Hallenstein Glasson Holdings Climate Related Disclosures

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CLIMATE-RELATED DISCLOSURES

HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
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KAREN BYCROFT
SUSTAINABILITY COMMITTEE CHAIR
& INDEPENDENT DIRECTOR
STATEMENT OF COMPLIANCE
WITH NEW ZEALAND’S CLIMATE-
RELATED DISCLOSURES REGIME
Hallenstein Glasson Holdings Limited is a Climate-Reporting
Entity (CRE) under the Financial Markets Conduct Act 2013
(the Act). This is our inaugural Climate-Related Disclosures
(CRD) under the Act and covers our financial year 2024,
from 2 August 2023 to 1 August 2024.
These climate-related disclosures comply with Aotearoa
New Zealand Climate Standards NZ CS 1-3 (the Standards)
issued by the External Reporting Board (XRB). Hallenstein
Glasson Holdings Limited has disclosed information
where it is material in line with NZ CS 3 definition, where
information is material if its omission, misstatement or its
being obscured could reasonably be expected to influence
decisions made by primary users based on this climate-
related disclosure.
JO APPLEYARD
SUSTAINABILITY COMMITTEE MEMBER
& INDEPENDENT DIRECTOR
DISCLAIMER: REASONABLE
CARE AND FORWARD-LOOKING
STATEMENTS
This disclosure contains forward-looking statements,
wherein the climate-related statements and metrics
should not be taken as any form of forecast of
performance outcomes, financial or otherwise.
The statements made in this report are subject to various
risks, uncertainties, reference data and other factors,
many of which lie outside Hallenstein Glasson Holdings
Limited’s control.
We have prepared this information with all due care and
attention, and this report is based on assumptions about
our current and future business and strategies, and the
broader business context that we operate in.
The identified climate-related risks and opportunities
may not eventuate, and the actual impacts should they
eventuate may differ materially from what is stated in
this report.
SIGNED
THE FOLLOWING PROVISIONS SPECIFIED IN THE
STANDARDS HAVE BEEN ADOPTED IN PREPARING THIS
DISCLOSURE:
— Adoption provision 1: Current financial impacts
— Adoption provision 2: Anticipated financial impacts
— Adoption provision 3: Transition planning
— Adoption provision 4: Scope 3 greenhouse gas (GHG)
emissions
— Adoption provision 6: Comparatives for metrics
— Adoption provision 7: Analysis of trends
During the final preparation by HGH of this year’s disclosure,
the XRB has announced, closed and published the results
of a consultation on proposed extensions to some of the
adoption provisions in the NZ Climate Standards. HGH now
expects to take these extended provisions.

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HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCE
The Board of HGH is committed to maintaining high ethical standards and robust corporate
governance practices across the company. With the increasing importance of sustainability
in the retail industry, HGH has implemented clear and effective processes to meet our
sustainability objectives, aligning these efforts with recognised frameworks.
The company embeds sustainable practices, focusing on ethical sourcing, sustainable
materials, waste reduction, and minimising our overall environmental impact.
HALLENSTEIN GLASSON HOLDINGS LIMITED (HGH) BELIEVES
IN THE VALUE OF STRONG CORPORATE GOVERNANCE AND ITS
ROLE IN DELIVERING BENEFITS TO SHAREHOLDERS, CUSTOMERS,
EMPLOYEES, AND OTHER STAKEHOLDERS.
GOVERNANCE BODY
OVERSIGHT
The HGH Board are responsible for the strategic direction
of the company’s activities, including oversight of risks and
opportunities. The Board has established the Sustainability
Committee which meets formally at least four times per
year and provides an update to the Board at the next
monthly Board meeting. The Sustainability Committee
has been established to assist the Board in discharging its
responsibilities with respect to sustainability strategy and
reporting, and for managing the climate-related disclosure
process and updating the full Board. The Sustainability
Committee is made up from a mix of Board Directors and
the Executive Leadership Team. This includes more than
one Board Director, the Group CEO and the Group CFO.
The Audit and Risk Committee, which is a sub-committee
of the Board, has responsibility for overseeing HGH’s risk
register, including climate-related risks. The Audit and Risk
Committee report to the Board bi-annually.
We pride ourselves on our ability to adapt quickly and
focus on the right issues and priorities at the right time,
and this includes climate-related issues and sustainability.
There is good access to the right expertise and external
consultants are engaged to help provide this. The Board
rely on regular updates from Management, as well as
individual Directors’ readings and learnings, which get
shared amongst the Board.
The Board maintains full responsibility for considering
and setting sustainability objectives, and GHG emissions
targets. Management has been tasked to enact and execute
these plans as part of the company’s wider business
strategy. Climate-related performance metrics are not
included in remuneration policies.
BOARD
SUSTAINABILITY
COMMITTEE
EXECUTIVE
LEADERSHIP
T E A M
HALLENSTEIN GLASSON
SUSTAINABILITY AND
CLIMATE GOVERNANCE
STRUCTURE

HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
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EXECUTIVE
LEADERSHIP TEAM
WORKING GROUPS
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HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
MANAGEMENT’S ROLE
The Board has delegated to the Group CEO
day-to-day responsibility for the delivery of the
agreed business strategy, including sustainability
objectives, as well as oversight of the delivery of
operations and risk management. Working groups
have been established by the Executive Leadership
team with approval of the Sustainability Committee
to focus on specific issues and initiatives relating to
sustainability and cover all regions of HGH’s business.
Progress is reported quarterly by the working groups
to both the Executive Leadership Team and
the Sustainability Committee.
HALLENSTEIN GLASSON
MANAGEMENT STRUCTURE

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HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
STRATEGY
The strategy work undertaken as part of preparing HGH’s climate-related disclosures included the
business completing detailed analysis of potential scenarios and identifying climate-related risks and
opportunities. In line with the External Reporting Board’s (XRB) guidance, this is to ensure we evaluate
the critical risks and opportunities we may face as a business and how these might impact us.
The process we undertook, and the outputs of this work, are detailed in the scenario analysis section.
HGH RECOGNISES THE INCREASING IMPORTANCE OF ACHIEVING
SUSTAINABILITY OBJECTIVES AS PART OF OUR BUSINESS STRATEGY.
The business did not experience any material physical
impacts from climate-related events during FY24. That
said, in the prior year the business experienced extreme
rainfall resulting in episodes of flooding, impacting the
ability for staff to access their work locations. Flooding
has also resulted in power cuts that have impacted both
productivity within the business and customers’ ability
to pay for purchases, particularly those who did not
have cash on hand.
The business also saw a disruption to deliveries and a
temporary increase in the cost of freight in response to
flooding and road closures around Napier and Gisborne.
Extreme levels of heat and heat days can impact the
productivity of our cotton growers and wider supply
chain, due to the safety risks of working under extreme
temperature conditions. This has a flow-on impact for
our lead times, deliveries and the cost of cotton.
The above impacts have not been material as the
flexibility and responsiveness of our business model
has meant that we have been able to adapt in these
situations.
CURRENT IMPACTS AND FINANCIAL IMPACTS
PHYSICAL IMPACTS
The main transition impact we have experienced in FY24
is the change to the reporting and disclosure environment
that we operate in. The introduction of climate-related
reporting requirements is a transition impact.
We anticipate that given the industry our business
operates in, any future changes in New Zealand or
Australian Government’s position on product stewardship
and end-of-life requirements will likely impact us. While
there is technology currently available to improve product
stewardship and manage end-of-life requirements, it
is expensive to adopt. We anticipate that the speed of
technology change may also make it challenging for us
to adapt fast enough in the future, and we may need to
explore the sourcing of alternative organic materials,
which could be influenced by customer preferences.
TRANSITION IM PACTS
HGH is utilising the adoption relief from disclosure of the current financial impacts of HGH’s physical and transition
impacts for FY24.

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HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024

HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
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SCENARIO ANALYSIS
ORDERLY — NET ZERO 2050
The transition to sustainability is swift, driven by consumers
who prioritise eco-friendly and ethical products.
Companies that adapt quickly, embracing transparency
and sustainable practices, gain a competitive edge. New
business models, like product rentals and sharing, grow
rapidly, and natural fibres make a resurgence as society
moves away from fossil fuel-based materials. Retailers
face supply challenges as they align with decarbonizing
suppliers, while technological innovation reshapes
industries. Governments implement strict climate policies,
spurring decarbonization across supply chains and
accelerating advancements in energy, transport, and
sustainable agriculture.
The 2030s bring increased climate-related disruptions to
raw material production, particularly in regions like India
and China, leading to volatile commodity prices and stricter
regulations. Businesses must adapt to these challenges
while navigating growing expectations from investors and
financial institutions for robust climate strategies.
Access to capital becomes contingent on meeting
climate goals, leading to an increase in climate reporting
requirements. Although initially complex and regionally
varied, climate regulations gradually standardize, providing
clearer guidance for businesses worldwide.
Carbon dioxide removal (CDR) is used to accelerate
decarbonisation, though it is kept to a minimum and
aligned with sustainable bioenergy production levels.
DISORDERLY – DELAYED TRANSITION
Early climate action is sidelined by economic pressures,
with inconsistent policies and insufficient infrastructure
investments hindering meaningful progress. Companies
struggle to balance ambitious decarbonisation goals with
consumer demand that remains split between climate
concerns and the cost of living.
Despite national emissions targets, organisations delay
crucial investments in circularity and low-emissions
technology, resulting in slow progress. As the physical
impacts of climate change become more severe in the late
2020s and early 2030s, a sense of urgency grows among
businesses and the general population, pushing climate
action to the forefront.
By the 2030s, a series of climate events shifts political
and social sentiment toward rapid decarbonisation.
Governments in New Zealand and Australia enact
stringent measures, forcing companies to quickly adapt
to new regulations around emissions, waste, and product
sustainability.
This transition presents both opportunities and challenges,
with access to capital becoming contingent on climate
performance. The spike in demand for decarbonisation
technologies leads to fierce competition, with global
players outpacing local businesses.
By 2050, the retail industry aligns with a low-carbon
economy, though the delayed start results in significantly
higher costs and missed opportunities for local firms, as
international competitors gain market share. Societal norms
favour lower consumption, and penalties for poor climate
governance are severe, cementing the new standards for
sustainability.
The delay in climate action hinders the availability of
carbon dioxide removal solutions and CDR use is limited,
pushing the price of carbon higher.
In 2023 HGH participated in the New Zealand retail sector scenario analysis project. We have aligned
with this sector work where possible and relevant in developing our own scenario analysis.
Our scenario analysis work details three climate scenarios; a 1.5°C global warming scenario,
a 3.0°C or greater global warming scenario, and a third temperature scenario of HGH’s choosing
(Disorderly Transition). HGH chose to use the Network for Greening the Financial System (NGFS)
framework. The specific scenarios within this framework and their temperature policy ambitions are
outlined in the ‘Scenario Narratives’ section of this report.
SCENARIO NARRATIVES

HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
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A DESCRIPTION OF THE THREE SCENARIO PATHWAYS
AND KEY TRENDS ASSOCIATED WITH EACH SCENARIO
IS PROVIDED IN THE FOLLOWING TABLE.
No new climate policies are introduced, and global
priorities shift towards food and energy security, leaving
emissions growth unchecked. Cyclical governments
with unclear decarbonisation goals make long-term
planning difficult, while funding focuses more on
adapting to climate change rather than mitigating it.
As a result, technological advancements centre around
improving efficiency, yields, and predictive capabilities.
Throughout the 2020s, 30s, and 40s, economic growth
remains driven by material-intensive production and
consumption, with a focus on price and material availability.
Some sectors face challenges from a small but growing
base of climate-conscious consumers, most organizations
prioritise operational efficiency, with emissions reductions
only as a byproduct of this goal. Automation and advanced
technologies play a key role in adapting to the worsening
impacts of climate change. By the 2030s and 2040s,
worsening chronic and acute climate impacts force retailers
to invest heavily in adaptation, utilising advanced supply
chain technologies to manage rising costs, declining
yields, and increasing instability in commodity markets.
Climate change disrupts organisations’ ability to
predict seasonal product ranges, necessitating the
use of predictive technology to mitigate risks.
By 2050, the chronic impacts of climate change combine
with acute events like road closures and extreme weather

to severely disrupt sourcing and logistics for retailers. Rising
commodity prices and frequent product shortages lead to
public disorder, increasing the challenges for frontline staff.
The use of carbon dioxide removal solutions is essentially
non existent and limited to its current use in industries that
currently employ it to increase production.
The time horizons considered, for each scenario are

as follows:
— Short: 2024-2030
— Medium: 2031-2040
— Long: 2041-2050
The endpoints of each time horizon are determined by

a year (2030, 2040, 2050). The short-term horizon is
designed to explore the Group’s readiness to rapidly
transform our business. The medium-term is designed to
explore HGH’s resilience to an especially condensed and
disruptive transition that takes place during this period.
The long-term helps to explore how the collective failure
to reduce emissions might steadily erode value in the long
term while physical impacts of climate change escalate.
The above time horizons and rationale have been guided by
the retail sector work and found to be applicable to HGH.
HOT HOUSE WORLD – CURRENT POLICIES
NET ZERO 2050DELAYED TRANSITIONCURRENT POLICIES
SCENARIO ARCHETYPE
& ARCHITECTURE
NGFS — ORDERLY THEME
RCP 1.9
SSP1: Sustainability
CCC: Tailwinds
IEA: NZE
NGFS — DISORDERLY THEME
RCP 2.6
SSP3: Regional Rivalry
CCC: Headwinds
IEA: SDS
NGFS — HOT HOUSE WORLD THEME
RCP 8.5
SSP5: Fossil Fuel Development
CCC: Current Policy Reference
IEA: STEPS
TEMPERATURE RISE
1.5°C1.6°C+3.0°C
POLICY REACTION
Orderly, considered, smooth,
planned, proactive
Disruptive, reactive,
disorderly, unconsidered
No reaction, non existent
REGIONAL POLICY
VARIATION
Co-ordinated, globally
working together
Disjointed, self-centred
Minimal, everyone
doing own thing
SPEED OF TECHNOLOGY
CHANGE
Immediate & progressive
Slow, then accelerated /
aggressive progress
Slow change. Lack of
incentive for action
CUSTOMER SENTIMENT /
BEHAVIOUR CHANGE
Gradual change, adopting over
time, clear communication
re expectations, on
journey together
Potentially take us by
surprise, knee
jerk reaction
Consumerism
trends continues
PHYSICAL RISK
SEVERITY
LowMediumHigh
TRANSITION RISK
SEVERITY
Immediate &
moderate risk level
Delayed, highLow. Non existent
RISK OF SURPASSING
CRITICAL TIPPING POINTS
IN EARTH'S CLIMATE
SYSTEM
LowMediumHigh
SUPPLY CHAIN IMPACTS
OF PHYSICAL
(& TRANSITION) RISK
LowMediumHigh

HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
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HGH chose to conduct the scenario analysis using
the NGFS (Network for Greening the Financial System)
framework. The decision to use this framework and
the following three scenarios was guided by XRB’s
requirements and the importance of making efforts to
align with the retail sector work we participated in, where
possible.
NGFS ARCHITECTURES:
— Orderly: Net Zero 2050 (1.4°C)
— Disorderly: Delayed Transition (1.6°C)
— Hot House World: Current Policies (+3.0°C)
The NGFS scenarios are global, have good data availability
for Australia and New Zealand, are evolving, and are widely
used by key partners in the retail sector value chain (as well
as many New Zealand climate reporting entities (CRE’s).
Net Zero 2050 allows HGH to test our short-term
preparedness to respond to transition-related risks under
fast but planned decarbonisation.
Delayed Transition maximises and explores highly disruptive
transition risks in the medium term by providing the most
abrupt transition/deceleration of emissions and explores
HGH’s resilience to these.
Current Policies help to support considerations around the
escalation of physical impacts of climate change and how
the collective failure to reduce emissions might steadily
erode value in the long-term.
These scenarios and rationale also link closely to the
time horizons whereby Net Zero 2050 sees most change
occurring in the short term, Delayed Transition sees more
in the medium term, and Current Policies sees the most
change in the longer term.
Net Zero 2050 and Current Policies also meet XRB’s
requirement to have one temperature scenario outcome at
1.5°C and one at 3°C or greater, respectively.
The data sources that HGH used during the construction of
each scenario are provided in the Appendix of this report.
The scenario analysis has been conducted as a standalone
analysis, but outputs from the process, particularly the
climate-related risks and opportunities will serve as valuable
input into HGH’s existing strategy and risk processes.
No modelling outside of that which supports the primary
data has been used in the construction of each scenario.
The scenario planning process outlined above has had
the full backing and participation of the Executive team.
The Sustainability Committee and Board of Directors had
oversight of the process with regular updates.
Participation in the retail sector scenario analysis in 2023
provided access to expertise within KPMG. HGH also
engaged the external sustainability consulting firm, Tadpole
Consulting Limited, to support and facilitate the creation of
our climate-related disclosures, including the development
and delivery of the scenario analysis process, in line with
XRB guidelines.
Please see the Risk Management section covering HGH’s
governance processes as it relates to scenario analysis.
WHY THESE SCENARIOS?

HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
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TRANSITION PLAN
HGH'S VALUE CHAIN IS COMPRISED OF THE FOLLOWING ELEMENTS:
At this stage, HGH is in the process of developing a transition plan describing how the business intends to
position itself as the global and domestic economy transitions towards a low-emissions, climate-resilient
future state. However, HGH has begun to consider how climate-related risks and opportunities may impact
the business in the future and how we might respond to these. These considerations will help to inform our
transition plan, and our current intention is to undertake this work in HGH’s second climate-related reporting
year, utilising XRB’s NZ CS 2 Adoption Provision 3.









The summary of HGH’s climate-related risks and
opportunities identified through our scenario analysis
is provided in the Risk Management section.
HGH is currently developing a transition plan that will
include determining how climate-related risks and
opportunities serve as an input to our internal capital
deployment and funding decision-making processes.
In the interim, we do not anticipate it will be significant
in the short term. During FY24, no capital or finance
has been committed to climate risks and opportunities;
while some expenditure has been made on expert advice
to prepare this disclosure, and in the various efforts of
the sustainability working groups. Our current intention
is to complete this work for HGH’s second climate-
related reporting year, utilising XRB’s NZ CS 2 Adoption
Provision 3. We also plan to disclose any transition plan
aspects of our strategy aligned with internal capital
deployment and funding decision-making processes.
C L I M AT E - R E L AT E D R I S KS
AND OPPORTUNITIES
ANTICIPATED IMPACTS AND
FINANCIAL IMPACTS
Following the output of our scenario analysis, HGH
identified the anticipated impacts of those climate-related
risks and opportunities on the business. This output is
provided in the Risk Management section (please refer
to the risks and opportunities tables).
HGH has elected to utilise NZ CS 2 Adoption Provision
2 and has not formally quantified the impacts of the
anticipated climate-related risks and opportunities
identified through our scenario analysis.
P L A N N I N G
& DESIGN
RAW MATERIALS
SOURCING
PROCUREMENTPRODUCTION
F R E I G H T

TO AU & NZ
INTERNATIONAL
DISTRIBUTION
H E A D O F F I C E
FUNCTIONS
ONLINE SALES
CHANNEL
ADMINISTRATION
RETAIL STORE
MANAGEMENT
DELIVERY TO

L O CA L R E TA I L E R S
VALUE CHAIN

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HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
RISK
TO SUPPORT PREPARATION OF OUR CLIMATE DISCLOSURE, WE HAVE IN
PARALLEL DEVELOPED A MORE THOROUGH AND ROBUST OVERALL RISK
MANAGEMENT FRAMEWORK AND ASSOCIATED PROCESSES.
MANAGEMENT
The framework is based on a definition of risk appetite
agreed by the Board, and a risk map that defines
and prioritises inherent risk severity according to the
combination of risk likelihood and risk consequence.
The risk map parameters are based on detailed
definitions for severity, likelihood and consequence
that have been developed and agreed by the Executive
Leadership Team. The definitions of risk severity,
consequence, and likelihood form the basis of the
assessment of materiality, including whether the risk or
the way in which the risk is described could influence
users of this climate disclosure. A risk treatment
approach for each risk has been specified, with current
and planned risk controls documented, and a resultant
assessment of residual risk.
The risk register summarises these risk characteristics
for formal review on a six-monthly basis, initially
by management and then by the Audit and Risk
Committee. Membership of the Audit and Risk
Committee is restricted to non-Executive Directors,
and the Chair is an Independent Director. The ARC in
turn reports to the Board, and the Board has ultimate
responsibility for overseeing the identification,
treatment, and monitoring of risk.
Any suggested additions or deletions, or changes to
risk profiles from the previous risk register are to be
highlighted and flagged by management and discussed
at the Audit and Risk Committee, with the Group CFO
responsible for initiating the discussion. Owners from
within the Executive Leadership Team are identified for
each individual risk.
Climate-related risk is one of several risk categories
used in the overall risk framework. Accordingly,
climate-related risks and opportunities identified
through the scenario analysis have been integrated into
this risk management framework and will be reviewed
in the same cycle as all business risks.
HGH’s workshops on climate disclosures have helped
us understand actual and potential long-term climate-
related risks.
Time horizons considered were short term: 2024-2030;
medium: 2031-2040; and long: 2041-2050. These time
horizons were chosen to explore HGH’s readiness to
rapidly transform the business (short-term), resilience
to a condensed and disruptive transition (medium-
term), and the potential threat of value erosion in an
economy-wide failure to reduce emissions (long-term).
These time horizons are reflected in the scenario
analysis horizons.

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HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
THE GOVERNANCE PROCESS WE FOLLOWED WHILE CONDUCTING
THE SCENARIO ANALYSIS IS SET OUT IN THE BELOW SIX STEPS:
The output of the above process resulted in the
identification of nine climate-related driving
forces (‘drivers’), that were used to form the basis
of our scenario analysis:
1.
Consumer behaviour / preferences
2.
Brand reputation / social license to operate
3.
Emerging technology / innovation
4.
Data privacy and security
5.
Domestic and global economic dynamics
6.
Sourcing and supply chain barriers
7.
Natural resources
8. Regulatory changes / government approach
to climate change
9.
Geopolitics
The process to prioritise climate-related risks has
been initiated with the identification of physical and
transition risks across all timelines in all scenarios.
Inherent risk has been assessed for each risk
identified, and key prioritised risks have then been
integrated into the overall risk framework where
these are deemed to be material in line with the
broader risk management framework definitions.
Details of the risks identified from scenario analysis
are outlined in the following table.
No areas of the value chain were excluded.
ENGAGE KEY
PERSONNEL &
STAKEHOLDERS
SET ANALYSIS
BOUNDARIES & ASK
FOCAL QUESTION
IDENTIFY, ASSESS &
PRIORITISE CLIMATE-
RELATED DRIVERS
EXPLORE DRIVERS:
MAP TEMPERATURE
PAT H WAY S &
OUTCOMES
SCENARIO
NARRATIVE
DEVELOPMENT
QUANTIFY
NARRATIVES &
BEGIN TO ASSESS
RESILIENCE
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Please note: only impacts considered to have a potential high severity (and therefore to be material) have been scored.
CLIMATE-RELATED PHYSICAL AND TRANSITION RISKS
RISK AREA
DESCRIPTION OF
RISK
DESCRIPTION OF ANTICIPATED IMPACT
SCENARIO AND
TIME HORIZON
IMPACTED
BUSINESS RESPONSE
Physical -
acute
Significant increase
in the quantum and
severity of weather
events impacting
supply chains.
Severe weather events such as floods, fires and
storms significantly impact transport and logistics
operations and infrastructure. This can result in
challenges to delivery, inability to unload, store and
distribute HGH’s products. Natural disasters can
interrupt the production of raw materials, shipping
logistics, and overall supply chain continuity.
Current Policies –
Long term
Increased focus on
transition planning to
prepare for and develop
resilience to the impacts
of more severe weather.
Physical –
chronic
Resource scarcity
Prolonged droughts or changes in land use can affect
the availability of natural resources, impacting both
the cost and sustainability of raw materials.
Gradual shifts in climate patterns, such as increasing
temperatures or changing precipitation patterns, can
impact the availability and cost of materials, such
as cotton or wool, which are essential for clothing
production.
Current Policies –
Long term
Invest in sustainable
farming practices,
develop partnerships
with resource-efficient
suppliers, and explore
alternative materials.
Transition –
social
Reputational risks:
Public scrutiny and
activism
Increasing awareness and activism around
environmental and ethical issues mean that
fashion brands are under greater scrutiny.
Negative publicity or social media backlash related
to environmental practices can damage brand
reputation and customer trust.
Net Zero 2050 –
Short term
Current Policies –
Long term
Develop a transparent
sustainability
communication
strategy, engage
with stakeholders,
and take proactive
measures in Corporate
Social Responsibility
initiatives.
Transition –
economic
A lack of supply of
"green" materials
drives up the
demand of such
resources, leading to
higher input costs.
Profitability is impacted due to the higher input costs
and the inability for the consumer to absorb them.
Lower availability of materials will result in less
production of goods and potential lost market share
to those companies willing/able to pay more.
Net Zero 2050 –
Short term
Delayed Transition –
Medium term
Continue to build strong
relationships with
suppliers and use our
existing business model
to continue to offer
consumer value.
Cost of domestic
energy prices
Impacts of climate change impacting the generation
of energy in New Zealand and Australia and
consequently impacting energy prices
Delayed Transition –
Medium term
Current Policies –
Long term
Work with energy
providers to agree long
term sustainable energy
arrangements.
Transition –
supply chain
impacts
Risk of shipping lines
missing NZ ports
Increasing physical impacts of climate change
affecting the serviceability of shipping to
New Zealand and Australia and increasing costs.
Delayed Transition –
Medium term
Current Policies –
Long term
Leverage existing long-
standing relationships
to ensure continued
access to supply of
freight.
Speed to market/
Supply chain risk
Business model = mass-producing at low cost and
bringing stock to retail quickly. The shift from air to
sea freight will provide a low carbon footprint and be
more cost effective. However, this will extend shipping
times and affect the timely replenishment of stock.
Current Policies -
Long term
Continue to work with
suppliers and transport
providers to offer low-
carbon solutions.
Build in longer
replenishment times
to our business model.
Investigate options of
using SAF as needed
to meet inventory
demands.
Transition -
political
Government/
Regulatory
Reporting
Governments are increasingly implementing
regulations related to climate change, such as
carbon pricing, emissions reductions targets,
and sustainability reporting. Retailers may face
compliance costs and need to adapt to these
changing regulations.
Net Zero 2050 –
Short term
Delayed Transition –
Medium term
Continue to strengthen
our governance and
senior leadership
skills, and partner with
external expertise as
necessary.

HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
13
CLIMATE-RELATED OPPORTUNITIES
DESCRIPTION OF OPPORTUNITYDESCRIPTION OF ANTICIPATED IMPACTBUSINESS RESPONSE
New consumer preferences —
green fashion — create
opportunity to be market leader
Using key supplier relationships, and
exceptional speed to market enables us
to forefront the shifting consumer preferences
and become a market leader in the new trend.
Our existing business model
enables us to be highly responsive
and adaptive to consumer
demands.
Implement renewable energy
sources and energy efficiency
measures in production facilities.
Contributes to emission reduction targets,
decreases operational costs, and supports
compliance with NZ climate regulations.
Invest in renewable energy,
such as solar panels, and adopt
energy-saving technologies.
Develop and promote clothing
take-back schemes, upcycling,
and recycling programs.
Supports waste reduction, prolongs product
life, and helps in achieving NZ’s waste
minimization and circular economy goals.
Launch take-back programs in
stores and online. Offer incentives
for returning used garments and
collaborate with recyclers and
upcyclers.
Invest in climate-resilient logistics
and distribution networks
(e.g., electrification of fleets).
Mitigates risks related to climate impacts on
distribution, reduces carbon emissions, and
aligns with NZ’s transportation
decarbonization strategies.
Use electrified distribution fleets
as much as possible, invest in
low-carbon logistics, and develop
contingency plans for climate-
related disruptions in distribution.
Develop and market carbon-
neutral product lines through
carbon offsetting and
sustainable practices.
Appeals to environmentally conscious
consumers, meets emerging NZ market demand
for carbon-neutral products, and contributes
to national emission reduction targets.
Introduce carbon-neutral
products by offsetting emissions
through certified programs.
Communicate carbon neutrality
to consumers clearly.
Please note: only opportunities considered to be large (and therefore to be material) have been scored. All of the climate-related opportunities
identified are considered to be transition opportunities.
THE SCENARIOS AND TIME HORIZONS IMPACTED BY THE BELOW
CLIMATE-RELATED OPPORTUNITIES ARE NET ZERO 2050 IN THE
SHORT TERM AND DELAYED TRANSITION IN THE MEDIUM TERM.

14
HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
METRICS AND
TARGETS
Absolute Scope 1 and 2 GHG emissions in FY24 totalled 1,792 tonnes CO2e.
Scope 1 emissions come from the combustion of transport fuel by the company’s car fleet.
Fugitive emissions through refrigerant gas leaks in air conditioning systems are de minimis
(immaterial, meaning less than 1% total emissions) and therefore excluded.
Scope 2 emissions come from the generation of purchased electricity, and are location based
(meaning we calculate them on the basis that we consume electricity from national and state grids).
Our Scope 1 and 2 absolute footprint is presented below (tonnes CO2e).
FY24
Scope 11 67. 23
Scope 2 1,624.93
TOTAL1,792.16
METRIC CATEGORIES
ABSOLUTE SCOPE 1 AND 2 GHG EMISSIONS
In addition to measuring and tracking our absolute emissions, we track intensity emissions
to understand our “carbon efficiency” and how it is changing over time.
We are using the following metric as it will allow us to do this most effectively.
FY24
Total gross Scope 1 and 2 emissions per $M revenue (t CO2e/$M)4.11
These inventories have been measured in compliance with ISO 14064: 2018 (Greenhouse
gases – Part 1: Specification with guidance at the organization level for quantification and reporting
of greenhouse gas emissions and removals) using an operational control consolidation approach.
All emissions that HGH has direct control over are covered. All facilities and operations
are included (being our support offices, distribution centres and retail stores).
INTENSITY SCOPE 1 AND 2 GHG EMISSIONS
TARGETS
The following targets for Scope 1 and
Scope 2 emission reductions have
been set against a FY24 base year:
35%
50%
REDUCTION BY FY30REDUCTION BY FY35

HALLENSTEIN GLASSON HOLDING LIMITED | CLIMATE-RELATED DISCLOSURES 2024
15
TA R G E T S
HGH has set a Scope 1 and 2 target of a 50% reduction by 2035. This is against a FY24 Base Year. A shorter term
FY30 interim goal of 35% reduction has also been set. Both are absolute targets.
— 35% reduction by FY30
— 50% reduction by FY35
Neither the FY30 nor the FY35 target support limiting global warming to 1.5
o
C, as defined by the Science Based
Targets Initiative (SBTi). We are in the early stages of developing our strategic response to reducing our absolute
Scope 1 & 2 carbon emissions, and these targets reflect our current strategies. We plan to continue to learn and
look for additional opportunities to further reduce our emissions. Our targets do not rely on offsets.
With our Scope 1 and Scope 2 emissions coming from company vehicle use and electricity consumption only, we
are limited in the initiatives we can take. Scope 2 electricity is by far our biggest contributor as the data provided
demonstrates. Key to our reduction strategy will be a move to more renewable energy and the decarbonisation
of the New Zealand and Australia electricity grids.
HGH is not using an internal price of carbon presently so for the purpose of informing intended users, treat this
as zero.
Emission factors used in the measurements are
country-specific and have been sourced from the
following agencies:
— New Zealand Ministry for the Environment
(MfE, May 2024 publication)
— Australian Government’s Department of Industry,
Science, Energy and Resources (Aug 2023 release)
For the FY24 measurement we used emission factors
with AR5 Global Warming Potentials (GWP). Emissions
have been calculated by applying the appropriate
emissions factors to fuel data and electricity
consumption data.
No assumptions or estimations have been made in
measuring Scope 1 emissions. Uncertainty is low as
calculations are activity based using emission factors
with +/- 0.9% to 1.8% uncertainty (MfE). For Scope 2
electricity emissions, calculations use ICP meter data,
which is assumed accurate. For two stores in Australia
where meter data was not available, it was estimated
based on the average of similar size stores.
The FY24 Scope 1 and Scope 2 emissions have been
verified by McHugh & Shaw Ltd to a Reasonable level of
Assurance.
SCOPE 3 EMISSIONS
— Most of our emissions sit in Scope 3 — from the
embodied carbon in our products to the emission
from freighting product to our DCs and stores, as
well as our business travel and waste emissions.
Measuring these well is a work in progress and we
look forward to sharing these with you in the future.
As we improve our measurement approach in
this first year of reporting, we will utilise NZ CS 2
Adoption Provision 4.
— In utilising Adoption Provision 4, HGH is also exempt
from providing comparative information for Scope
3 GHG emissions in our third reporting period and is
utilising Adoption Provision 5 for this.
METRICS AND TARGETS ADOPTION
PROVISIONS
As it relates to comparatives of metrics and analysis
of trends, HGH is utilising Adoption Provision 6 and
Adoption Provision 7.
OTHER METRICS AND TARGETS
As a leading fashion retailer in New Zealand and
Australia, we are actively assessing the impacts of
climate change on our business. We recognise that
both acute and chronic climate events pose risks.
Acute impacts include more frequent extreme weather
events, which can disrupt our supply chains. For
example, during Cyclone Gabrielle, we faced minimal
disruptions — yet this underscored the need to prepare
for such events.
Chronic climate impacts, such as long-term shifts
in weather patterns, require further assessment
to quantify their potential effects on our business.
Adapting our stores, warehouses, and logistics to
withstand these risks will likely require strategic
investments in resilience. We also acknowledge the
rapidly changing transition landscape, where market
and regulatory expectations for carbon reduction and
sustainability are increasing. As consumer preferences
shift towards more sustainable products, we view this
as both a challenge and an opportunity to align with
global climate targets.
As our understanding of these risks and opportunities
deepens, we are refining our approach and developing
metrics to assess the proportion of assets and
operations exposed to transitional climate risks, the
percentage of our business activities vulnerable
to physical climate risks and the alignment of our
operations with climate-related opportunities.
Remuneration of management is not currently linked
to climate-related risks and opportunities. As we evolve
our approach, we will investigate options for possibly
aligning executive remuneration with our goals. By
continuously refining our metrics and targets, we
aim to enhance our resilience to climate impacts and
capitalise on emerging opportunities in the transition
to a low-carbon economy.

16

PO Box 31-095, Ilam, Christchurch, 8444, New Zealand. Ph 021 453 752
info@mchugh-shaw.co.nz •• wwwwww..mmcchhuugghh--sshhaaww..ccoo. .nnz z
INDEPENDENT ASSURANCE REPORT ON HALLENSTEIN GLASSON HOLDINGS
LIMITED’s GREENHOUSE GAS (GHG) DISCLOSURES
TO THE DIRECTORS OF HALLENSTEIN GLASSON HOLDINGS LIMITED (HGH)
Our Assurance Conclusion
Reasonable Assurance Conclusion
In our opinion, the gross GHG emissions, additional required disclosures of gross GHG emissions, and gross
GHG emissions methods, assumptions and estimation uncertainty, within the scope of our reasonable
assurance engagement (as outlined below) included in the climate statements for the year ended 1 August
2024, are fairly presented and prepared, in all material respects, in accordance with Aotearoa New Zealand
Climate Standards (NZ CSs) issued by the External Reporting Board (XRB), as explained on page 1 of the climate
statements.
Scope of the Assurance Engagement
We have undertaken a reasonable assurance engagement over the following GHG disclosures within the
climate statements for the year ended 1 August 2024:
• GHG Emissions Scope 1/ISO Category 1, 167.23 tCO
2
e, on page 14.
• GHG Emissions Scope 2/ISO Category 2, 1,624.93 tCO
2
e, on page 14.
Although we considered the effectiveness of management’s internal controls when determining the nature
and extent of our procedures, our assurance engagement was not designed to provide assurance on internal
controls.
Our assurance was limited to the GHG statement and did not include statutory financial statements. Our
assurance is limited to policies, and procedures in place as of 28 November 2024, ahead of the publication of
HGHs climate-related disclosure for FY2024.
Our assurance engagement does not extend to any other information included, or referred to, in the climate
statements on pages 1 to 13 and pages 19 and 20. We have not performed any procedures with respect to
the excluded information and, therefore, no conclusion is expressed on it.
Key Matters to the GHG Assurance Engagement
In this section we present those matters that, in our professional judgement, were most significant in
undertaking the assurance engagement over GHG disclosures. These matters were addressed in the context
of our assurance engagement, and in forming our conclusion. We did not reach a separate assurance
conclusion on each individual key matter.
Other Matter
The Ministry for the Environment released updated emission factors for electricity (Scope 2) on 31 May 2024
which was part way through the measurement period. The calculations use the latest factors for New Zealand.
Materiality
Based on our professional judgement, determined quantitative materiality for the GHG disclosures as 1% for
individual emission sources, and not totalling more than 5%. Qualitative materiality has been determined with

PO Box 31-095, Ilam, Christchurch, 8444, New Zealand. Ph 021 453 752
info@mchugh-shaw.co.nz •• wwwwww..mmcchhuugghh--sshhaaww..ccoo. .nnz z
INDEPENDENT ASSURANCE REPORT ON HALLENSTEIN GLASSON HOLDINGS
LIMITED’s GREENHOUSE GAS (GHG) STATEMENT
TO THE DIRECTORS OF HALLENSTEIN GLASSON HOLDINGS LIMITED (HGH)
Registered address: Level 3, 235-237 Broadway, Newmarket, Auckland, 1023, New Zealand
Our Assurance Conclusion
Reasonable Assurance Conclusion
In our opinion, the gross GHG emissions, and gross GHG emissions methods, assumptions and estimation
uncertainty, within the scope of our reasonable assurance engagement (as outlined below) included in the
HGH GHG Report for the year ended 1 August 2024, are fairly presented and prepared, in all material respects,
in accordance with ISO 14064-1 ISO 14064-1: 2018 Greenhouse gases – Part 1: Specification with guidance at
the organisational level for quantification.
Limited Assurance Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the gross GHG emissions, and gross GHG emissions methods,
assumptions and estimation uncertainty, within the scope of our limited assurance engagement (as outlined
below) included in the HGH GHG Report for the year ended 1 August 2024, are not fairly presented and not
prepared, in all material respects, in accordance with ISO 14064-1 ISO 14064-1: 2018 Greenhouse gases – Part
1: Specification with guidance at the organisational level for quantification.
Scope of the assurance engagement
We have undertaken assurance verification engagement for the reporting period 2 August 2023 to 1 August
2024 at the level of:
• Scope 1/ISO Category 1 Emissions Reasonable Assurance
• Scope 2/ISO Category 2 Emissions: Reasonable Assurance
• Scope 3/ISO Category 3 Emissions: Limited Assurance
• Scope 3/ISO Category 4 Emissions: Limited Assurance
It is important to note that the level of assurance obtained in a limited assurance engagement is considerably
lower than that involved in reasonable assurance engagement.
Although we considered the effectiveness of management’s internal controls when determining the nature
and extent of our procedures, our assurance engagement was not designed to provide assurance on internal
controls.
Boundaries of the reporting company
• Operational Control
• New Zealand and Australia
• Hallenstein Glasson Holdings Limited including Hallenstein Bros Limited, Hallenstein Brothers
Australia Limited, Glassons Limited, and Glassons Australia Limited.


PO Box 31-095, Ilam, Christchurch, 8444, New Zealand. Ph 021 453 752
info@mchugh-shaw.co.nz
•• wwwwww..mmcchhuugghh--sshhaaww..ccoo..nnzz
INDEPENDENT ASSURANCE REPORT ON HALLENSTEIN GLASSON HOLDINGS
LIMITED’s GREENHOUSE GAS (GHG) STATEMENT
TO THE DIRECTORS OF HALLENSTEIN GLASSON HOLDINGS LIMITED (HGH)
Registered address: Level 3, 235-237 Broadway, Newmarket, Auckland, 1023, New Zealand
Our Assurance Conclusion
Reasonable Assurance Conclusion
In our opinion, the gross GHG emissions, and gross GHG emissions methods, assumptions and estimation
uncertainty, within the scope of our reasonable assurance engagement (as outlined below) included in the
HGH GHG Report for the year ended 1 August 2024, are fairly presented and prepared, in all material respects,
in accordance with ISO 14064-1 ISO 14064-1: 2018 Greenhouse gases – Part 1: Specification with guidance at
the organisational level for quantification.
Limited Assurance Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the gross GHG emissions, and gross GHG emissions methods,
assumptions and estimation uncertainty, within the scope of our limited assurance engagement (as outlined
below) included in the HGH GHG Report for the year ended 1 August 2024, are not fairly presented and not
prepared, in all material respects, in accordance with ISO 14064-1 ISO 14064-1: 2018 Greenhouse gases – Part
1: Specification with guidance at the organisational level for quantification.
Scope of the assurance engagement
We have undertaken assurance verification engagement for the reporting period 2 August 2023 to 1 August
2024 at the level of:
• Scope 1/ISO Category 1 Emissions Reasonable Assurance
• Scope 2/ISO Category 2 Emissions: Reasonable Assurance
• Scope 3/ISO Category 3 Emissions: Limited Assurance
• Scope 3/ISO Category 4 Emissions: Limited Assurance
It is important to note that the level of assurance obtained in a limited assurance engagement is considerably
lower than that involved in reasonable assurance engagement.
Although we considered the effectiveness of management’s internal controls when determining the nature
and extent of our procedures, our assurance engagement was not designed to provide assurance on internal
controls.
Boundaries of the reporting company
• Operational Control
• New Zealand and Australia
• Hallenstein Glasson Holdings Limited including Hallenstein Bros Limited, Hallenstein Brothers
Australia Limited, Glassons Limited, and Glassons Australia Limited.

17

Independent Assurance Report NZ SAE 1 | Page 2
due consideration to relevance to users of the climate statement, as well as the potential impact of omission,
misstatement, or obscurement of any information.
Competence and Experience of the Engagement Team
Our work was carried out by an independent and multi-disciplinary team including sustainability assurance
and environmental practitioners. The engagement lead retains overall responsibility for the assurance
conclusion provided.
HGH’s Responsibilities for the GHG Disclosures
HGH is responsible for the preparation and fair presentation of the GHG disclosures in accordance with the
Aotearoa New Zealand Climate Standards (NZ CSs). This responsibility includes designing, implementing and
maintaining a data management system relevant to the preparation and fair presentation of GHG disclosures
that is free from material misstatement.
Inherent Uncertainty in Preparing GHG Disclosures
As discussed on page 1 of the climate statements, the GHG quantification is subject to inherent uncertainty
because of incomplete scientific knowledge used to determine emissions factors and the values needed to
combine emissions of different gases.
Our Responsibilities
Our responsibility is to express an opinion on the GHG disclosures based on our verification. We are
responsible for planning and performing the verification to obtain assurance that the onsite GHG disclosures
are free from material misstatement.
As we are engaged to form an independent conclusion on the GHG disclosures prepared by management, we
are not permitted to be involved in the preparation of the GHG information as doing so may compromise our
independence.
Other Relationships
In addition to the provision of the assurance engagement over the GHG statement and HGH’s separate
Greenhouse Gas Report we also have the following relationships, or interests, in HGH, which did not
compromise our overall independence:
• Subject to certain restrictions, the employees of our firm may also deal with HGH within the ordinary
course of trading activities of a retailer of menswear and womenswear.
Independence and Quality Management Standards Applied
This assurance engagement was undertaken in accordance with NZ SAE 1 Assurance Engagements over
Greenhouse Gas Emissions Disclosures. issued by the External Reporting Board (XRB). NZ SAE 1 is founded on
the fundamental principles of independence, integrity, objectivity, professional competence and due care,
confidentiality and professional behaviour.
Professional and ethical standards are held in high regard and our quality management system aligns with the
standards ISO 9001:2015 and ISO 14065:2020 and we comply with the Carbon and Energy Professionals New
Zealand Code of Ethics and Code of Professional Conduct.
Summary of Work Performed
Our verification strategy used a combined data and controls testing approach. Evidence-gathering procedures
included but were not limited to:

Independent Assurance Report | Page 2
GHG emissions information assured by the assurance report
• GHG Report Reference: 2024-09-20 HGHL FY24 EIR v2.2.pdf
• GHG Calculations Reference: 2024-08-31 HGHL FY24 carbon calculator populated (12 mth) Post Audit
2 log findings.xlsx
GHG emissions by category (metric tonnes CO
2
e)
Scope ISO Category tCO
2
e
Scope 1 Cat 1: Direct GHG Emissions 167.23
Scope 2 Cat 2: Indirect GHG Emissions from imported energy (Electricity, location-based) 1,624.93
Scope 3 Indirect GHG Emissions
Cat 3: Transportation and distribution: 17,985.15
Cat 4: Products and services used by the organisation: 808.83 18,793.98

Total GHG Emissions 20,586.15
Key matters to the GHG assurance engagement
In this section we present those matters that, in our professional judgement, were most significant in
undertaking the assurance engagement over the GHG statement. These matters were addressed in the
context of our assurance engagement, and in forming our conclusion. We did not reach a separate assurance
conclusion on each individual key matter.
Emphasis of Matter
• We draw attention to the Restatement of Information (Section 7) in the GHG Report where HGH
explains that electricity emission factors for New Zealand have been updated for all historical
reporting periods using the corrected factors published by the Ministry for the Environment.
• We draw attention to the emissions excluded from the reporting boundary (Table 2) in the GHG
Report where HGH state that embodied carbon of merchandise is excluded due to lack of suitable
data and methodology in FY24. While this has been transparently disclosed this will significantly
increase emissions in future reporting periods.
Materiality
Based on our professional judgement, quantitative materiality for the reported GHG Emissions has been
determined as 1% for individual emission sources, and not totalling more than 5% of the gross emissions total
of the emissions inventory. Qualitative materiality has been determined with due consideration to relevance
to users of the GHG statement, as well as the potential impact of omission, misstatement, or obscurement of
any information.
Competence and experience of the engagement team
Our work was carried out by an independent and multi-disciplinary team including sustainability assurance
and environmental practitioners. The engagement lead retains overall responsibility for the assurance
conclusion provided.
HGH’s responsibilities for the GHG statement
HGH is responsible for the preparation and fair presentation of the GHG statement in accordance with ISO
14064-1. This responsibility includes designing, implementing and maintaining a data management system
relevant to the preparation and fair presentation of GHG statement that is free from material misstatement.

Independent Assurance Report | Page 2
GHG emissions information assured by the assurance report
• GHG Report Reference: 2024-09-20 HGHL FY24 EIR v2.2.pdf
• GHG Calculations Reference: 2024-08-31 HGHL FY24 carbon calculator populated (12 mth) Post Audit
2 log findings.xlsx
GHG emissions by category (metric tonnes CO
2
e)
Scope ISO Category tCO
2
e
Scope 1 Cat 1: Direct GHG Emissions 167.23
Scope 2 Cat 2: Indirect GHG Emissions from imported energy (Electricity, location-based) 1,624.93
Scope 3 Indirect GHG Emissions
Cat 3: Transportation and distribution: 17,985.15
Cat 4: Products and services used by the organisation: 808.83 18,793.98

Total GHG Emissions 20,586.15
Key matters to the GHG assurance engagement
In this section we present those matters that, in our professional judgement, were most significant in
undertaking the assurance engagement over the GHG statement. These matters were addressed in the
context of our assurance engagement, and in forming our conclusion. We did not reach a separate assurance
conclusion on each individual key matter.
Emphasis of Matter
• We draw attention to the Restatement of Information (Section 7) in the GHG Report where HGH
explains that electricity emission factors for New Zealand have been updated for all historical
reporting periods using the corrected factors published by the Ministry for the Environment.
• We draw attention to the emissions excluded from the reporting boundary (Table 2) in the GHG
Report where HGH state that embodied carbon of merchandise is excluded due to lack of suitable
data and methodology in FY24. While this has been transparently disclosed this will significantly
increase emissions in future reporting periods.
Materiality
Based on our professional judgement, quantitative materiality for the reported GHG Emissions has been
determined as 1% for individual emission sources, and not totalling more than 5% of the gross emissions total
of the emissions inventory. Qualitative materiality has been determined with due consideration to relevance
to users of the GHG statement, as well as the potential impact of omission, misstatement, or obscurement of
any information.
Competence and experience of the engagement team
Our work was carried out by an independent and multi-disciplinary team including sustainability assurance
and environmental practitioners. The engagement lead retains overall responsibility for the assurance
conclusion provided.
HGH’s responsibilities for the GHG statement
HGH is responsible for the preparation and fair presentation of the GHG statement in accordance with ISO
14064-1. This responsibility includes designing, implementing and maintaining a data management system
relevant to the preparation and fair presentation of GHG statement that is free from material misstatement.

18

Independent Assurance Report NZ SAE 1 | Page 3
• Enquiries of management to obtain an understanding of the overall governance and internal control
environment, risk management processes and procedures relevant to GHG information;
• Evidence to support the reporting boundaries, organisational and legal structure reported;
• Recalculation of the GHG emissions;
• Analytical review and trend analysis of the GHG information;
• Evaluation of relationships among GHG and non-GHG data;
• Interview of personnel involved in data collection;
• Review of emissions factors used within the calculations for source appropriateness;
• Review of uncertainty and data quality;
• Review of the assumptions, estimations and quantification methodologies; and
• Seeking management representation on key assertions.
Reasonable Assurance Conclusion
Our reasonable verification engagement was performed in accordance with NZ SAE 1, and ISO 14064-3: 2019
– Specification with guidance for the verification and validation of greenhouse gas statements, issued by the
International Organisation for Standardization (ISO). This requires that we comply with ethical requirements
(as outlined above), and plan and perform the verification to obtain reasonable assurance (Scope 1 & 2) that
the GHG disclosures are free from material misstatement.

Reasonable Assurance Procedures
• Sample testing, tracing and retracing of data trails back to primary data including vehicle fuel and electricity
records;
• Site visits in New Zealand and Australia to inspect the completeness of the inventory.

The data examined during the verification were historical in nature. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.




Jeska McHugh
CEP NZ Certified Carbon Auditor (#CCA1005)
McHugh & Shaw Limited
May Stewart
May Stewart Consulting
On behalf of McHugh & Shaw Limited
Christchurch, New Zealand
28 November 2024
Christchurch, New Zealand
28 November 2024

This report including the opinion expressed herein, is solely for the use of the Directors of HGH for the purpose of disclosure of GHG
emissions. This report is not intended to be used and not may be suitable for another purpose. We disclaim any assumption of
responsibility for any reliance on this report by any other party than for which it was prepared.


Independent Assurance Report | Page 2
GHG emissions information assured by the assurance report
• GHG Report Reference: 2024-09-20 HGHL FY24 EIR v2.2.pdf
• GHG Calculations Reference: 2024-08-31 HGHL FY24 carbon calculator populated (12 mth) Post Audit
2 log findings.xlsx
GHG emissions by category (metric tonnes CO
2
e)
Scope ISO Category tCO
2
e
Scope 1 Cat 1: Direct GHG Emissions 167.23
Scope 2 Cat 2: Indirect GHG Emissions from imported energy (Electricity, location-based) 1,624.93
Scope 3 Indirect GHG Emissions
Cat 3: Transportation and distribution: 17,985.15
Cat 4: Products and services used by the organisation: 808.83 18,793.98

Total GHG Emissions 20,586.15
Key matters to the GHG assurance engagement
In this section we present those matters that, in our professional judgement, were most significant in
undertaking the assurance engagement over the GHG statement. These matters were addressed in the
context of our assurance engagement, and in forming our conclusion. We did not reach a separate assurance
conclusion on each individual key matter.
Emphasis of Matter
• We draw attention to the Restatement of Information (Section 7) in the GHG Report where HGH
explains that electricity emission factors for New Zealand have been updated for all historical
reporting periods using the corrected factors published by the Ministry for the Environment.
• We draw attention to the emissions excluded from the reporting boundary (Table 2) in the GHG
Report where HGH state that embodied carbon of merchandise is excluded due to lack of suitable
data and methodology in FY24. While this has been transparently disclosed this will significantly
increase emissions in future reporting periods.
Materiality
Based on our professional judgement, quantitative materiality for the reported GHG Emissions has been
determined as 1% for individual emission sources, and not totalling more than 5% of the gross emissions total
of the emissions inventory. Qualitative materiality has been determined with due consideration to relevance
to users of the GHG statement, as well as the potential impact of omission, misstatement, or obscurement of
any information.
Competence and experience of the engagement team
Our work was carried out by an independent and multi-disciplinary team including sustainability assurance
and environmental practitioners. The engagement lead retains overall responsibility for the assurance
conclusion provided.
HGH’s responsibilities for the GHG statement
HGH is responsible for the preparation and fair presentation of the GHG statement in accordance with ISO
14064-1. This responsibility includes designing, implementing and maintaining a data management system
relevant to the preparation and fair presentation of GHG statement that is free from material misstatement.

Independent Assurance Report | Page 2
GHG emissions information assured by the assurance report
• GHG Report Reference: 2024-09-20 HGHL FY24 EIR v2.2.pdf
• GHG Calculations Reference: 2024-08-31 HGHL FY24 carbon calculator populated (12 mth) Post Audit
2 log findings.xlsx
GHG emissions by category (metric tonnes CO
2
e)
Scope ISO Category tCO
2
e
Scope 1 Cat 1: Direct GHG Emissions 167.23
Scope 2 Cat 2: Indirect GHG Emissions from imported energy (Electricity, location-based) 1,624.93
Scope 3 Indirect GHG Emissions
Cat 3: Transportation and distribution: 17,985.15
Cat 4: Products and services used by the organisation: 808.83 18,793.98

Total GHG Emissions 20,586.15
Key matters to the GHG assurance engagement
In this section we present those matters that, in our professional judgement, were most significant in
undertaking the assurance engagement over the GHG statement. These matters were addressed in the
context of our assurance engagement, and in forming our conclusion. We did not reach a separate assurance
conclusion on each individual key matter.
Emphasis of Matter
• We draw attention to the Restatement of Information (Section 7) in the GHG Report where HGH
explains that electricity emission factors for New Zealand have been updated for all historical
reporting periods using the corrected factors published by the Ministry for the Environment.
• We draw attention to the emissions excluded from the reporting boundary (Table 2) in the GHG
Report where HGH state that embodied carbon of merchandise is excluded due to lack of suitable
data and methodology in FY24. While this has been transparently disclosed this will significantly
increase emissions in future reporting periods.
Materiality
Based on our professional judgement, quantitative materiality for the reported GHG Emissions has been
determined as 1% for individual emission sources, and not totalling more than 5% of the gross emissions total
of the emissions inventory. Qualitative materiality has been determined with due consideration to relevance
to users of the GHG statement, as well as the potential impact of omission, misstatement, or obscurement of
any information.
Competence and experience of the engagement team
Our work was carried out by an independent and multi-disciplinary team including sustainability assurance
and environmental practitioners. The engagement lead retains overall responsibility for the assurance
conclusion provided.
HGH’s responsibilities for the GHG statement
HGH is responsible for the preparation and fair presentation of the GHG statement in accordance with ISO
14064-1. This responsibility includes designing, implementing and maintaining a data management system
relevant to the preparation and fair presentation of GHG statement that is free from material misstatement.

DATA AND SOURCESDATA AND SOURCES
PHYSICAL DATA PARAMETERS:
— Network for Greening the Financial
System (NGFS) climate explorer
— National Institute of Water and
Atmospheric Research (NIWA)
— National Aeronautics and Space
Administration (NASA) Sea Level
Change Portal
— Intergovernmental Panel on Climate
Change (IPCC)
SOCIO-ECONOMIC DATA PARAMETERS:
— Shared Socioeconomic Pathways (SSPs)
in the IPCC Sixth Assessment Report on
Climate Change:
— SSP Database IIASA-WiC Model - SSP1
— SSP Database IIASA-WiC Model - SSP3
— SSP Database IIASA-WiC Model - SSP5
— NGFS Models
— GCAM 6.0
— MESSAGEix-GLOBIOM 1.1
— NGFS REMIND-MAgPIE 3.2-4.6 Model
— NGFS | Climate Change Indicators
Dashboard (imf.org)
— International Energy Agency (IEA)
APPENDIX
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