real Estate Revenue Mix vsTotal
Market New Listings
Print RevenueDigital RevenueMarket New Listings
7.OneRoofYour complete property destinationCore Listings
OneRoofrevenue growth driven by digital OneRoof.co.nz

137
30%
29%
27%
29%
28%
31%
34%
36%
38%
8%8%
9%
12%
9%
10%
12%12%
16%
0%
5%
10%
15%
20%
25%
30%
35%
40%
JanFebMarAprMayJunJulAugSep
Residential Upgrade Conversion %
AucklandRest of NZ
Significant conversion growth in second half of the year:
-Auckland conversion increased to 38% in September
-Rest of NZ conversion increased to 16% in September
Growth rates accelerated in back half of year with increased resourcing across NZ
7.OneRoofYour complete property destinationStrategy
Residential listings upgrade conversion rates continue to increase

138
Continue
-Developing relationships with major agencies
-Bundling of OneRoof platforms to grow revenue
-Measurement and yield management at an office
level
-Growth of Boost products –including successful
implementation of Boost 2.0*
-Maintain competitive pricing and lower cost
products to drive conversion (specifically in
developing regions)
Start
-Building stronger relationships and trade activity
with regional and boutique agencies
-Focus on building conversion with lead agents to
build advocacy
-Balance yield and conversion to ensure profitable
growth
-Deploy multi-year pricing and yield strategy
* Boost 2.0 provides stronger audience targeting through leverage of OneRoof, NZME and third-party data
Continue to build relationships and value for vendors
7.OneRoofYour complete property destinationStrategy
Continue to grow residential listing upgrades/conversion

139
Strengthen Core
Residential Listings
Business
Be indispensable to
Agents
Expand the Portfolio
7.OneRoofYour complete property destinationStrategy
There are three pillars to the OneRoofStrategy:
Your complete property destination

2. Current State: Audience
140
Create a strong value-based
agent proposition
Build a market leading
appraisal / vendor lead product
Strengthen trade and relationship
activity
1
2
3
3.2 FY23 Strategy: Agents
7.OneRoofYour complete property destinationAgents
Be indispensable to Agents

2. Current State: Audience
141
3.2 FY23 Strategy: Agents
Continue
-Delivering multi-media reach that delivers
engagement and enquiry for vendors
-Providing vendor reporting and enhanced
integration into agents CRM
-Educating agents on the unique reach and value
of both active and passive audiences
-Leveraging OneRoof and NZME content to build
the agent and agency brand
Start
-Agent research and NPS score to better
understand agents and their needs
-Delivering strong localised data to enable agents
to provide insights to their vendors
-Develop OneRoof research that supports the
unique value of our audiences
-Audience intent
-Attribution
-Market leading agent appraisal and lead
generation tools
1.Google Analytics September 2022.
2.Nielsen Online Ratings 2022
3.Nielsen CMI
4.Proposed research
Demonstrate the value of OneRoofto agents and vendors –Over 30% of audience is unique
1.Google Analytics September 2022.
2.Nielsen Online Ratings 2022
3.Nielsen CMI
4.Proposed research
Audiences at scale
•1.9M Users
1
•Fastest growing real estate platform
2
Delivering quality audiences
•30% of audience is unique to OneRoof platform
3
•Quality of audience through purchase intent
4
Higher value to agents
•Attribution analysis
4
•Purchased / attended open home
4
7.OneRoofYour complete property destinationAgents
Create a strong value-based agent proposition