Annual Shareholders’ Meeting Chair and CEO Addresses

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To: NZX Limited
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Auckland, 24 November, 2023
The Warehouse Group Limited Annual Shareholders’ Meeting 2023
The Warehouse Group Limited is holding its Annual Shareholders’ Meeting today, commencing at
10am. Attached are the Chair and CEO addresses and the accompanying presentation.

ENDS

Contact details regarding this announcement:

Investors and Analysts: Celia Mearns, Acting Chief Financial Officer
To be contacted via Kim Russell +64 9 488 3285 or +64 21 452 860

Media: Lizzie Havercroft, Corporate Affairs Partner +64 27 507 0613
Media.enquiries@thewarehouse.co.nz

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The Warehouse Group 2023 Annual Meeting
24 November 2023
Chair's Address – Joan Withers
Introduction
Kia ora koutou katoa. Haere mai ki tenei hui motuhake.
Good morning ladies and gentlemen and thank you for joining us. My name is Joan Withers,
and I am the Chair of The Warehouse Group.
On behalf of your Directors, the Group Chief Executive Officer, our Leadership Squad and all
our team members I extend a very warm welcome to our Annual Shareholders’ Meeting –
both to those of you in the room today, and to all our shareholders who are joining us
online.
The notice convening today’s meeting was circulated to shareholders on 25 October 2023,
and a quorum is present, so I am pleased to declare the 2023 Annual Shareholders’ Meeting
of The Warehouse Group open.
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 to attend the meeting virtually. All of our online attendees
can now see a live webcast of this event and read the company documents associated with
the meeting. In addition, shareholders and proxies may ask questions and submit votes, and
I will outline the process for that shortly.
Agenda
Before proceeding with the formal business, I will run through the order of events for
today’s meeting.
The agenda will start with the usual formalities and then I will provide a recap of the FY23
annual results, our dividend distributions to shareholders, as well as an update on our non-
financial milestones including sustainability and our people.
Nick Grayston, our Group Chief Executive Officer, will then provide some detail on our
strategy, our ecosystem, and go through more detail of the year in review as well as an
update on the first quarter of the current financial year and our outlook for the remainder
of FY24.

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We will then turn to the formal part of the day’s business. The resolutions today include the
re-election of two Directors, being Dean Hamilton and Robbie Tindall, and authorising the
setting of the auditor's fees.
We will cover each resolution in turn and invite you to submit your questions specific to
those items, which we will respond to during the Q&A session for each resolution.
Voting will take place by poll. I will outline the process for the discussion and voting on the
resolutions at that point in the agenda.
Following the resolutions, we will take questions on the Group’s financial performance,
operational performance, or other general business. I ask that you wait to raise any of your
questions of a general nature until that time.
If you have joined the meeting online, you will be able to submit a question or vote on the
resolutions throughout the course of the meeting.
We will now move to the formal agenda.
Proxies
Proxies have been received from 380 shareholders representing 197,828,106 voting shares.
This represents 57.04% of the voting shares in the Company.
The valid proxies we have received support the resolutions to be considered later in the
meeting. I will provide further details on proxies in respect of each resolution at that time.
2022 Annual Meeting
I confirm that the minutes of the 2022 Annual Meeting held on 25 November 2022 have
been signed and confirmed by me as the Chair of that Meeting. These minutes are available
for review on the Company’s website.
Annual Report
The Financial Statements for the 52 weeks ended 30 July 2023, together with the Auditor’s
report are set out in the Company’s 2023 Annual Report, which was released to the NZX and
made available on our website on 28 September 2023.
If you would like a hard copy of the Annual Report, please email us at
investors@thewarehouse.co.nz to request a copy.
Under the Companies Act 1993, there is no requirement to approve the Financial
Statements or the auditor’s report at Annual Meetings, however we will be happy to answer
any questions you may have during the Q&A session at the end of the meeting.
FY23 ANNUAL RESULTS
I will firstly focus on our financial performance during FY23.

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The past 24 months have been challenging for the New Zealand retail trading environment
in general and exceptionally so for The Warehouse Group.
As we all know, Kiwi families are experiencing rising inflation, rising interest rates and
increased cost of living, thereby reducing their disposable income. This difficult trading
environment has occurred at a time when the Group is at the point of peak spending on
replacing legacy information systems and digital infrastructure necessary to support our in-
store and online strategies.
We did experience sales growth for the Group in FY23, achieving $3.4 billion in total Group
sales, up 3.2% on the prior year. We saw a particularly strong sales result in The Warehouse
of $1.9 billion – the brand’s highest sales year on record and up 9.6% on FY22. However,
customers responded to the economic climate by reducing their spending on higher
discretionary items, impacting our other brands' sales.
Gross profit margin was disappointing in the first half of FY23, as the costs of products and
freight were impacted by inflation and global supply chain disruption. While striving to
deliver value to our customers by keeping prices as low as possible, we did not move quickly
enough to react to the impact of these increasing costs. In the second half of FY23, we took
action through margin management initiatives to recover some of this deterioration while
preserving value on critical items.
Overall, Group gross profit decreased from $1.2 billion in FY22 to $1.1 billion in FY23.
Group gross profit margin percentage improved from 32.7% in the first half of FY23 to 33.4%
for the FY23 full year. However, this was still down from 35.3% in FY22, and we continue to
put in place margin enhancing initiatives to recover this. We are pleased to see the second
half improvement continue into the first quarter of FY24, which Nick will take you through
shortly.
The Group finished the year with adjusted net profit after tax of $37.5 million for FY23,
compared to $85.5 million in FY22, with reported net profit after tax of $29.8 million (after
unusual items of $13.9 million), compared to $89.3 million in FY22.
As the Group has traded through this environment, and assisted by the sale of the Royal
Oak property, we strengthened the balance sheet from the half year, with net debt of $48.1
million – up slightly on FY22, but a significant reduction from debt levels of $83.4 million at
the FY23 half year, and providing available liquidity of $421.9 million at year end. This is
within our target liquidity range of $350 million to $450 million.
Performance review and actions we are taking
The FY23 result is one on which we have reflected at Board and executive level a great deal.
We are very conscious of the fact that shareholders will not be happy with where the share
price currently sits or the fact that we did not declare an interim dividend.

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I can confirm that as a Board and executive team our focus and priority is on maximising our
trading performance and significantly improving our financial results as we work through
the current financial year.
As mentioned, gross profit margin decreased in the first half of FY23, as costs increased and
global supply chain was disrupted and to be honest, we should have anticipated these
changing conditions sooner.
The collapse in the performance of Torpedo7 and the loss in The Market.com also seriously
impacted our bottom line.
As we saw the first half of FY23 unfolding, we implemented actions which did see margin
performance improve in H2 and we have continued to see margin improvement in the FY24
first quarter.
In particular, we outlined at the full year specific actions we are taking to improve margin
and profitability performance, including:
• We have reprioritised our transformation focus to concentrate on EBIT delivery;
• We are successfully reducing store labour costs by driving productivity
improvements;
• We have closed the 1-day operations and integrated The Market and Torpedo7 into
our Agile operating structure;
• We are improving the profitability of our grocery range while offering affordable
essentials to Kiwis; and
• We have implemented Improved inventory control – evidenced by the reduction in
inventory levels by financial year end.

Nick will provide more details on these initiatives, and more detail on Torpedo7, shortly.
We know we have more work to do. We are committed to growing profitable sales,
improving financial performance, and growing shareholder value.
Dividends
The Group dividend policy is to distribute at least 70% of the Group's full year adjusted net
profit after tax, at the discretion of the Board, and subject to trading performance, market
conditions and liquidity requirements.
As previously mentioned, we took the difficult decision to not declare an interim dividend.
Given the return of net debt to levels by year end that fall within our target liquidity range
of $350 - $450 million, and the planned reduction in project expenditure from $154.4
million in FY23 to $80.0 million in FY24, the Board was pleased to declare an FY23 final
dividend of 8.0 cents per share.
Our objective is to deliver consistent and sustainable returns for our shareholders.

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Governance
As I have described, Nick and the executive leadership team continue to be focused on
significantly improving our profitability and capitalising on the opportunities this challenging
market is presenting.
The Board provides support and guidance to the leadership team, and we continue to
evolve our governance practices and interactions. I must thank my fellow directors for their
impeccable dedication to their roles. Every board has a range of imperatives it needs to
balance in order to fulfil all of its duties. We believe there is no inherent incompatibility in
fulfilling our Purpose of Helping Kiwis Live Better Every Day, maintaining our social licence to
operate which is behaving in a way that inspires trust and confidence in the business, and
driving the creation of long term shareholder value.
Results such as we have experienced in this past financial year provoke both a visceral and
intellectual response from directors. We care passionately about the fortunes of The
Warehouse Group. There has been an enormous effort put in by both the board and
leadership team. We know that’s not what counts – we need to show the results of our
collective efforts – but during the financial year the board held 13 meetings over 18 days as
well as 25 committee meetings.
We once again conducted an independently facilitated board performance review, we
considered our skill mix and composition and worked on board succession. We welcomed
our latest appointee, Jeremy O’Brien to the Future Director role. We are one of corporate
New Zealand’s strongest supporters of the Future Director scheme, which is building a
pipeline of the next generation of Company Directors. The scheme will assist in ensuring NZ
has a younger cohort of governance practitioners coming through, enabling a sustainable
framework for best of breed corporate governance.
And speaking of sustainability, again this year we made progress against our targets and our
climate reporting capability.
Sustainability Milestones
Back in 2021 we established a dedicated Board committee Chaired by Rachel Taulelei to
provide oversight on Environmental and Social Sustainability strategy and to guide our
reporting. That same year we set four building blocks for us to target and measure our
progress on the environmental issues which matter the most to us and our stakeholders,
and through which we believe we can make the most impact.
Those building blocks include:
1. Increasing the number of products with sustainable attributes, such as more
sustainable production methods, materials or packaging, and helping our suppliers
reduce their own greenhouse gas emissions;
2. Enabling sustainable living solutions that help our customers live a healthy, low-
carbon lifestyle;

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3. Providing circularity solutions that reduce the amount of post-consumer waste
going to landfill;
4. Increasing the sustainability performance of our operations and decreasing our
operational carbon emissions (Scope 1 & 2) to zero by 2040.

We are very proud of the milestones we have achieved this year – and I would like to call
out a few of the achievements I am most proud of:
• 33% of our private label sales are now from products with sustainable attributes;
• 43% of our private label sales were derived from products with packaging that is
either compostable or recyclable;
• We are increasing our efforts on Scope 3 and have engaged with 80% of our direct
suppliers to start measuring their Scope 1 and 2 (our Scope 3);
• Through our instore consumer recycling initiatives, we recycled 199 tonnes of post-
consumer waste; and last but not least;
• In September 2023, we signed an agreement with Lodestone Energy to provide solar
power to 260 of The Warehouse Group sites, which will effectively reduce our Scope
2 emissions to zero by 2027.
We are well advanced in our preparation for compliance with the mandatory Climate
Related Disclosures regime which takes effect in 2024.
People, Diversity, Health & Safety
Along with our environmental metrics and targets, what we also hold important is the
diversity, well-being and health and safety of our 12,000 people.
Gender equity remains a core focus for us, and I am pleased to report that females hold 50%
of our senior leadership roles, 50% of our Board members are female, and we have achieved
101% gender pay equity at Group level. In addition, we continue to maintain the Rainbow
Tick certification, and have done so since 2019.
Some of the diversity and well-being initiatives we have implemented or continued this year
include:
• Te Ao Māori, Pride, Wāhine Advocates and Neurodiversity groups across the
organisation;
• Our Gender Transition Policy allows for 10 days paid leave;
• Our Family Violence Policy allows for 15 days paid leave and three nights’
accommodation;
• Our Parental Leave Policy, which we brought in last year, allows for 26 weeks full
pay, as well as “Ease Back to Work” flexible hours and “Be There for Partners” leave;
• We also have Lifestyle Leave and Career Break options available to team members.

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The health and safety of our people and customers is top priority, with conversations,
reporting and action plans spanning every level of the organisation. From the Board Health,
Safety and Wellbeing Committee, led by Julia Raue, to our Leadership Squad and our teams
on the store and distribution centre floors.
Over the last few years, we have intentionally moved from a culture of compliance to a
culture of care, where compliance just becomes second nature. In 2022 we embedded a
new health and safety system, EcoPortal, and we have seen significant improvement in
reporting, data tracking and team member response to safety awareness.
We have continued to invest in safety measures and support services for our team members
– such as training our store team members in incident management, providing Benestar
support for affected team members, and investing $1.8 million to strengthen store security
across all our brands and particularly in our Noel Leeming stores.
We continue to focus on violent and aggressive behaviour (VAB), traffic management, and
critical risk events. During FY23, the Group reported 224 VAB incidents – while it is
disappointing that this is higher than last year, this reflects improved reporting from our
team and the scale of incidents across our network and our communities.
On the other hand, only one critical traffic management incident was reported in FY23,
which is still one too many, but it compares to 11 in FY22. And eight critical risk events were
reported this year, significantly down on last year’s 52 events.
We also saw a reduction of lost time injuries by nearly 11%.
Conclusion
Before I hand you over to Group CEO Nick Grayston, I would like to thank our customers
across all our brands – The Warehouse, Warehouse Stationery, Noel Leeming, Torpedo7 and
TheMarket.com for continuing to choose us.
Thank you to our team members for their hard work, dedication and their ability and
willingness to adapt and rise to the challenge of current trading environments.
I have already paid tribute to my fellow Board Members for their contribution this year, but
thankyou again.
And on behalf of the Board, I would like to thank our CEO Nick Grayston and the Leadership
Squad he has working alongside him. Their support and energy have been outstanding in
helping shape and drive the Group’s strategy in the midst of wider economic, social and
political challenges we’re now facing.
I am very proud that the values of The Warehouse Group and our strong and focused team
have continued to deliver for New Zealanders.
Finally, I would like to thank you, our shareholders, for your continued support and
forbearance. FY23 is a year on which we must reflect and learn, and build upon. As we head

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into our peak trading weeks, I can assure you that the team is fully focused on making sure
we have a much improved result to report to you in 2024.
I will now hand over to Nick to brief you on the Company’s strategy, more detail on the FY23
performance and a FY24 Q1 update.
Thank you, Nick.

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The Warehouse Group 2023 Annual Meeting
24 November 2023
CEO Address – Nick Grayston
Introduction
Thank you, Joan and good morning everyone.
There is no question that 2023 has been a challenging year for The Warehouse Group. I
would like to start my comments today by acknowledging that our annual results for FY23
are disappointing and that we have significant work underway to win back the confidence of
analysts and shareholders.
In FY23 while we're proud to have kept the essentials affordable for families and made
strong FY23 sales at The Warehouse, the EBIT result was degraded by other factors.
These include our ongoing investment in the transformation and modernisation of the
Group’s systems and infrastructure which coincided with much weaker consumer
confidence. The impact was exacerbated by the significant increase in the cost of living and
a shift in spending and disposable income away from big-ticket items to travel and
entertainment. These factors, along with material cost inflation to Cost Of Goods Sold,
compromised our margin and profitability.
There is plenty of upside to fight for. I will take you through the plan we have put in place
from which we are seeing some early progress in key areas. We were pleased to be able to
share details of some margin improvements and reduction in our Cost of Doing Business in
our latest FY24 Q1 Trading update, which I will also share more about.
Strategic Prioritization
The first half of FY23 was challenging, during which we experienced a raft of headwinds,
impacting our margins and profitability. While we planned for an increase in Cost of Doing
Business, in particular around information system costs, we faced more pressure on our
Gross Profit Margin than expected through promotional activity and cost of goods, while
trying to deliver value to our customers.
We made the conscious choice to continue the investment to complete our transformation
programme which drove increased CODB, particularly IS operational expenditure and
depreciation. The change in accounting principles also meant much of this expenditure hit
the bottom line immediately, resulting in this being expensed through the Profit and Loss,
rather than being capitalised over 5 or 10 years.

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In 2021, coming out of COVID, we recommitted to a strategy that focussed on fixing the
retail fundamentals and investing in the digital future. While it is hard to strike the right
balance in the best of times, the post-COVID-19 environment and subsequent change in
customer shopping habits has caused us to refocus the balance on retail fundamentals.
As a result, we have deferred approximately $30 million of digital initiative expenditure. We
are 30 years underinvested and we are going through a painful time of catch-up. However,
it would be inefficient to stop these much-needed key infrastructure projects part way
through, versus continuing and finishing these much needed investments.
In response to tougher trading conditions, we undertook a strategic reprioritisation, to focus
on the key triggers to improve our financial performance, and improve both our operational
efficiency and our customer offering.
• For our financial performance, this means focussing on operational performance by
minimising our cost to serve and managing gross profit margin. Looking at initiatives
to reduce our cost of doing business and to rebalance our capital and project
expenditure.
• Operationally and better to serve our customers, we have integrated TheMarket and
Torpedo7 into our Agile brands operating structure. We are focussed on growing
grocery in The Warehouse including our own private label Market Kitchen range.
And we continue to build our MarketClub membership programme to offer the best
deals for our customers and leverage our competitive advantage.
Actions taken to improve performance
As Joan mentioned, while sales increased in FY23, it was a disappointing year as our margins
and profitability declined. As part of the strategic reprioritisation – and specifically to
improve our financial performance, to minimise our cost to serve, manage gross profit
margin, and reduce cost of doing business and project expenditure, we have set the
following initiatives:
Reprioritised transformation to concentrate on EBIT delivery:
• We have restructured teams in the SSO which will deliver $24 million annual benefit;
• We expect TheMarket loss to be less than $5m this financial year, down from $16m
in the FY23 first half alone;
• We’ve reduced TheMarket promotional spend close to zero; and
• We have deferred approximately $30 million digital initiative expenditure until we
can afford it.
We continue to reduce store labour costs by driving greater efficiency. As a consequence:
• Total employee expenses have held flat as a percentage of sales in FY23 compared to
FY22 – despite wage inflation pressures; and
• The Warehouse cost of doing business decreased as a percentage of sales from
35.9% in FY22 to 33.6% in FY23.

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With regards to 1-day, TheMarket and Torpedo7:
• We closed 1-day website, exited 1-day distribution centre, and sold through
1-day inventory;
• TheMarket.com moved to Agile in March 2023 with greater focus on Group
Marketplace and we are assessing the future platform direction with a view to
further simplification;
• Torpedo7 moved to Agile structure in August 2023. We have a full Torpedo7 review
underway of which I’ll share more details of in a moment.
In The Warehouse, we are focussed on improving profitability of our grocery offering:
• We increased Market Kitchen range to include 64 different products in FY23, with
many more being added;
• We have improved grocery supply chain capability and efficiency;
• We have improved margin management – through real time pricing, reactive pricing
to increased cost of product, and reduced handling through distribution efficiencies
and the use of bulk stacks; and
• Reduced our SKU-count by eliminating unprofitable SKUs and duplication
• Increased our fresh fruit and vegetables offering to 22 stores.
And lastly, after a couple of years of elevated inventory levels due to supply chain
disruptions, we reduced inventory levels which helped reduce working capital:
• Inventory reduced materially between the FY23 half year and year end with closing
inventory $493.3 million compared to $562.3 million at FY22.
• System projects have commenced which will enable us to improve inventory further
once complete.
We know we still have significant work to do. We are committed to improving our
performance through controlling our costs, improving our margins, increasing profitability,
and growing shareholder value.
Group Performance
We have been through the results and the headline numbers, so I will just briefly touch on
the key P&L and Balance Sheet line items.
While sales increased 3.2% over the year, Gross profit margin decreased 190 basis points
compared to prior year to 33.4% - and as mentioned this did improve in the second half and
we are seeing this improvement continue into the first quarter of FY24 as a result of the
implementation of margin management initiatives.
Cost of Doing Business increased in dollar terms, mainly due to significant increases in
informational systems, digital costs and depreciation, but decreased slightly as a percentage
of sales to 31.6%.

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Adjusted NPAT was $37.5 million in FY23, compared to $85.5 million in FY22, a decrease of
56.2%.
Reported NPAT was $29.8 million in FY23, compared to $89.3 million in FY22 due to
restructuring costs and the impairment of Zoom investment.
Balance Sheet
One of the biggest hurdles over the past couple of years was the build up of inventory as we
managed uncertain stock flow through COVID supply chain disruptions and port
congestions. It was pleasing to see our work result in inventory returning to normalised
levels. Our payables balance reduced significantly.
Fixed assets increased due to an increase in store development, notably our new
Warkworth stores which opened in May 2023, and investment in core systems and digital
platforms, offset by sale of Royal Oak property which reduced capital consumption under a
sale and lease back arrangement.
While Net Debt increased from $41.2 million to $48.1 million at year end, this was a
significant reduction from $83.4 million at the FY23 half year.
And the year end liquidity of $421.9 million, is well within the Group’s target liquidity range
of $350 million to $450 million.
Project Expenditure
The nature of new accounting standards and the fact that a significant amount of our
project expenditure is now classified as SaaS spend, or “Software as a Service” means that
much of it hits us immediately as expense and is taken straight to the P and L. Now we
account for total project expenditure rather than just capital expenditure taken to the
Balance Sheet.
In FY23, capital expenditure was $113.2 million compared to $107.5 million in FY22, while
total project expenditure

was $154.4 million on these projects in FY23.
Core Systems investment included the ERP Finance and Inventory, Group Order
Management System, Warehouse Management System, Master Data Management, and the
delivery of our new people and HR system, Human Capital Management.
Store development continued in FY23, but at a lesser pace than in FY22. New stores
included the new Warkworth retail centre including The Warehouse, a Warehouse
Stationery SWAS, and a relocated Noel Leeming store. We opened a new Torpedo7 store in
Botany and relocated the Torpedo7 Christchurch store to a bigger site. Our SWAS
integration programme included the development of a further 5 stores in FY23, bringing the
total number of SWAS stores to 40.
Total project expenditure of $80 million is planned in FY24, with capital expenditure
(including prepayments) expected to be between $60 million to $70 million.

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Torpedo7 Recovery Plan
We have experienced significant challenges with Torpedo7 which delivered an operating
loss for FY23 of $22.2 million and we have seen further sales decline of 25.4% in FY24 Q1.
Decreased consumer demand, consistent with the global decline in the bike market, has
continued to impact sales and profitability and exposed other flaws in the Torpedo7
business model.
In FY23, we provided for inventory impairment of $4.6 million against Torpedo7 to manage
excess and aged stock and have put a recovery plan in place.
In October we completed a full end-to-end ERP change in Torpedo7. This has caused some
disruption with fulfilment in Q1 and resulted in a period when some customers were unable
to have transactions fulfilled both instore and online. Most of these teething issues are
resolved now.
Addressing Torpedo7’s performance continues to be a major focus for the Group for FY24.
We have major initiatives to improve gross profit margin and, importantly, reduce the cost
of doing business and will provide a full update at the FY24 half year.
FY24 Q1 Update
On the 14
th
of November, we shared with the market our FY24 Q1 trading update.
Group sales for the 13 weeks to 29 October 2023, being FY24 Q1, were $713.3 million, a
decline of 6.7% compared to FY23 Q1.
• The Warehouse sales were $394.2 million, down 4.9%. Grocery category sales
continued to grow, with sales increasing 8.2% and making up 22.8% of total The
Warehouse sales.
• Warehouse Stationery sales were $54.6 million, down 4.0%.
• Noel Leeming sales were $234.1 million, down 5.1%.
• Torpedo7 sales were $27.9 million, down 25.4%.
For context, we were up against a very strong comparative period in FY23 Q1 across all
brands, following the easing of COVID-19 restrictions. This saw FY23 Group sales increasing
21.2% and The Warehouse sales increasing 39.0% compared to the FY22 first quarter.
Group gross profit was $243.4 million in FY24 Q1, down just 1.6% compared to FY23 Q1.
We have seen an improvement in Group gross profit margin percentage of 180 basis points
year on year, increasing from 32.3% in FY23 Q1 to 34.1% in FY24 Q1, due to improvement in
the management of Cost of Goods Sold.
While online sales have decreased, this has been a normalisation of online sales from peak
COVID-19 online trading patterns, down to 8.4% of total sales in FY24 Q1.

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Highlights for the quarter include opening new The Warehouse and Noel Leeming stores in
Wanaka on 12
th
October and expanding our fresh fruit and vegetables offering at The
Warehouse to 22 stores, up from 12 at year end.
While these results show some margin improvements across our main brands and good
progress on lowering our Group cost of doing business, we have a firm focus on the
Christmas trading peak and on maximising the opportunity of summer.
Outlook
To recap, looking ahead, and drawing on the improvements we’ve seen in Q1, we are
focused on continuing momentum and on improving our financial performance in FY24.
FY24 has started with softer sales than expected, but with Gross Profit Margin
improvements broadly in line with expectations. We remain cautious about the outlook as
we approach our busiest time of the year.
The business has planned its cost base and inventory purchasing in consideration of this
uncertainty. We will continue to adapt our trading plan to the market conditions as sales
build through to Christmas.
Torpedo7 has not made the progress we’d hoped to see, and we have a critical quarter
ahead as we focus on driving its performance recovery. It is without question a very
challenging situation and we will be reporting on the performance against our recovery plan
at half year.
We have planned project expenditure of $80 million in FY24 with a focus on delivering
major projects that are in flight.
We are well positioned as we move into our biggest quarter including Black Friday,
Christmas trading, and our summer peak period with good levels of stock across all our
brands.
Leadership Squad
And lastly, I would just like to provide you an update with, and introduce, our Leadership
Squad.
As Joan mentioned, our Chief Financial Officer Jonathan Oram left the Group last month
after five years with the business. But we are thrilled to have the calibre, company
knowledge, and financial expertise of Celia join the Leadership team. Celia has been with
the Group for nearly 3 years and up to her appointment of Acting CFO, has been leading the
financial performance and forecasting teams.
We’re thrilled that Mark Anderton will join the Executive Leadership Squad as Chief Sourcing
& Sustainability Officer. Mark is based in Shanghai in our international sourcing office. The
progress Mark and his team have made with suppliers, ethical sourcing and growing our
range of sustainable products has been significant. With our focus increasingly on tackling
our Scope 3 emissions, Mark will lead our sustainability approach going forward.

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The rest of the team you know, most of whom are here today, and will be available for
questions during the Q&A session at the end of the meeting and to meet with you
informally after the closure of the meeting.
Close
To conclude, we are very clear about the work to do in front of us.
We remain committed to our strategy and investment in our transformation, however the
shift in market conditions and customer spending has put pressure on our business and led
to a disappointing overall result for FY23. This has pivoted our focus from transformation to
improving our performance.
I would like to thank you as shareholders for your continued support and I wish you a happy
Christmas and summer ahead.
I will ask Joan to return to the lectern to conduct the formal part of today’s business.
Thank you, Joan.

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ANNUAL MEETING
2023
24 November 2023

JOAN
WITHERS
BOARD CHAIR
2

Welcome –Joan Withers
Strategic update and FY23 performance –
Nick Grayston
Formal Business: Resolutions –Joan Withers
•Resolution 1 –Re-election of Dean Hamilton
•Resolution 2 –Re-election of Robbie Tindall
•Resolution 3 –Auditor Fees
General Business and Q&A –Joan Withers
MEETING AGENDA
3
2
13
23
28

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5

THE WAREHOUSE GROUP BOARD
Joan Withers, Chair
Independent Non-Executive Director
Appointed September 2016
Last re-elected November 2022
Antony (Tony) Balfour
Independent Non-Executive Director
Appointed October 2012
Last re-elected November 2021
Dean Hamilton
Independent Non-Executive Director
Appointed April 2020
Retiring by rotation and standing for re-
election in November 2023
John Journee
Independent Non-Executive Director
Appointed October 2013
Last re-elected November 2021
Julia Raue
Independent Non-Executive Director
Appointed September 2016
Last re-elected November 2022
Rachel Taulelei
Independent Non-Executive Director
Appointed February 2021
Last re-elected November 2021
Robert Tindall
Non-Executive Director
Appointed November 2020
Retiring by rotation and standing for re-
election in November 2023
Caroline Rainsford
Independent Non-Executive Director
Appointed August 2022
Last re-elected November 2022
6

2023
AT A GLANCE
UP 3.2%
ON FY22
3,071.4
3,172.8
3,414.6
3,294.3
3,399.1
FY19FY20FY21FY22FY23
UP 10.7%
ON FY19
(2.6% CAGR)
SALES
$M
GROSS
PROFIT
$M
74.1
32.1
167.2
85.5
37.5
FY19FY20FY21FY22FY23
ADJUSTED
NPAT
1
$M
DOWN 2.4%
ON FY22
UP 10.5%
ON FY19
(2.5% CAGR)
DOWN 56.2%
ON FY22
1,028.6
1,034.9
1,241.4
1,164.4
1,136.7
33.5%
32.6%
36.4%
35.3%
33.4%
0%
10%
20%
30%
40%
0
200
400
600
800
1,000
1,200
1,400
FY19FY20FY21FY22FY23
Gross ProfitGross Profit Margin
76.2
-168.1
-160.5
41.2
48.1
FY19FY20FY21FY22FY23
NET
DEBT /
(CASH)
$M
1.FY21 Adjusted NPAT has been restated for Cloud Computing adjustments (“SaaS”).
FY19 and FY20 are not adjusted for the SaaS accounting policy change.
LIQUIDITY HEADROOM $421.9M
(FY22: $378.8M)
7

•FY23 was a disappointing financial year –while sales increased 3.2% our costs increased
at a faster pace, impacting Gross Margin and Operating Profit.
•The Board and Executive Team are focussed on maximising our trading performance and
significantly improving our financial results as we work through the current financial year.
•Gross profit margin has been impacted –and particularly in the first half of FY23 –as the
costs of products and freight were impacted by inflation and global supply chain disruption.
We should have anticipated these changing conditions sooner.
•The actions we implemented after the H1 result did improve our margin performance in H2,
and we have continued to see margin improvement in FY24 Q1.
•We indicated at the full year specific actions we are taking to improve margin and
profitability performance –and this includes:
•Reprioritised transformation to concentrate on EBIT delivery;
•Continue to reduce store labour costs by driving productivity improvements;
•Closure of 1-day operations and integration of The Market and T7 into Agile;
•Improve profitability of grocery offering while offering affordable essentials to Kiwis;
and
•Improved inventory control –reduce by financial year end.
•We are committed to improving financial performance and growing shareholder value.
PERFORMANCE REVIEW AND ACTIONS
WE ARE TAKING
8

•The Group dividend policy is to distribute at least 70% of the
Group's full year adjusted net profit after tax, at the discretion
of the Board, and subject to trading performance, market
conditions and liquidity requirements.
•Given the return of net debt to levels that meet our target
liquidity range of $350 -$450 million, and the reduction in
planned project expenditure
1
from $154.4 million in FY23 to
$80.0 million in FY24, the Board declared a final dividend of
8.0 cents per share.
•We are pleased to return to paying dividends after the first half
trading and liquidity position meant we took the difficult
decision not to pay a FY23 interim dividend. We strive to
deliver consistent and sustainable returns for our
shareholders.
10.0
9.0
13.0
10.0
6.08.0
17.5
10.0
8.0
5.0
16.0
17.0
35.5
20.0
8.0
FY18FY19FY20FY21FY22FY23
Historical Dividends (cps)
InterimFinalSpecial
DIVIDENDS
1.Total project expenditure includes capital expenditure, prepayments, SaaS expenditure and project
operating expenditure.
9

10
GOVERNANCE LEADERSHIP
•The Board provides support and guidance to the Leadership
Team, and we continue to evolve our governance practices
and interactions.
•There has been an enormous effort put in by both the Board
and Leadership Team –during the financial year the Board
held 13 meetings over 18 days as well as 25 committee
meetings.
•We conducted an independently facilitated Board
performance review, considering our skill mix and
composition and worked on board succession.
•We welcomed our latest appointee, Jeremy O’Brien to the
Future Director role. We are one of NZ corporates strongest
supporters of the Future Director scheme, which is building a
pipeline of the next generation of Company Directors.
•The scheme will assist in ensuring NZ has a younger cohort
of governance practitioners coming through, enabling a
sustainable framework for best of breed corporate
governance.

11
SUSTAINABILITY MILESTONES
11
TARGETFY23 PROGRESS
•Increase the share of private label sales from more
sustainable products, or products with circularity solutions to
50% by 2025 and 100% by 2035.
•Increase the share of private label sales from products with
more sustainable packaging to 50% by 2025 and 100% by
2035.
•Reduce the Group’s Scope 3 emissions generated by our
suppliers by 30% by 2030, 50% by 2035, and by 80% by
2040.
•33% of private label sales were derived from products with one
or more sustainable material or production features.
•43% of our private label sales were derived from products with
packaging that is compostable, or which can be recycled via
New Zealand's kerbside recycling infrastructure or instore.
•Engaged with direct suppliers representing 80% of private label
orders to start measuring their Scope 1 and 2 emissions (our
Scope 3) to set a baseline of Scope 3 emissions by 2025.
•Install electric vehicle (EV) charging stations at all possible
stores by 2030.
•13 of the 28 The Warehouse stores which offer free EV charging
have been upgraded to 25kW DC rapid chargers.
•Enable 2.5 million customers to use our waste recycling or
circular reuse solutions by 2030.
•44 The Warehouse stores with soft-plastic recycling.
•33 Noel Leeming and Warehouse Stationery stores with e-waste
recycling.
•131 Noel Leeming and Warehouse Stationery stores with ink
and toner recycling.
•Diverted a total of 199 tonnes of post-consumer waste from
landfill in FY23.
•Reduce Scope 1 and 2 emissions, aligned to a 1.5-degree
trajectory, by 42% by 2030 compared to our 2020 base year
and with the pathway to zero emissions by 2040.
•Reduce domestic and international freight emissions by 40%
by 2030 and only use sustainable transportation fuel by 2040.
•Become a zero-waste status organisation by 2025.
•Scope 1 and 2 emissions decreased 40.4% compared to FY20.
Signed Lodestone agreement to effectively reduce our Scope 2
emissions to zero by 2027.
•Sea freight emissions reduced by 25.2% and international
airfreight emissions reduced by 59.1%, compared to FY20.
•Diverted 72.9% of operational waste from landfill in FY23.

12
PEOPLE, DIVERSITY, HEALTH & SAFETY
12
Other team member diversity and well-being initiatives
•TeAoMāori, Pride, WāhineAdvocates and Neurodiversity
groups;
•Gender Transition Policy: 10 days paid leave;
•Family Violence Policy: 15 days paid leave and three free
nights’ accommodation;
•Parental Leave Policy: 26 weeks full pay (government payment
topped up), Ease Back to Work and Be There for Partners
leave;
•Lifestyle Leave and Career Break options available to team
members.
SINCE 2019
Health and safety
•Investment of $1.8 million in store security.
•Embedded health and safety system EcoPortalin 2022 –
seeing a significant improvement in reporting, data and
employee engagement.
•Violent and aggressive behaviour (“VAB”) incidents increased
from 38 in FY22 to 224 in FY23.
•Traffic management incidents decreased from 11 in FY22 to 1
in FY23
•Critical Risk incidents decreased from 52 in FY22 to 8 in FY23.
•Reduction of 10.9% lost time injuries.

NICK
GRAYSTON
CHIEF EXECUTIVE
OFFICER
13

STRATEGIC REPRIORITISATION
WE ARE DEEP IN THE PROCESS TO SIMPLIFY THE BUSINESS AND FOCUS ONTHE CORE
•It has been a challenging 12 months, particularly with the poor performance from Torpedo7. Customers have felt the pinch on their disposable
income with rising inflation, cost of living, increased interest rates, and a preference shift towards services and experiences over goods.
•We planned for an increase in Cost of Doing Business, in particular around IS costs, but faced more than expected pressure onour Gross Profit
Margin through promotional activity and cost of goods while trying to deliver value to our customers.
•We made the conscious choice to continue the investment to complete our transformation programme which drove increased CODB.
•We committed to a strategy that focussed on fixing the retail fundamentals and investing in the digital future.While it is hard to find the balance, the
change post-COVID environment and subsequent change in customer shopping habitshas caused us to refocus on the retail fundamentals.
•We have deferred approximately $30 million digital initiative expenditure.
•We are 30 years under-invested and we are going through a painful time of catch-up. However, it would be inefficient to stop these much-needed
key infrastructure projects part way through, versus continuing and finishing these investments.
Reduce Cost of Doing Business –roll out initiatives to
manage labour cost and realise information spend benefits
Project Expenditure –rebalance capital expenditure to align
with reprioritisation and fit within reduced envelope
Integration of TheMarket.com and Torpedo7 –bring these
brands into the Agile operating structure as planned
Growth in Grocery –including Market Kitchen and fresh
offering to deliver what customers need at competitive prices
Group membership –continue to build MarketClub and other
membership programmes to leverage competitive advantage
Focus on operational performance –minimise cost to
serve, manage gross profit margin and reduce working capital
Improving financial performance
Improving operational efficiency and customer offering
14

15
ACTIONS TAKEN TO IMPROVE PERFORMANCE
AND SIMPLIFY THE BUSINESS
Reprioritised
transformation to
concentrate on EBIT
delivery.
Reduced store
labour costs by
driving productivity
improvements.
Closed 1-day
operations and
integrated The
Market and T7 into
Agile.
Improve profitability
of grocery offering
while offering
affordable essentials
to Kiwis.
Improved inventory
control and reduced
inventory levels
✓SSO restructure
resulting in $24m of
annualised benefit.
✓FY24 operating loss
from TheMarketis
expected to be less
than $5 million.
✓Reduced
MarketClub
promotional spend.
✓Deferred spend
~$30 million.
✓Employee
expenses held flat
as % of sales on
FY22.
✓TWL CODB
decreased as a %
of sales from 35.9%
in FY22 to 33.6% in
FY23.
✓Closed 1-day
website, exited
distribution centre,
and sold inventory.
✓TheMarket.com
moved to Agile in
March 2023.
✓Torpedo7 moved to
Agile in Aug 2023
and a Torpedo7
review is underway.
✓Increased Market
Kitchen range to 64
different products.
✓Improved supply
chain capability.
✓Improved margin
management.
✓Reduced SKU count
and duplication.
✓Increased fresh fruit
and vegetable
offering to 22 stores.
✓Materially reduced
inventory from half
year with closing
inventory of $493.3
million compared to
$562.3 million at
FY22.
✓System projects
commenced to
further improve
inventory
management.

For the year ended 30 July 2023
1.Operating Profit includes the impact of SaaS but excludes the impact of NZ IFRS16 and unusual items and is a non-GAAP measure. For a reconciliation between Operating Profit and Reported
EBIT refer to Slide 19 of this presentation and Note 2 of the Financial Statements for the year ended 30 July 2023.
2.Adjusted Net Profit After Tax (NPAT) is before unusual itemsand is a non-GAAP measure.For a reconciliation between Reported and Adjusted NPAT refer to Slide 19 of this presentation and
Note 5 of the financial statements for the year ended 30 July 2023.
3.Reported NPAT refers to Net Profit After Tax attributable to shareholders of the parent.
•Sales growth of 3.2% was underpinned by a very strong first half
with sales growth of 4.8%, followed by a softer second half with
sales growth of 1.4% as cost of living impacted sales particularly in
Noel Leeming and Torpedo7.
•The Warehouse sales performed well with first half growth of 13.2%,
second half growth of 5.7%, and FY23 year growth of 9.6% -to
achieve record sales of $1.9 billion
•Gross Profit Margin declined 190 basis points compared to prior year
but saw a recovery from the first half decline of 200 basis points.
•Cost of Doing Business (“CODB”) increased in dollar terms, mainly
due to significant increases in informational systems, digital costs
and depreciation, but decreased slightly to 31.6% of total sales.
•Adjusted NPAT was $37.5 million in FY23, compared to $85.5 million
in FY22, a decrease of 56.2% and includes interest expense of
$9.1 million.
•Reported NPAT was $29.8 million in FY23, compared to $89.3
million in FY22 due to restructuring costs and impairment of Zoom
investment.
$ million
FY23FY22Variance
Group Sales
3,399.1 3,294.3
3.2%
Gross Profit
1,136.7 1,164.4
-2.4%
Gross Profit Margin %33.4%35.3%(190) bps
Cost of doing business (“CODB”)
1,075.5 1,047.6
2.7%
CODB %31.6%31.8%(20) bps
Operating Profit
1
61.2 116.8
-47.6%
Operating Profit Margin %1.8%3.5%(170) bps
NPAT (adjusted)
2
37.5 85.5
-56.2%
NPAT (reported)
3
29.8 89.3
-66.6%
Operating Cash Flow
214.2 105.4
103.2%
Dividends (cps)
8.0 20.0
(12.0)
16
GROUP PERFORMANCE

$ million
FY23FY22Variance
Inventory
493.3 562.3
(69.0)
Trade and other receivables
97.0 99.5
(2.5)
Trade and other payables
(407.2)(480.5)
73.3
Provisions
(71.7)(71.0)
(0.7)
Working Capital
111.4110.3
1.1
Associate
-3.8
(3.8)
Fixed Assets
317.6 303.2
14.4
Funds Employed
429.0417.3
11.7
Tax Assets
93.590.7
2.8
Derivatives
(2.1)28.8
(30.9)
Right of Use Assets
661.0673.3
(12.3)
Goodwill and Brands
73.0 73.0
-
Capital Employed
1,254.41,283.1
(28.7)
Shareholders’ Equity
402.1421.9
(19.8)
Minority Interests
1.0 (0.8)
1.8
Net Debt / (Cash)
48.1 41.2
6.9
Net Lease Liability
803.2 820.8
(17.6)
Sources of Funds
1,254.41,283.1
(28.7)
Liquidity
421.9378.843.1
•Working capital increased marginally over the course of FY23 but
within that was a significant reduction in inventory, down $69.0
million to $493.3 million.
•A part of the reduction in inventory was a normalisation of goods in
transit, which decreased from $94.1 million to $65.4 million. This
reduction reflected a return to previous shipping transit times and
reduction in port congestion.
•Offsetting this reduction in inventory was a decrease in trade and
other payables, reflecting lower inventory purchasing and a change
in product and brand mix.
•Fixed assets increased $14.4 million due to an increase in store
development, notably Warkworthin FY23, and investment in core
systems and digital platforms, offset by sale of Royal Oak property
under a sale and lease back arrangement.
•Net Debt increased from $41.2 million to $48.1 million at year end,
but a significant reduction from $83.4 million at half year.
•Committed bank facilities were $470.0 million at FY23, providing
liquidity of $421.9 million, versus the Group’s target liquidity range
of $350 million to $450 million.
BALANCE SHEET
17
As at 30 July 2023

$million
FY23
Capex Spend
FY23
Prepayments
FY23
SaaS spend
FY23
OpexSpend
FY23
Total Project
Core Systems
15.411.216.23.646.4
Store Development
26.6---26.6
Other IS
20.1-3.72.226.0
Digital and Customer
6.9-1.81.410.1
Supply Chain
10.9---10.9
Other
33.30.20.20.734.4
Total Project Spend
113.211.421.97.9154.4
PROJECT EXPENDITURE
•Capital expenditure was $113.2 million
1
in FY23, compared to $107.5 million in FY22.Total project expenditure
2
was $154.4 million
on these projects in FY23.
•Core Systems investment included delivery of ERP Finance and Inventory, Group Order Management System, Warehouse
Management System, Master Data Management, and the delivery of our new people and HR system, Human Capital Management.
•Store development continued in FY23, but at a lesser pace than in FY22.New stores included the new Warkworthretail centre, a
new Torpedo7 store in Botany, and the relocation of Torpedo7 Christchurch to a bigger site. Our SWAS integration programme
included the development of a further 5 stores in FY23, bringing the total number of SWAS stores to 40.
•Total project expenditure of $80 million is planned for FY24, with capital expenditure (including prepayments) expected to be
between $60 million to $70 million.
For the year ending 30 July 2023
13.6%
23.5%
17.8%
6.1%
9.6%
29.4%
Capital
Expenditure
$113.2m
1.The difference between Capital Expenditure of $113.2 million and Capital Expenditure per Statement of Cash Flows of $115.1 million is due to timing of accruals and creditor payments.
2.Total project expenditure includes capital expenditure, prepayments, SaaS expenditure and project operating expenditure.
18

19
TORPEDO7 RECOVERY PLAN
We have experienced significant challenges with Torpedo7 which delivered an operating
loss for FY23 of $22.2 million
•Decreased consumer demand, consistent with a significant global decline in the bike market,
significantly impacted sales and profitability.
•In FY23, we provided for inventory impairment of $4.6 million against Torpedo7 to manage
excess and aged stock and have put a recovery plan in place for the business.
•We have implemented a full end-to-end ERP in T7, this has caused fulfilment disruption.
•Addressing Torpedo7’s performance is a major focus for the Group for FY24, and we will
provide an update on our progress at our FY24 1H update.
•Despite ongoing efforts to turn this around, we continue to see decline in sales of 25.4% in
FY24 Q1.
Improving Gross Profit Margin
•Reducing excess inventory
•Improving bike margin through
brands and range
•Increasing apparel and private label
Reducing Cost of Doing Business
•Integration of support teams
•Closing poor performing stores
•Focus on labour productivity

•Group sales for the 13 weeks to 29 October 2023 (“FY24 Q1”) were $713.3 million,
a decline of 6.7% compared to FY23 Q1.
•The Warehouse sales were $394.2 million, down 4.9%. Grocery category
sales continued to grow, with sales increasing 8.2% compared to prior quarter
and making up 22.8% of total The Warehouse sales.
•Warehouse Stationery sales were $54.6 million, down 4.0% compared to
the same period last year.
•Noel Leeming sales were $234.1 million, down 5.1% compared to the same
period last year.
•Torpedo7sales were $27.9 million, down 25.4% compared to the same
period last year.
•Groupgrossprofitwas$243.4millioninFY24Q1,down1.6%comparedtoFY23
Q1.
•Groupgrossprofitmarginimproved180basispointsyearonyear,increasingfrom
32.3%inFY23Q1to34.1%inFY24Q1,duetoimprovementinthemanagement
ofCostOfGoodsSold.
•Wehaveseenanormalisationofonlinesales,backtopre-COVID-19levels,to
8.4%oftotalsalesinFY24Q1.
•HighlightsforthequarterincludeopeningnewTheWarehouseandNoelLeeming
storesinWanakaon12October2023andexpandingourfreshfruitandvegetables
offeringatTheWarehouseto22stores,upfrom12atyearend.
FY24 Q1 UPDATE
20

21
•Looking ahead and drawing on the improvements we’ve seen in Q1, we are focused on continuing momentum and on improving our
financial performance in FY24.
•FY24 has started with softer sales than expected and we remain cautious about the outlook as we approach our busiest time of the
year.
•Torpedo7 is our most challenged brand, and we will be reporting on the performance at the FY24 half year.
•We have planned project expenditure of $80 million in FY24 with a focus on delivering major projects that are in flight.
•We are well positioned as we move into our biggest quarter including Black Friday, Christmas trading, and our summer peak period
with good levels of stock across all our brands.
FY24 OUTLOOK
21

LEADERSHIP
SQUAD
Nick Grayston
Group CEO
Celia Mearns
Acting Group CFO
Richard Parker
Chief Human Resources Officer
Jonathan Waecker
Chief Customer and Sales Officer
Sarah Kearney
Chief Digital Officer
Ian Carter
Chief Store Operations Officer
Anna Shipley
Chief Corporate Affairs Officer
Edwin Gear
Chief Information Officer
Simon West
Chief Commercial Officer
Tania Benyon
Chief Product Officer
22
Mark Anderton
Chief Sourcing & Sustainability Officer

FORMAL
BUSINESS
23
BOARD CHAIR
RESOLUTIONS
23

RESOLUTION 1
Re-election of Dean Hamilton
Resolution 1Voted%
For195,387,31998.77
Against415,8300.21
Discretionary2,024,9571.02
Abstain84,916n/a
Proxy votes received in respect of this resolution:
24

RESOLUTION 2
Re-election of Robert Tindall
Resolution 2Voted%
For195,125,24798.63
Against708,4580.36
Discretionary2,005,7241.01
Abstain73,593n/a
Proxy votes received in respect of this resolution:
25

RESOLUTION 3
Auditor Fees
Resolution 3Voted%
For195,401,51898.77
Against293,3630.15
Discretionary2,130,6391.08
Abstain87,502n/a
That the Directors are authorised to fix the fees and expenses
of PricewaterhouseCoopers as auditors for the ensuing year.
Proxy votes received in respect of this resolution:
26

REMINDER:
PARTICIPATION IN VIRTUAL MEETING –VOTING
Shareholder & Proxyholder Voting
Once the voting has been opened, the resolutions and
voting options will allow voting.
To vote, simply click on the Vote tab, and select your voting
direction from the options shown on the 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, select ‘Change Your Vote’.
27

GENERAL
BUSINESS
AND Q&A
28

REMINDER:
PARTICIPATION IN VIRTUAL MEETING –Q&A
Shareholder & Proxyholder Q&A Participation
Written Questions:
Questions may have been submitted ahead of the
meeting. If you have a question to submit during the live
meeting, please select the Q&A tab on the right half of
your screen at anytime. Type your question into the field
and press submit. Your question will be immediately
submitted.
Help:
The Q&A tab can also be used for immediate help. If you
need assistance, please submit your query in the same
manner as typing a question and a Computershare
representative will respond to you directly.
29

HELPING KIWIS LIVE
BETTER EVERY DAY
30