Annual Meeting Speeches and Presentation

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Bremworth 2022 Annual Meeting Speeches
Chair’s Presentation
I’d now like to move onto my presentation for today.
Slide 5 Our vision
Our vision is to be a global leader in designing and creating desirable, sustainable,
safe and high performing natural interiors ... and we remain committed towards
achieving this goal.


Slide 6 FY22 Highlights

The results from the 2022 financial year have seen Bremworth finish ahead of its
transformation plan with a 44% increase in normalised EBITDA.
Our consumer research has shown us our investment in marketing is helping to build
our brand equity and positioning.
The company has shifted its focus away from high volume, low margin commercial
projects and into the premium residential consumer market, both domestically and in
our export markets.
This movement has contributed to a significant improvement in gross margin over
the past year.
Our efforts to improve sustainability at all levels of our operation have seen us
recognised with the Primary Industries NZ Award for Innovation & Collaboration.
Our rugs business is performing well with growing demand for our premium product
which is sold through our direct-to-consumer channel at high margin.
Consistent with our confidence in our transformation and in the ongoing increased
demand for wool carpets & rugs we have continued to invest in yarn plant capacity.
We have introduced new digital twin technology which is helping us to improve
production efficiency and reduce waste across our facilities.
And revenue for our wool buying division is up 20%, despite pandemic related
disruption.

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The results from this year have given us the reassurance that our new business
model is sustainable, and we have established a foundation for long term growth.

Slide 7 Our Journey
Financial year 2022 is the second year of an audacious transformational strategy
which saw Bremworth move away from the use of synthetic materials and embrace
the production of wool carpets.
In addition to removing synthetics from our production processes wherever possible,
the first stage of our strategic evolution, which began in 2020 when we announced
the transformation has seen us; relaunch the Bremworth brand, right size the
organisation, embark on our sustainability journey and redefine Bremworth as a
premium design and natural fibre company.
During the second year of this change programme, and under the leadership of Greg
Smith our new CEO, Bremworth is defining a clear, purpose-led strategy - which is
designed to capitalise on consumer trends towards more natural and sustainable
products.
As we invest in building awareness of our evolving brand we are also redefining and
optimising our relationships with our retail partners.
We are fully committed to the resumption of payment of annual dividends once the
company is in a financial position to do so. For now, we believe it is in the best
interests of shareholders to reinvest and build a profitable business that will deliver
returns to shareholders long into the future. The board will keep this matter under
constant review and fully understands and agrees with shareholders’ desire to see
Bremworth returned to a dividend-paying investment.

Slide 8 Clear growth strategy
We have a clear growth strategy built on four pillars:
• to grow the wool flooring market
• to grow our share of this market
• to expand our presence; and
• to use design-led innovation to create competitive advantage

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Slide 9 & 10 Operating Environment
Over the past year, the pandemic added further constraints to the manufacturing
sector and Bremworth’s supply chain particularly trans-Tasman shipping timeframes.
We are now seeing capacity return to the logistics industry. These delays likely saw
consumers switch to alternatives.

Like other businesses, inflationary pressures have manifested within our labour,
materials and freight costs. Our approach to mitigating the impact of these cost
pressures has been to insulate ourselves through the development of premium and
design led products - where price is less important to the consumer than
performance and value. In addition, we took a laser focus on our distribution and
administration costs and reduced them by $3m across Australasia.

And globally, demand for wool and wool prices remain at historically low levels,
which make for a more challenging operating environment for our wool buying
division.

Slide 11 & 12 The Opportunity for Bremworth
While headwinds created by COVID-19 have constrained the macro-economic
operating environment, they have also helped to accelerate trends towards more
natural fibres.
Research tells us consumers now favour wool carpet much more strongly than at any
time in the past three years.
Price is no longer the dominant driver of purchase decision, and a growing segment
of consumers are rethinking their use of plastics and their impact on the
environment.

In the short time since Bremworth began its transformation, the company has made
significant progress in repositioning the brand and bringing consumers along on our
journey towards becoming New Zealand’s leading, natural fibre flooring producer.

I am pleased to say Bremworth now has the foundation needed to rebuild wool’s
share of the flooring market and for the growth of our business.
Over to you Greg.

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Slide 13 CEO’s presentation
Thank you, George.

Slide 14 FY22 Priorities & Progress
Kia ora koutou katoa, good afternoon and thank you for joining us at our AGM.
The 2022 financial year is my first year as Bremworth’s CEO and also marks the
second year of Bremworth’s transformation towards becoming an all-wool carpet
manufacturer.
While life continues to adapt to the Covid pandemic, we are also witnessing a global
renaissance, a return to nature and natural fibres, and a recognition of our individual
impact on the environment.
There is growing consumer awareness that the environmental cost of plastic is too
high.
Bremworth is positioning itself as an advocate at the forefront of long-term change.
As part of this evolution, we are developing products today that can be safely returned
to the environment from which they came, and the results from the past year reassure
us that our messages are resonating with consumers and the market is increasingly
recognising the value that we offer.
Over the next 20 minutes, I want to take you through the results of this latest year of
transformation, starting with a change in the consumer we focus on.

Slide 15 Create Demand for Bremworth Branded Product
As George mentioned, during financial year 2022, Bremworth redefined its focus on
the premium residential consumer for the following reasons.

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Slide 16 Focussed on premium residential market
High volume commercial installations are generally low margin, lumpy and create
short term bottlenecks in our supply chain. By focussing on the premium residential
end of the market we are able to deliver consistent volume at growing margin.

Slide 17 Insights from our Market Research
Communication with our customers is a critical part of our successful evolution as a
brand.
Throughout Australasia, we’ve been investing in raising awareness of the difference
between synthetics and wool.
Our NZ market research, which has tracked changes in attitudes to flooring over the
past three years, allows us to measure the effectiveness of our campaigns. The
results from the annual study demonstrates we are changing minds and building
momentum, which gives us a lot of confidence in the direction we are taking.
The research has found that the perception of wool carpet as having a higher cost,
when compared to synthetic alternatives, is becoming less of a barrier for most
consumers.
The study also showed Bremworth has the strongest unprompted brand salience
and preference within the carpet category.
Preference for the Bremworth carpet brand has increased from 27% to 35%over the
past two years.
Bremworth has also been named New Zealand’s most trusted carpet brand for the
ninth consecutive year.

Slide 18 & 19 Operational Efficiency & Commercial Excellence
Our shift away from high volume, low margin business has had a positive impact on
gross profit, with an increase from 28.1% to 31.1% over the past year.
Our CapEx investment has not only made our plants safer but as also increased
manufacturing capacity, and we expect to realise further efficiency gains in the
coming year as a result.

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We have rationalised the number of carpet SKUs by almost a third - allowing us to
focus on our best selling and fastest moving product lines and delivering a much
better service.
We are now able to make these products available to consumers within two weeks if
not immediately which is a significant improvement. As a result, we have higher
quality inventory which is a competitive weapon rather than a drag on the balance
sheet.
Recognising that strategy and culture are led by people, we invested in a new
leadership training programme, which we called Te Ara Rangatira. This supports the
ongoing transformation of our core business model and brand vision and purpose.
We have also introduced flexible working which is opening the door to a new
segment of employees who may be working around family commitments.

Slide 20 & 21 Supercharge our Digital Strategy
Our direct to consumer business is providing insights, that inform our product
development, demonstrate latest trends and in turn help us to better respond to
consumer needs.

Our digital rug business is growing fast and while still in its infancy is showing
significant promise by providing a low cost customer acquisition and higher margins
than our traditional wholesale model. The expansion of this model will be a key focus
for Bremworth over the coming year.

Our virtual manufacturing or digital twin technology is helping us to assess the
environmental sustainability of our new product lines - before they are launched. It
means we will use less energy and less water, create less waste and operate at a
higher level of production efficiency.

Slide 22 Prioritise Innovation, Sustainability & Partnerships

Our research tells us Bremworth’s drive to be a more environmentally conscious
manufacturer is of fundamental importance to a growing segment of homeowners.

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The investment in change we are making now is not part of campaign, it is being
integrated into the way we operate at all levels and will have long term benefits for
the brand and the business.


Slide 23 Prioritise innovation, sustainability & partnerships # 2

This year our science-based sustainability programme was recognised with a PINZ
Innovation & Collaboration award.

The manufacturing of carpet is an energy intensive process which we have
traditionally powered by gas. Reducing our carbon footprint is an ongoing focus for
the business.

Throughout FY22, we reduced our total manufacturing carbon emissions by a further
5%.

Our aim is to reduce total emissions by up to 30% and, with support from ECCA, we
are investing $2.9m in decarbonisation initiatives, introducing new industrial heat
pump technology that will decrease our energy costs and improve our production
efficiency.

In addition, as part of a multi-million-dollar research and development programme,
we have prototyped two rugs which contain no plastic materials, which brings us
closer to mass production of fully compostable carpets for the domestic and export
markets. The development of a compostable carpet that removes all remaining
traces of synthetic materials from the manufacturing process and can be produced at
scale would be a game changer for the industry, our environment and for Bremworth.

Slide 24 & 25 Financials
The results from the past financial year show that we are progressing ahead of our
strategic transformation plan.
There is lot of information on this slide.
The key takeaways are the structural improvements we’ve made to drive operational
efficiencies and address our cost base. This is highlighted by a 44% increase in
normalised EBITDA from $3.4 million to $4.9 million and a 325% increase in
normalised net profit after tax from $0.4 million to $1.7 million. Full year 22 also saw
strong growth from Elco Direct, our wool buying business.

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With $14.9m in cash and significant investment in inventory, full year 23 has a strong
platform to enable us to continue the execution of our transformation strategy.


Slide 26 and 27 Revenue reflects strategic transformation
Bremworth’s revenue in the 2022 financial year was $95.5 million. This reflects the
sell down of our remaining synthetics inventory in the region of $19m, which
accounts for the fall in revenue from 2021.
The $3.1 million revenue increase in our wool buying division, Elco Direct, is
particularly positive given the challenging macro-economic environment. As one of
the largest wool buyers in New Zealand, we are well positioned for the future as
demand for strong wool improves.
While woollen carpet and rugs revenue has remained unchanged on previous year,
there is a lot more to this than meets the eye and I would like to also comment on
this.
Our all-natural strategy delivered a strong $4.4 million/15% revenue growth in New
Zealand and $0.5 million/25% growth in our rest of world business, reflecting the
success of our transformation and the traction we are getting.
While revenue was down $5.0 million/12% in Australia – and the main reason why
our woollen carpet and rugs revenue remained the same overall - that was the result
of the intentional move away from low-margin high-volume commercial business in
that market to focus on premium residential consumers.
With that strategic move completed, we expect revenues to increase from 2023
onwards as the transformation strategy progresses and sales of higher margin wool
carpets increases.

Slide 28 Uplift in Gross Margin
Gross margin improved as a result of disciplined cost and price management,
operational efficiencies as well as improved sales mix - with the better sales mix
coming from strong increases in sales of higher end woollen carpet across all
markets due to growing demand for higher end, higher margin, differentiated
products and ongoing investment in the Bremworth brand.

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Slide 29 Our Earnings and profit are up
Our profit is up, with the Group benefitting from the structural improvements during
the year to improve gross profit and reduce operating costs.
As a result, we are one year ahead of our five-year transformation plan, which has
enables us to bring forward our original projection of profitability growth from FY23 to
FY22.

Slide 30 Financial position
Bremworth is in a strong financial position. We continue to maintain tight controls of
our working capital, we continue to invest in inventory to support growth, and we
continue to invest in capital improvements across our plants to enable higher output
and drive manufacturing efficiency.
While our cash position reduced from $22.5 million to $14.9 million during the year,
virtually all of that can be attributed to the investment in inventory to support the
growth in sales of our woollen carpets – with Bremworth continuing to fund all of its
working capital requirements from its own resources.
We will continue to invest in our long-term future, and in line with this strategy, no
dividend has been declared for the year.

Slide 31 Growth Strategy
Our objective has been to grow the wool flooring market. The feedback we are
getting from our retail partners is that the tide is turning towards wool. We are seeing
more manufacturers enter the wool market and in turn retailers are dedicating more
space to wool in response to consumer demand.


Slide 32 & 33 Strongly Positioned for the Future
We are cautiously optimistic about the year ahead. There are two key factors driving
this confidence.

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The first is improving the availability of product in market. We have increased our
allocation of stock in Australia, and we are increasing the speed at which we can
deliver it - in some cases this will be next day delivery. Secondly, we are increasing
our distribution with an expanded presence in 85 retail outlets across Australia.

In terms of its contribution to gross margin our direct-to-consumer rug business holds
the brightest promise, with plans underway to accelerate its growth.

Slide 34 Strategy Execution

Bremworth has a team of passionate people who are dedicated to the
implementation of our transformation strategy.

We are building a high-performance organisational culture and as the shift to natural
fibres becomes more prominent, Bremworth is in a strong position to capitalise on
that.

We have a board that is ambitious and is providing excellent strategic and
governance oversights.

I would like to close today by thanking you our shareholders for your continued
loyalty. Your ongoing belief in us is helping Bremworth change the flooring market
and New Zealand’s wool sector for the better.


Slide 35 Shareholder discussion
Thank you Greg. I would now like to invite questions in relation to the FY22 annual
report or today’s presentations by your Chair and CEO. There will be an opportunity
to ask questions about the resolutions once they have been put to shareholders.
As I mentioned earlier, please raise your hand if you have a question and I will ask
for one of the roving microphones to be brought to you. We would appreciate it if you
could identify yourself before putting the question to the Directors and the CEO.

Slide 36 Resolutions
I would now like to move to the resolutions before the meeting. These were notified
in the Notice of Meeting and explanatory notes have been provided.

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Voting on each of the resolutions will be by way of poll.
Only shareholders, proxy holders or corporate representatives of a shareholder may
vote on today’s resolutions.
We will take questions on each resolution as they are put to shareholders.

Slide 37 Resolutions
Re-election of John Rae
The first resolution relates to the re-election of John Rae so I will hand over to John
to address the meeting in support of his re-election to the Board.
John Rae to speak.
Thank you, John.
John Rae is retiring by rotation and being eligible is standing for re-election. The
Directors unanimously support his re-election.
Are there any questions in regard to John’s re-election?
PAUSE/TAKE QUESTIONS
Could shareholders please vote now on the resolution?
Election of Katherine Turner
The second resolution relates to the election of Katherine Turner so I will hand over
to Katherine to address the meeting in support of her election to the Board.
Katherine Turner to speak.
Thank you, Katherine.
Katherine, being a Director appointed by the Board, is retiring and being eligible is
standing for election. The Directors unanimously support her election.
Are there any questions in regards to Katherine’s election?
PAUSE/TAKE QUESTIONS
Could shareholders please vote now on the resolution?

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Slide 38 Resolutions
Auditor’s remuneration
The third resolution is to record the reappointment of PricewaterhouseCoopers as
auditors of the company and to authorise the directors to fix the auditor’s
remuneration.
Are there any matters for discussion or questions from shareholders on this
resolution?
Could shareholders please vote now on the resolution?
That concludes the resolutions for today’s meeting.
In a minute, I will declare voting closed. Please ensure that you have cast your vote
on all resolutions. I will now pause to allow you time to finalise those votes.
PAUSE
Voting on today’s resolutions is now closed, and the scrutineers will now come
around to collect your voting forms.


Slide 39 proxies and postal votes
I wish to advise that proxies and postal votes have been received in respect of
approximately 11.3 million shares, being approximately 16% of total shares on issue.
The results of the voting will be posted to the NZX and on the Company’s website as
soon as practicable.

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Slide 40 Other business/close of meeting
We now move to any other business from shareholders.
Are there any further questions from shareholders?
Then I call the meeting closed.
I would like to thank our shareholders for your continued support. We are excited
about Bremworth’s future and look forward to adding value for our shareholders, staff
and consumers.
ENDS

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Agenda
01Board Introduction
02Chair Presentation
03CEO Presentation
04 Shareholder Questions & Discussion
05Resolutions
06Refreshments

John Rae
Director
Dianne Williams
Director
Grant Biel
Director Emeritus
Katherine Turner
Director
Paul Izzard
Director
George Adams
Chairman

FY22 highlights
Built a sustainable business model
•Ahead of transformation plan with 44% increase
in normalised EBITDA
•Continued brand evolution positioning and
strength
•Shifted focus to premium residential consumer
•Significant improvement in gross margin
•Sustainability journey gaining momentum
culminating in PINZ Award
•Growing demand for rugs
•Investment in yarn plant capacity
•Digital technology roll out
•Improved manufacturing processing while
reducing waste
•Elco Direct revenue up 20% despite COVID-19
disruptions

Transformation Investment
•Strong capital base to fund
transformation
•Relaunch of Bremworth brand and
marketing
•Right-sized organisation
•Set forth on our sustainability journey
•Exited synthetic carpet production
•Redefined as a premium design and
natural fibre company
FY20 –FY21
Re-Build Investment
●Appointment of new CEO
●Clear, purpose-led strategy
●Capitalise on consumer and macro
trends
●Build the brand
●Optimise the retailer network
●Measure and drive sustainability
goals
●Return to profitable growth in FY23
FY22 –FY23
Future-Focused
Profitable Growth
•Full benefits of transformation
strategy
•Partnerships and product
adjacencies
•Return to dividends
FY24 –ONWARDS

Operating environment
•COVID-19 impacted manufacturing capacity
throughout the year and supply chain leading
to logistical delays into Australia, although this
has eased in recent months
•Inflationary pressure mostly felt in labour,
material and freight/shipping costs
•Early 2H22 general economic slowdown
•Residential builds are taking longer due to key
material shortages such as Gib
•Global wool prices remain historically low

NZ market share estimate by fibre
Synthetic –opportunity
for wool to take share
Wool

Focussed on premium residential market
•Traditionally targeted high volume
commercial property developers as well as
residential markets
•Unfortunately, commercial markets are
price driven and these large projects
created short term bottlenecks which in
turn impact our ability to supply premium
residential consumers
•Our priority is the premium residential
market that delivers consistent volume at
good margin

Bremworth has the strongest brand salience and preference in
the carpet category vs key competitors
•Bremworth has the highest unprompted
brand awareness* in NZ when compared to
all competitor carpet manufacturers
•Bremworth is the most preferred brand
when compared to key competitors*
•Preference for Bremworth carpet in NZ has
increased from 27% in 2020 to 35% in 2022*
•We’re seeing others pay for the Bremworth
brand as “keyword” in their Google
AdWords
•We’ve been awarded the most trusted
carpet brand for the 9
th
year in a row**
*TRA Consumer Insights Research
**Readers Digest Most Trusted Brand

2.Operational efficiency
and commercial excellence
•Improved gross profit margin from
28.1% to 31.1%
•Capex investment to increase
manufacturing capacity
•Reduced SKU’s by 30% to simplify
product offer
•Improved delivery times and strong
inventory profile to support sales
growth in FY23
•Exited high volume, low margin
commercial business in Australia
•Improved quality of inventory
•Introduced new Te Ara Rangatira
training and development programme
•Introduced flexible working

3. Super charge our
digital strategy
•Consumer insights informing product
development
•Growing demand for our online rugs
•60% growth in website traffic vs FY21
•Double digit growth in social media
following
•Virtual manufacturing model being
implemented to support sustainable
manufacturing direction and decisions.
This modelling enables us to utilise
technology to reduce water and
energy use while reducing waste and
improving yields and overall efficiency.

4. Prioritise innovation,
sustainability and
partnerships
•Won the Primary Industries New Zealand’s
Innovation and Collaboration Project Award
in recognition of our science-based and
research-led sustainability programme
•Embarked on $2.9m decarbonisation
initiatives to reduce manufacturing carbon
emissions by up to 30%, while also
continuing with $4.9m research-based
sustainability programme
•Reduced total manufacturing carbon
emissions by 5% vs FY21
•Developed a fully compostable rug
that can be safely returned to the earth
•Implementing Industry 4.0 principles
and technology to improve capability,
efficiency and capacity

FY22 Financial Snapshot *
$ millions
Revenue
Gross margin
Gross margin %
EBITDA
Non-trading adjustments **
Normalised EBITDA
Net Profit After Tax (NPAT)
Normalised NPAT
Cash and bank
FY22
95.5
29.7
31.1%
4.9
-
4.9
2.2
1.7
14.9
FY21
111.6
31.4
28.1%
4.7
(1.3)
3.4
1.7
0.4
22.5
* Information extracted or derived from audited financial statements
** FY21 non-trading adjustments of $1.3m comprise net gain on sale and
leaseback of property of $2.6m and restructuring costs of $(1.3)m.
•Financial and strategic progress ahead of transformation plan
•EBITDA of $4.9m with 44% increase in normalised EBITDA
•NPAT up 29% to $2.2 million, with 325% increase in normalised
NPAT
•FY22 focus on structural improvements driving operational
efficiencies and benefits
•Strong growth from Elco Direct wool buying business with
increase in average sell price and revenue
•Robust balance sheet providing a strong platform to continue
executing the strategy

Total FY22 revenue of $95.5m
•Non-wool carpet revenue accounted for $19.0m of
reduction in revenue
•Woollen carpet and rugs revenue unchanged on
FY21 despite COVID-19 disruptions
•$3.1m increase in revenue at Elco Direct wool
acquisition operation, with uplift in average selling
price as demand for quality strong wool grows
•Revenue expected to increase from FY23 as
transformation gathers momentum and sales of
higher margin, higher value woollen carpets
increase
Revenue reflects strategic transformation

Unchanged year on year at $73m
•Within that, all-natural strategy delivered a strong
$4.4m/15% revenue growth in New Zealand and
$0.5m/25% growth in our rest of world business
•While revenue was down $5.0m/12% in Australia,
that was the result of the intentional move away
from low-margin high-volume commercial business
in that market to focus on premium residential
consumers
Woollen carpet and rugs revenue

Uplift in gross margin to 31.1%, up from 28.1% in FY21
•Benefit of improved sales mix and operational efficiencies
•Strong increases in woollen carpet margin across all markets due to growing
demand for higher end, higher margin, differentiated products
•Disciplined cost and price management
•Operating costs reduced by $3.0m versus FY21
Uplift in Gross Margin

Earnings and profit ahead of expectations as Bremworth
continues to make progress with its all-wool strategy *
$ millions
EBITDA
Non-trading adjustments **
Normalised EBITDA
Net Profit After Tax (NPAT)
Normalised NPAT
FY22
4.9
-
4.9
2.2
1.7
FY21
4.7
(1.3)
3.4
1.7
0.4
* Information extracted or derived from audited financial statements
** FY21 non-trading adjustments of $1.3m comprise net gain on sale and
leaseback of property of $2.6m and restructuring costs of $(1.3)m.
•EBITDA in line with FY21 despite FY21 inclusive of a one-off
benefit from the sell down of synthetic carpets as well as wage
subsidies brought forward from FY20, and a release of inventory
provisions
•Normalised EBITDA up 44%, with better margins from woollen
carpet sales, cost-out programme and uplift in Elco Direct
performance more than offset margin foregone from exit of low
margin synthetic/plastic carpet
•NPAT up 29% to $2.2 million
•Normalised NPAT up 325%

Cash position remains strong and in line with
expectations
•Cash and bank of $14.9m as at 30 June 2022
•Tight control over working capital continues
•Healthy inventory position with almost 80% of stock aged less than six months
•Almost 55% of capex invested in plant improvements to enable higher output
and drive manufacturing efficiency
•Ongoing focus on investment for the future, with no dividend declared
•Strong financial platform with financial resources to undertake strategic
transformation
Financial Position

Outlook
•Style conscious and educated consumers
resulting in more people choosing wool
over synthetic
•Expect strong revenue growth across
Australasia
•Accelerate D2C rug programme
•Construction demand and related
demand for flooring are continuing
to grow
•Well positioned to capitalise on supply
constraints from imported products
•Expect consumers and investors to
support brands with a focus on
sustainability

Strongly positioned to
execute our strategy
•Clear growth strategy
•Passionate and expert people
•Ongoing investment in high
performance culture
•Capacity for manufacturing growth
•Significant funding to execute the
strategy
•Strong Board providing strategic and
governance oversight

Resolutions
Resolution 1 –Re-election
of John Rae:
That John Rae, who retires by
rotation and is eligible for re-election,
be re-elected as a director of the
Company.
Resolution 2 –Election of
Katherine Turner:
That Katherine Turner, a Director
appointed by the Board, is retiring
and eligible for election, be elected as
a director of the Company.

Resolutions
Resolution 3 –Remuneration of auditors:
To record the reappointment of PwC as
auditors of the company and that the directors
be authorised to fix the fees and expenses of
the auditor.

Proxies and postal votes
The Company has received approximately 11.3million proxy and postal votes representing approx. 16% of total
shares, with more than 90% of those in favour of each of these three resolutions.
ForAgainstProxy
discretion
Re-election of John Rae10,205,83519,1761,069,822
Election of Katherine Turner10,198,77811,0971,069,822
Auditors remuneration10,201,07410,1651,091,822

Disclaimer
•This presentation has been prepared by Bremworth Limited (“BRW”).
The information in this presentation is of a general nature only. It is not a
complete description of BRW.
•This presentation is not a recommendation or offer of financial products
for subscription, purchase or sale, or an invitation or solicitation for such
offers.
•This presentation is not intended as investment, financial or other advice
and must not be relied on by any prospective investor. It does not take
into account any particular prospective investor’s objectives, financial
situation, circumstances or needs, and does not purport to contain all
the information that a prospective investor may require. Any person who
is considering an investment in BRW securities should obtain
independent professional advice prior to making an investment
decision, and should make any investment decision having regard to
that person’s own objectives, financial situation, circumstances and
needs.
•Past performance information contained in this presentation should not
be relied upon (and is not) an indication of future performance. This
presentation may also contain forward looking statements with respect to
the financial condition, results of operations and business, and business
strategy of BRW. Information about the future, by its nature, involves
inherent risks and uncertainties. Accordingly, nothing in this presentation
is a promise or representation as to the future or a promise or
representation that a transaction or outcome referred to in this
presentation will proceed or occur on the basis described in this
presentation. Statements or assumptions in this presentation as to future
matters may prove to be incorrect.
•A number of financial measures are used in this presentation and should
not be considered in isolation from, or as a substitute for, the information
provided in BRW’s financial statements available at
https://bremworth.co.nz.
•BRW and its related companies and their respective directors, employees
and representatives make no representation or warranty of any nature
(including as to accuracy or completeness) in respect of this presentation
and will have no liability (including for negligence) for any errors in or
omissions from, or for any loss (whether foreseeable or not) arising in
connection with the use of or reliance on, information in this presentation.
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