AoFrio ASM Meeting Address

A: 78 Apollo Drive, Rosedale, Auckland 0632, New Zealand
PO Box: 302-533 North Harbour, Auckland 0751, New
Zealand

P: + 64 9 477 4500 E: info@aofrio.com
® is a registered Trademark of AoFrio Ltd.


AoFrio
Annual Shareholder Meeting
May 24, 2023

Meeting Address






Kia Ora and welcome to the Annual Shareholders Meeting of AoFrio Limited. My name
is Gottfried Pausch, and I am the chair of the Company.

May I firstly introduce your directors and senior management.

In the room we have

• John McMahon, Keith Oliver, John Scott and Greg Allen, my fellow directors.
• We also have here Paul Seller from Deloitte, our auditor.
• and our CEO – Greg Balla and CFO Howard Milliner

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Today’s meeting is being held both in-person and online via the Computershare Online
Meetings platform. This allows Shareholders, Proxies and Guests who were not able to
travel and attend the meeting in person the ability to attend the meeting virtually.

All online attendees can watch a live webcast of the meeting and read the company
documents associated with the meeting. In addition, shareholders and proxies have the
ability to ask questions and submit votes.



For those of you attending the meeting virtually, if you have a question to submit during
the live meeting, please select the Q&A tab on the right half of your screen anytime.
Type your question into the field and press send.

Your question will be immediately submitted. Should you require any assistance, you
can type your query and one of the Computershare team will assist with the chat
function and reply to your query. Alternatively, you can call Computershare on 0800-
650-034.

Please note that while you can submit questions from now on, I will not address them
until the relevant time in the meeting. Please also note that your questions may be
moderated or if we receive multiple questions on one topic, amalgamated together.

Finally, due to time constraints we may run out of time to answer all your questions. If
this happens, we will answer them in due course via email.
Voting today will be conducted by way of a poll on all items of business.

To provide all online attendees with enough time to vote, I will shortly open the online
voting for all resolutions.

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At that time, if you are eligible to vote at this meeting, you will be able to cast your vote
online under the Vote tab.

Once the voting has opened, the resolutions will allow votes to be submitted.

To vote, simply select your voting direction from the options shown on screen.

You can vote for all resolutions at once or by each resolution.

Your vote has been cast when the tick appears.

To change your vote, simply select ‘Change Your Vote’. You have the ability to change
your vote, up until the time I declare voting closed.

I now declare voting open on all items of business. The resolutions will now be open in
the vote tab, please submit your votes at any time. I will give you a warning before I
move to close voting.

I am pleased to confirm that we have a quorum and therefore declare the 2023 Annual
Shareholders’ Meeting of AoFrio open.

The items of business for this meeting and the resolutions to be considered by
shareholders are contained in the Notice of Meeting which was sent to shareholders on
28
th
April 2023.

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For our agenda today I will provide a commentary on the 2022 performance, our Q1-
2023 performance and what we are forecasting for the 2023 year. Greg will talk about
our strategic focus.

We will then take your questions.

After questions we will proceed with the formal business of the meeting.

AoFri oCompany Confidential ©2023
JanuaryFebruaryM archApri l
Agenda
SafeHarbour
We will be makingsomeforward-looking
statementstodayand asthese
are
predictive in nature
, they are subject to
a number ofrisks and uncertainties
relating to the company
, its operations
andthe markets in which it
competes.Some thingsare beyond the
controlof the company and actual results
and conditions may differ materially from
those expressed or implied by such
forward-looking-statements.
Questions
Formal business of the meeting
Strategy Update
FY22 Business Commentary and FY23 Trading Update
AoFri oCompany Confidential ©2023

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Total revenue in 2022 increased by 15.7% to $74.3 million. This was our highest annual
NZD revenue to date but was below our initial expectations.

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In late February 22 we started to receive increasing communication regarding electronic
component shortages from our suppliers. Even though our teams put in significant effort
to redesign our products with available components we still had a six-week period of
lost production in the middle of the year, where we could not manufacture any products.
The redesign effort continued through the year, and it took us until the end of December
to largely clear this backlog of orders.

We also experienced delays in customers signing-off revised product specifications and
were unable to secure shipping space until early January for some orders, both of which
decreased revenue in FY22.

Overall revenue from our Internet of Things, or IoT products, increased from $25.2m to
$36.5m. 45% growth. IoT revenue accounted for 49% of our FY22 revenue.

Our motors business was the business that was most impacted by the electronic
component shortages and supply chain issues and was the principal reason our overall
revenue was US$11m lower than we had forecasted at the beginning of the year.
Revenue from motor products decreased from $39.0m in FY21 to $37.8m in FY22.

Besides redesigning our products with alternative components, we purchased
components on the spot market at a higher cost. Freight costs where up to 5 times our
pre-COVID rates - both issues impacting margin.

To protect our ability to supply as much as possible, AoFrio also purchased an
additional $2.0 million in inventory of long lead time components.

It is also worth noting that currency tail wind of a lower US$ exchange rate was partly
offset by our hedging policy.

Operating expenses were in line with our business plan. For the 12 months ending 31
December 2022, expenses were $19 million, up $4 million on the previous year.

The increase in operating expense year on year was due to:

• The planned additional staff to establish capabilities and skills for future
expansion.
• Planned increase in travel to reconnect with customers post COVID.
• Planned increases in marketing to support our new brand.
• A reduction in capitalisable development (Staff worked on component swap out/
redesign instead of new product development)
• Salary adjustments to some existing roles to respond to the tight labour market.

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EBITDA of $1.6 million fell short of FY22 guidance, due to higher operating expenses
and lower gross profit on below target revenue.




Looking at our performance by geography:

We experienced revenue growth across all regions, except South America due to
increased competitive pressure and tariffs constraining our growth during the year.

Despite lower motors sales, we saw strong motors growth in Food Service, particularly
in Europe which was up 16% year on year.

We experienced significant challenges around staff retention in an extremely buoyant
tech skills market. Besides increasing salaries, we focussed on improving employee
engagement and it was pleasing to see this improve significantly. We improved it from
68 to 75 through the year.

We conducted our first customer net promotor score survey achieving a very good initial
result of 40. With the industry benchmark of 25 we felt achieving 40 was a particularly
good result as we surveyed right in the middle of the supply chain challenges.

We missed our EBITDA guidance due to some of the forecast December volumes
moving into the first quarter of FY23 and this was disappointing in what was otherwise a
positive year amongst enormous challenges.

AoFri oCompany Confidential ©
2023
Growth in most regions
EMEA shows strong motors growth in Food Service up 16%Yr-on-Yr
Key Markets
•IoT 100% branded bottle coolers
•Motors 25%
branded bottle coolers
, 75% food service and retail
Employee Engagement from 68 to 75
First Customer NPS score 40
Launched Network Pro
FY2022
Revenue Composition
FY2022 General Comments

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But in summary for FY22 we navigated significant supply chain issues to deliver 16%
revenue growth, we continued to develop our Branded Bottle cooler product offering
with the launch of Network Pro, we had our first sale in the Ice Cream market, invested
in our team for the future and did a good job protecting our base business.







Overall revenue for Q1-FY23 was $14.7m compared to $18.4m for the same period last
year.

IoT revenue was up 23% to $9.4m compared to $7.7m in FY22.

Revenue from motor products was $5.3m, compared to $10.7m in Q1 of FY22 as some
key customers were clearing excess inventory from last year.

There are signals that demand is starting to return in Q2, albeit we remain cautious as
beverage brands are delaying placing orders on their bottle cooler manufacturers.

In Q1, Gross Margin was 32.3%, versus 25.3% in Q1 of FY22. This reflects increased
sales of higher margin IoT products.

AoFri oCompany Confidential ©2023
Revenue
•Q1 revenue was $14.7m, compared to
$18.4m for the same
period last year.
•IoT revenue was $9.4m, compared to $7.7m in 2022
•Motor products revenue was $5.3m, compared to $10.7m in
Q1-2022.
Operating Expenses
•$5.4m compared to
$5.2m for Q4-2022.
•The Company continues to take a cautious approach to adding
staff and investment decisions
EBITDA
•Loss of $0.4m in Q
1-2023, compared to profit of $0.3m
in Q1-2022
FY23 Guidance
•FY23 EBITDA is expected to be around $3.5m
•Forecast revenue growth: revenue in range $80m to
$90m.
FY2022
Revenue Composition
Q1 FY23
trading update

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Operating Costs in Q1 were $5.4m compared to $5.2m for Q4-22. Our staffing level at
the end of March was 107, a modest increase on the 105 on 31 December 2022, and
we continue to take a cautious approach to adding staff and other expenditure.

EBITDA was a loss of $400k, compared to a profit of $300k in Q1 last year.

Compared to 31 December 2022, trade receivables decreased by $6.4m to $19.0m and
trade payables decreased by $5.5m to $19.5m.

Cash on 31 March 2023 was $2.9m and the Company had borrowed $4.1m under its
$5m trade finance facility, compared to $2.7m on 31 December 2022.


AoFrio Limited recent Q1 trading update gave full year FY23 guidance of EBITDA
around $3.5 million and revenue trending toward $100 million.

AOF is maintaining EBITDA guidance of around $3.5million. AOF continues to
conservatively manage its investment in growth (mainly additional staff) to align with
trading conditions and looks to continue expanding through internal cash generation
rather than raising capital.

AOF is now revising its revenue guidance for FY23 to a range of $80 to $90 million
which is a growth rate of around 14% at the mid-point of the range. This revision is due
to a reduction in predominantly lower margin motors sales, whereas our higher margin
IoT business remains strong.

As previously communicated, some of the company’s customers were holding excess
inventory, as they had over-purchased to protect their businesses from supply chain
disruptions in FY22.

AOF expected surplus inventory would be largely consumed through early FY23 and
remained conscious that macro-economic conditions were impacting purchasing
decisions, with major bottle cooler brands being later-than-usual to place orders on the
refrigerator manufacturers. These factors appear to be taking somewhat longer to work
through than previously expected, our markets remain more volatile than usual and
difficult to forecast.


I will now pass you over to Greg to give you an update on our business strategy.

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Before I start my update on how we are executing our strategy to protect our core
business and grow in our new markets, I’d like to acknowledge and thank Gottfried.

As outlined in the notice for today’s meeting, Gottfried has decided, after almost 10
years on the board, that AoFrio will be best served by a new chairperson and that he
will step down from the AoFrio Board when a suitable replacement is found.

Whilst I know Gottfried is focused on his duties as chair through until the end of his
tenure, I do want to acknowledge his contribution to this business, as this will be his last
annual shareholders meeting as Chair.

Now turning back to the strategy that Gottfried has played a key role in developing.

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To generate revenue today we provide our solutions in two key market segments.

1. Branded Bottle coolers
2. Food Service and Food retail for Motors and Fans

We hold a leading position in the Branded bottle cooler market today for our IoT solution
and continue to be positive about the opportunity in this market. I will provide some
further details on this market and our strategies for growth.

We have also commenced work evaluating two new market segments that our research
indicates there is significant opportunity for growth in recurring revenue at increased
margins. I will provide a brief overview of these markets and where we are at with our
market entry strategy.

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To set the scene and to explain why we are considering new markets I will explain the
relative sizes of our current market and its comparison to the new markets.

The market we have been operating in today is the new build branded bottle cooler
market. This has a Serviceable Available market of $300M equivalent to 3million new
refrigerators a year.

With the introduction of new technology we have a short-term opportunity to increase
the size of the bottle cooler market. This is the Retrofit opportunity identified on this slide
and I will discuss that more shortly.

However, the Ice Cream market and the Food Service and Retail market significantly
increase the potential for AoFrio, and I will explain in today’s presentation, why and the
approach we are taking to assess and enter these markets.

Firstly, I am going to discuss the opportunities for growth in our current market the
Branded Bottle Cooler market.

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The branded bottle cooler market is a very competitive market. It is very price sensitive
and for many customers it’s about upfront cash cost as opposed to total cost of
ownership.

As you can see on the slide, with technology changes we expect the new build market
size to double over the next 5 years as more customers chose an always on solution.

We also believe that the demand for software-driven insights will steadily grow in future
years increasing the opportunity.

Since we started in the IoT market AoFrio has increased the number of devices
connected to our cloud. Of the estimated 3.5m branded bottle coolers connected to a
cloud platform 60% are connected to the AoFrio platform.

Our IoT and motor bottle coolers solutions are in a rapidly developing market with
emerging competition but high growth potential, we are the market leader.

AoFrio is well placed to keep winning in the market because we are a full solution
provider, providing customers both their hardware and software to meet their needs. We
also invest in in- region customer enablement to support customers to leverage the
insights our ecosystem provides.

AoFri oCompany Confidential ©2023
JanuaryFebruary
SAM
$300M
TAM
$900M
SAM
$700M
•FY22 Revenue
•IoT = $36
.5m
•Motors =
$9.5m
•60% market share of bottle cooler IoT
connected devices
•25% of ourmotorsrevenue
•IoT gross margin around
40% andMotor
and Fansgrossmargin 20%
•2m currently connected devices
Branded Bottle Coolers
0
200
400
600
800
1000
1200
1400
1600
1800
New BuildTechnology Change
SAM (Serviceable Available Market
)TA M (Total Addressable Market)
$
300m
$900
m
$700m
$1600m
Allied Market Research Global Refrigeration Market (2019-2027

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We have five strategies for growing in this market, and I am going to briefly step through
each of those now.




The first of these is the retrofit market.

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Each year approximately 3 million new branded bottle coolers are built and a significant
proportion of these have a connectable controller, like our SCS included as part of the
build.

However, there is an opportunity to connect all those branded bottles coolers that are
already in operation that don’t have a connectable controller. The SAM (Serviceable
Available Market) for this opportunity is $1B, equating to an opportunity to connect
approximately 27million branded bottle coolers.

We have launched our retrofit solution, monitor and network pro and currently have
multiple trials across the globe.




The next strategy is to enter the North American and European markets where a
different communication solution is required.
The solution that has been readily adopted in the South American region is not suitable
for the way these new regions operate their fleets. A solution that collects and transmits
data to the cloud automatically without people intervention is required.
For the new build market, a cellular connectable controller is required. We are currently
developing this product and expect to have a first version in the market for testing in the
early part of next year.

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For the retrofit market in North America and Europe; a device that can connect existing
controllers and transmits data automatically is required. That is why we designed and
launched our Network Pro solution in late last year. We have many trials in place and
initial orders from one customer.
The sales process for a new bottle cooler customer is relatively long and can take up to
2 years once they have agreed to commence a trial to validate the technology or to
demonstrate the value proposition.



Here is a snapshot of some the countries our current trials are located in. These are
designed to support both our retrofit and new region entry strategy.


Most new customers require a trial to compare our technology to other technology and
to ensure that their internal systems and processes can extract the value that our
solution brings to them.

AoFri oCompany Confidential ©2023
JanuaryFebruary
Branded Bottle Cooler
Trials
Myanmar
Thailand
Guatemala
Panama
Brazil
Parauguay
Colombia
Me xi co
Turkey
USA
Canada
Philippines
Ukraine
Romania

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AoFrio Company Confidential ©2023

Our next strategy element is our data Insights Platform.
When our customer first starts with our connected ecosystem, they usually commence
with a very basic understanding of IoT and use cases that we call a base solution. An
example of the base offering would be bottle cooler location and temperature profile.

One of our key growth strategies is to upsell customers and take them from a base
customer to an engaged customer unlocking further revenue. This has been difficult
with the capex model but we now have two customers who have entered our Advanced
stage and one customer moving towards an Engaged stage.

Our most engaged customer is working with us a machine learning solution where our
maintenance algorithm identifies bottle coolers that are about to break down and why.
The customers solution then initiates an action with the type of repair predicted
included. We then receive feedback from the maintenance activity which allows us to
refine our algorithm to improve prediction accuracy.



AoFri oCompany Confidential ©2023
Branded Bottle CoolerCustomer Maturity
Base
•Connected with standard
reports and alerts
Evolve
•Customised applications
•Increased fleet connectedness
•High data acquisition
Advanced
•Advanced analytics
•Business integration
•Notification and alerts
01020304
Engaged
•Machine Learning
•Consumer engagement
•Insights drive action
Retrofit
Enter North America and EMEA
Insights Platform

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Another strategy we are working on is Energy Savings
You will have heard us talk about the significant energy savings we have helped our
customers achieve with the use of the ECR2 motor when compared to the standard
shaded pole motor. A practical explanation of this would be an estimated $300 saving
per bottle cooler over five years.
However, for some of our customers energy management continues to be a major issue
as they try to achieve their net zero targets. Technology change has allowed us to
commence working on a solution that has the potential to reduce energy consumption
on a commercial refrigerator by as much as 30% by leveraging the capability of both our
AoFrio controller & AoFrio motor with a variable speed compressor.
We currently have an initial solution under test with one our customers and if the energy
savings are proven it will provide another significant reason to buy both our controller
and motor as a package for this market.

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Finally, we are looking to provide a connected controller solution for smaller bottle
cooler, as this is a significant proportion of the market and would enable our customers
to connect their complete fleet. Initial target customers would be in the LATAM region.
To date we are still defining the requirements for this solution.
Summarising our strategy to win in the branded bottle coolers market.
We are focused on the retrofit bottle cooler market, valued at $1B with 19 trials
underway.
We are extending our range of product options for a connected fleet, including an
always on solution for new build bottle coolers to be available for North America &
European regions in Q1 next year.
We are continuing to improve our insights solution to bring additional value to customers
progressing them from base to engaged.
We are testing our optimized energy-efficient system with Variable Speed Compressor
Control. The key for this is being able to quantify the energy saving. If the saving is
confirmed through our testing, we expect to add this to our offering by end of Q3 this
year.

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AoFrio Company Confidential ©2023



We are focused on protecting and growing our base branded bottle cooler business,
while also extending into new profitable market segments.

So, beyond our core bottle cooler business, we are expanding into new markets. We
have roadmaps of activity in place and are already underway with this development.

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The Ice Cream segment is similar to branded bottle coolers in that we have large
brands that deploy their fleet of freezers to the point of sale in order to sell their product.
This means they have many of the same pain points already addressed by our value
pillars, with a few key differences that we have been learning about as a part of our
early customer trials:
- Although there are large global brands, this is a more fragmented market with
few global competitors.
- One key difference to non-perishable beverages is that ice cream quality for
consumption is dependent on a constant and reliable low temperature throughout
the distribution chain to the point of sale. This means we may also need to
consider new types of alarms as well as transport and storage scenarios. And
we have some of these scenarios under trial at the moment.
- Use of our products in freezers has also introduced some new future product
requirements.
As mentioned, we already have some trials underway in this space, with an early
minimum viable product (MVP) in market and a customer who has placed a significant
order with us.
While it has taken us seven years to get to where we are with an IOT solution in the
branded bottle coolers space, we anticipate we can be much faster to market with Ice
Cream because:

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AoFrio Company Confidential ©2023
• We already know how to do this.
• We have in-region relationships with customers with whom we can work closely
on a solution.
• We have an existing product base to build on.
• We have a customer willing to work with us to develop beyond our MVP.

What we’re doing next is confirming our roadmap for this segment, which we’ll continue
to evolve over time, positioning us to capture a significant share of the available market.




We have excluded large hypermarkets from this segment as their product needs are
more complex and they are already served by large competitors.
With a Serviceable Available market of $4.5B, this market presents us with an
opportunity because:
• We have existing products that require minimum modification to suit this market.
• The market is highly fragmented with attractive gross margins and no key global
players.
• In fact, initial research we’ve undertaken in the US with NZTE suggests the
market is receptive to recurring revenue models and IoT gross margins of 60%-
80% from hardware and software.
• Plus, we have initial channel access with our established Motors business -
about 75% of which is sold into food retail.

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We are undertaking 5 key trials across these new segments globally. They are
designed to help us develop our understanding of the segment requirements in areas
such as micro markets, freezers and the management of warm and ambient spaces.

• The purpose of these trials is to leverage our existing products with early adopter
customers.
• This approach enables us to learn and deliver value using what we have, while
identifying product market gaps.
• Then we innovate to close those gaps locally and prove value on a small scale,
before extending our solutions globally.
• While there are some differences as we move up and down the temperature
range from freezers to hot food, as well as across the distribution chain, having
our product out there in the field, already working helps us to iterate fast, and
focus our team on key gaps that will help us achieve product-market fit.

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Finally, this is what our existing, plus new target segments look like when we pull them
all together. As you can see, there is no shortage of opportunity, and a targeted
expansion from our core business into these new spaces will support our growth,
recurring revenue and diversification objectives.

Our plan is to use the incremental gross profit we generate to fuel this growth and
deliver on our new opportunities without relying on additional shareholder capital.
So really, now it’s up to us to execute well on our growth and product strategies as an
early mover in these new segments.

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AoFrio is well placed to leverage its global footprint and its expertise in electronic
hardware. cloud software technology and data insights to take advantage of a rapidly
growing IoT market and take market share in this 6B dollar market.

Our IoT and refrigeration expertise is core to our business. Alongside protecting and
growing our branded bottle cooler business, we are focused on growing into ice cream
and food service & retail.

We have commenced developing solutions for the new markets leveraging our existing
technology in the first instance. We have chosen to work with trial customers that are
prepared to work with us to develop the next version of our solution.

We look forward to updating you on key milestones as we enter new regions for the
branded bottle cooler market and validate our assumptions and plans for the new
verticals.

While this will be challenging, we believe we can leverage our existing capabilities to go
faster than the seven years it has taken to get to this point for IoT for the branded bottle
cooler market. The global IoT market is now and the fragmented markets that we have
discussed today are good opportunities for AoFrio.

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We will now pause to take questions on the business update.

A reminder for those of you attending the meeting virtually. You can submit a question
by selecting the Q&A tab on the right half of your screen anytime. Type your question
into the field and press send.

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AoFrio Company Confidential ©2023

[Chair and CEO take questions]







We will now move to the business of the meeting.

Voting will be by way of poll and though proxy submission. Once all the votes have
been cast, they will be counted by the Company’s share registrar, Computershare. The
results of today’s meeting will be released on the NZX on the completion of verification
of voting.

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AoFrio Company Confidential ©2023


As a reminder, if you are attending online, you have been able to vote since the meeting
opened. To vote, simply select your voting direction from the options shown on screen.
You can vote for all resolutions at once or by each resolution. Your vote has been cast
when the tick appears. To change your vote, simply select ‘Change Your Vote’. You
have the ability to change your vote, up until the time I declare voting closed.

I would also ask you to start asking your questions on these resolutions now, and I will
address those questions as we discuss each resolution.

All the resolutions are ordinary resolutions and are required to be passed by a simple
majority of votes.

Once all the votes have been cast, they will be counted by the Company’s share
registrar, Computershare.

The results of today’s meeting will be released on the NZX on the completion of
verification of voting.

All the resolutions being considered today are ordinary resolutions and are required to
be passed by a simple majority of votes.

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Resolution 1 – Election of Director

[John McMahon to assume the Chair role for this resolution]



NZX Listing Rule 2.7.1 requires that the Company’s Directors must not hold office
without re-election past the third Annual Meeting of shareholders following their
appointment or three years, whichever is longer. Having been last elected in 2019,
Gottfried Pausch will retire from office at this year’s Annual Meeting. Being eligible, he
offers himself for re-election as a Director of the Company.

Gottfried to be asked to speak to the resolution.

“Our history is in motors, and we’re delivering the world’s leading IoT ecosystem to the
global bottle cooler market. But the company has further opportunities. Looking ahead
the company will push into new markets, focusing on ice cream, food service, beer, and
medical refrigeration markets to start.

Over the last two years the board focused on finding a new CEO, supporting him to build
a strong management team and to formulate a new strategy for continued growth. Now,
we are taking the next step in our journey, bringing on new talent with fresh ideas to the
board table.

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AoFrio Company Confidential ©2023
After almost 10 years on the board and trending towards achieving our 2018 objective of
$100 million annual sales by 2023, I’ve decided that AoFrio will be best served by a new
chairperson and the process for identifying suitable candidates has started.

This is to announce my intention to step down from the AoFrio Board when a suitable
replacement is found.

I look forward to seeing how the business grows in years to come, but for now am
focused on my duties as chair through until the end of my tenure.”


Are there any questions?

I move, as an ordinary resolution, “To re-elect Gottfried Pausch as a director of the
Company.”

If you haven’t registered your vote online or completed the voting form here today,
please do so now.

[Gottfried to resume role as chair of meeting]

Resolution 2 – Auditor’s fees

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AoFrio Company Confidential ©2023
Deloitte is the existing auditor of the Company and is automatically re-appointed by
virtue of section 207T of the New Zealand Companies Act 1993.

The proposed ordinary resolution is required to authorise the Directors of the Company
to fix the auditor’s remuneration for the purposes of section 207S of the New Zealand
Companies Act 1993.

I now move, as an ordinary resolution “To authorise the directors of the Company to fix
the remuneration of the auditor for the ensuing year”.

If you haven’t registered your vote online or completed the voting form here today,
please do so now.
If there are any other questions on the matters discussed today this is your final
opportunity to ask questions in the meeting.

The results of today’s meetings will be published on the NZX once Computershare have
collated the voting.

Please hand your voting form to the Computershare representative as you leave the
room.




Thank you for your questions, your votes and for attending our meeting today. We are
looking forward to seeing you next year.

I now declare the meeting closed.



END OF MEETING