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1 Investor Day Building exceptional retail brands He waihanga i ngā waitohu hokohoko kōhure 2 November 2026
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2 2 Contents 2 Our direction John Journee 01 Strategic overview Mark Stirton 03 The Warehouse Mark Stirton 04 Warehouse Stationery Mark Stirton 05 Noel Leeming Jason Bell 06 The integrated supply chain Lyle Brady 07 Financials Stef Knight 08 Close and Q&A Mark Stirton 02 The path to $100m Stef Knight Contents
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3 John Journee Chair, on behalf of the Board Why the Board believes in this plan Our purpose — To build exceptional retail brands that customers love, our people take pride in, and that deliver sustainable shareholder returns Why we believe 01 We are starting from real strengths Three iconic brands, a national store network and deep community connection 02 There is a clear path to better performance The plan addresses the areas that need to improve across margin, cost and growth What we commit to 03 Stay focused on one strategy Clear priorities, disciplined investment and accountability for delivery 04 05 Board governance Board has set parameters for how capital is to be allocated and performance is judged to reach the $100m target in the right way Be transparent on progress Report consistently on the measures that matter, including where progress falls short Our Direction
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4 4 Strategic overview Mark Stirton, Group CEO Section 1
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5 Our path back to our $100m target We know what it takes to deliver more than $100m. Getting back there will depend on consistent execution 1. Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non -GAAP measure 2. The three to five year period would be between FY29 and FY31 $100m operating profit1 within three to five years2 $119.0m FY22 $83.4m FY23 $28.9m FY24 $1.3m FY25 $22.6m FY26 $100m Target Our financial target Strategic Overview Grow in more ways Improve Returns Turn better performance into profit Leverage better fundamentals along with improved range and store refresh programme Reset Fix the retail fundamentals Predictable margin, disciplined cost and healthy stock Build from our strengths Our current endowment and foundations Trusted brands, regular customers and a national network Win more customers across our three brands, open new stores and grow in new areas Grow
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6 Strategic Overview C U S T O M E R R E A C H 01 1.7 million visits by New Zealanders each week1 W HAT IT E NABL E S A large base and opportunity to increase conversion B R A N D E Q U I T Y 02 ICONIC W HAT IT E NABL E S Brands New Zealanders already know S T O R E N E T W O R K2 03 219 stores across three brands W HAT IT E NABL E S Close to customers across New Zealand D I S T R I B U T I O N N E T W O R K 04 2 DCs distribution centres serving stores and online W H A T IT E N A B L E S A shared platform for our brands brands with opportunity to grow preference S A L E S S C A L E 05 $3bn FY26 Group sales W HAT IT E NABL E S Scale to leverage across the Group Diagnosis: a strong endowment to build from Customer reach, established brands, a national network and scale give us a strong starting point 1. Represents our foot-traffic statistics across the Group, The Warehouse accounts for 1.45 million of the total number 2. 219 stores includes the 2 stores that were opened early in FY27 and includes 42 SWAS (store within a store) for Warehouse Sta tionery
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7 Strategic Overview W H A T W E N T W R O N G W H A T W E A R E I M P L E M E N T I N G Operating model The agile operating model became too complex, weakening brand focus and retail accountability → Three brand-led businesses, built around buy, move and sell, with clear accountability Strategy A broad ecosystem strategy that stretched focus and investment beyond the core retail fundamentals → A renewed focus on core retail, winning in store with digital supporting the customer journey Technology and digital Legacy tech transformation became too complex, too expensive and progress stalled → Simplifying our technology stack, lower spend and applying stronger return hurdles to new investment Adjacencies We invested outside our core where we lacked a clear advantage and grocery expansion became undisciplined → Exited TheMarket.com and Torpedo7. Grocery repositioned as a value- led top-up Merchandise We lost relevance in parts of our range and with some important customer groups → Clearer customer focus, priority categories and stronger ranges and house brands – with more work to do Stock Too much stock, often in the wrong place, tied up cash and constrained the network → Buying closer to demand, tighter inventory control and simpler flows to stores - with more work to do Diagnosis: the retail fundamentals got damaged We are refocusing the business on what matters; our customer, our brands and strong retail execution
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8 Our job is to fix the retail fundamentals These are the five fundamentals we are fixing firstto unlock the most value 01 Operating model Brand-led, with clear accountability 02 Systems and processes Simpler technology, and disciplined buying and planning 03 Supply chain Faster flow and a lower cost to serve 04 Stores and brands Investing again in our stores and our brands 05 Talent Building retail capability and developing our people CEO focus Performance Strategic Overview Culture Brand
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9 Retail needs both art and science Judgement and taste shape what customers love and data shows what earns its place 1 Brands people love Relevant brands that give customers more reasons to choose us 2 Trend and taste Desirable ranges that changes perceptions and make us more relevant 3 Excitement and connection Store experiences that create excitement, discovery and emotional connection Science (store productivity) Labour-heavy The ambition: strong on both Underperforming on both Space under-used GMROL: gross margin return on labour → GMROM: gross margin per square metre → Examples of how this is being used: Strategic Overview Art (taste and emotional connection) • Lease decisions • Diagnose and drive store performance and productivity • Store refresh and refit programme Move stores up and to the right
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10 Retail needs to be tailored to each market The same retail principles and Group platform in every store, with product, experience and investment tailored to the local market One platform serves all three brands, in every community Elevate the urban experience Lead in regional New Zealand Product Newness, trend and destination ranges Locally relevant ranges, reliably in stock Place Flagships and destinations Refreshed stores, sized for the community Price Trusted for great everyday value Promotion Targeted messages that drive reappraisal Local relevance and major family occasions People Help where customers need it most Known and trusted in the community Systems Supply Chain Suppliers Strategic Overview
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11 Strategic Overview 1 · STRATEG IC AL L Y WE BEL IEVE TH AT 01 Stores remain at the heart of New Zealand retail: 73% of core NZ retail spend is still in store1 02 New Zealand’s geography favours stores: A small, spread-out population means stores remain an important and convenient way to shop 03 2 · WHAT GLOBAL LEADERS ARE DOING Big retailers are investing in stores 650+ Walmart store remodels scheduled this year2 Target: its stores fulfil +95% of sales, including orders placed online2 IKEA: €5bn over three years for new and better stores, including smaller city formats2 In New Zealand: JB Hi-Fi went from 23 to 26 stores in FY26; IKEA opened in Auckland2 3 · THE ROLE OF DIGITAL Customers plan online, buy in store 6 in 10 store sales from customers we know start on our website, app or emails3 Omni channels: customers move between social, our app, website and stores as part of one shopping journey. 04 The right product gives the customer a reason to visit: consumables for frequency, house brands for difference, beauty for next gen 05 Digital discovery is essential to support Win in Store: digital that makes shopping easier and aligns to how our customer shops Our lease profile reinforces our commitment to store: and the need to improve store economics. We must Win in Store 1. Spend % reflects the proportion of Core Retail sales, including Books & Stationery, Furniture, Technology & Appliances, Healt h Goods & Services, Department Stores, Building Supplies, and Clothing & Footwear sectors. Source DOT Loves Data using ANZ card data (adult population 18+, excluding business cards) 2. Sources: Walmart, Apr 2026, Target 10-K FY2025, Ingka Group, Mar 2026, JB Hi-Fi FY26 results, Ikea 1news Dec 2025 3. Sources: 6 in 10 stat from TWL data, The role of physical and digital retail Stores remain at the heart of retail in New Zealand, the world’s biggest retailers are backing theirs, and customers use digital to plan their store visits — Win in store
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12Investor Day 2026 3. GROW A disciplined approach to investing in our store network, proving what works before scaling A scalable concept, proven first New stores in identified white space 2. REFRESH1. GRADE EVERY STORE Restore, Renovate or Reimagine How we invest, store by store Strategic Overview — Win in store
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13 Three brands, a range of formats, and a disciplined prove-before-scale approach. The Warehouse 84 stores Top 10 stores Flagship concept in design Estate refresh Restore and renovate Smaller formats Right sizing stores for the community and catchment Noel Leeming 67 stores Flagship Queen Street now open Suburban & strongholds Refit, relocate and grow Regional Right sizing stores for the community and catchment Warehouse Stationery 68 stores Standalone 26 stores Store-in-store 42 stores inside The Warehouse THE FORMAT RULE Use shared space where it works; standalone elsewhere. Ambition: open 4-5 stores per year over time with a disciplined capital allocation approach and new stores tested against hurdles Strategic Overview Tailor and grow our store network — Win in store
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14 A simpler technology stack, better data and practical uses of AI We are simplifying our systems, improving the quality of our data and using AI where it can make a measurable difference Lower technology cost and complexity but does require investment › Oracle Retail One core retail platform Salesforce One platform for commerce and marketing Manhattan Retained for order management Strategic Overview Consolidate our technology1 OUTCOME Faster, consistent decisions from one source of truth One data foundation One business language One trusted view of performance 2 OUTCOME Improve our data Practical AI embedded across the business Improve product availability Helping store teams find answers Simplifying processes Agentic search optimisation Markdown and pricing 3 OUTCOME Use AI where it adds value › ›› › ›
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15 An unbeatable culture Performance culture Leadership & modern ways of working Investing in buying, planning, merchandising and frontline retail capability and talent to improve execution Building a culture where people understand the strategy, know what's expected, are recognised for their contribution and feel connected to performance Developing strong leadership, succession and capability in new technologies to support productivity and better decision making Critical retail capability Engagement → capability → execution → customer outcomes → performance outcomes Strategic Overview Building the retail capability and culture required to execute the strategy consistently and sustain improved performance
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16 Our ambition To be a highly desired retail stock To build exceptional retail brands that customers love, our people take pride in, and that deliver sustainable shareholder returns Where we play How we win Our purpose Our strategy: build exceptional retail brands Broad value retail The Warehouse Specialty retail Noel Leeming · Warehouse Stationery Future growth New specialty formats · eCommerce · new profit verticals Provide cost-efficient platforms for our brands Develop a pipeline for growth (customers + stores) Disciplined capital allocation Supply chain and sourcing · Technology, data and AI · People and culture · Sustainability Values: Think Customer, Do Good, Own It Strengthen retail discipline Strategic Overview
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17 The path to $100m Stef Knight, Group CFO 17 Section 2
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18 Three levers provide multiple pathways to our $100m target1 Resetting the fundamentals provides the base, with further growth from market share, new stores and new income Operating profit bridge1 $22.6m $100m Target FY26 Actual Optimise the base Growth in existing stores New stores and new income Our target within three to five years Illustrative example of assumptions to get to our target • Grow top-line with a CAGR of ~2.0%. • Margin +150 bps on FY26 • Costs grow slower than sales • Gain share of wallet at 10–15 bps p.a. • Build to 4–5 new stores per annum over time • Retail media uplift 1. The illustrative bridge exceeds the $100m target, so not all of the listed assumptions need to hold true to reach the targ et. Operating profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non -GAAP measure. The Path to $100M The levers add up to more than $100m, so not every lever has to deliver in full
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19Investor Day 2026 The pace depends on the market and our execution 5 Year $100m Economy Stronger consumer demand lifts sales Earlier margin recovery and cost optimisation Store refreshes perform and can scale The Path to $100M Our $100m target. Our target is to get there within three to five years What might mean it takes longer 3 Year What might get us there sooner Our execution › › › Continued tough economic environment Cost pressures remain elevated › › Margin recovery takes longer›
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20 Building the foundations for sustainable growth The reset continues as we invest in the capabilities needed to support growth FY26 FY27 FY28 FY29 FY30+ Stage 1 · RESET Fix the fundamentals Cost, inventory, buying, planning, cash Stage 2 · CONVERT Leverage improved fundamentals Product, stores, brand, availability, digital, services Stage 3 · SCALE Growth from a stronger base Scale revenue growth levers, and strengthen returns WE ARE HERE The Path to $100M
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21 Our top 10 priorities and progress against them These are the priorities we are focused on now, with clear accountability and measures of progress. The top 10 will evolve as we progress and deliver P R I O R I T Y E A R L Y S T A G E E M B E D D E D S C O R E 1 Stabilise and improve the supply chain 5 2 Store refresh programme 5 3 4 4 The Warehouse destinations roll-out 5 5 Supply base strengthening and diversification 4 6 Trusted data and semantic layer 7 7 Store and support office optimisation 5 8 AI-enabled future 5 9 Improve core merchandise systems and process 3 10 Completing ERP transformation (Oracle Retail & Fusion) 8 Scores reflect the current assessment of progress against our objective for the initiative. Reposition House Brands The Path to $100M
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22 How we create sustainable shareholder value Better customer outcomes drive stronger returns, giving us the capacity to reinvest and return dividends to shareholders Three brands One platform Delivering long-term value 1. GMROM, GMROL, GMROI is defined as Gross Margin Return on Metres, Labour and Inventory respectively The Path to $100M BETTER FOR YOU, BETTER FOR ALL, BETTER FOR US Commercial flywheel underpinned by our sustainability strategy Invest with discipline Prioritise investment where we can generate attractive returns Measures: Capex returns · free cash flow · eps Improve productivity Get more from our stores, inventory and labour We Manage to: GMROM · GMROL · GMROI Grow margin & manage coasts Grow gross profit while maintaining discipline on our cost base Measures: Gross margin · CODB % of sales Win with customers More customers choosing our brands, more often, with a stronger mix Measures: Sales · market share · foot-traffic 1 2 3 4 23 4 1
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23Investor Day 2026 The Warehouse 23 Making the desirable affordable for all New Zealanders Mark Stirton, Group CEO Section 3
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24 The Warehouse today: 1.5m Visits every week 84 stores, with 85% of New Zealanders within a 20-minute drive Since 1982 founded by Sir Stephen Tindall, and a Kiwi household name ever since D I D Y O U K N O W ? 54 million sessions were made to The Warehouse website in FY26, alongside ~440,000 app downloads during the period FY26 Overview Sales 59% of the Group $1,774.9m Same-store sales1 52 weeks +0.6% Operating profit2 loss narrowed by $4.7m $(7.5)m Online penetration of sales 4.4% The Warehouse Our largest brand, and our largest opportunity Part of Kiwi life since 1982
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25 Our ambition New Zealand’s #1 retail destination Making the desirable affordable for all New Zealanders Where we play Lead in regional New Zealand Build on our local reach and community connection Lift the urban experience Better stores and more relevant ranges Compete for online growth Drive frequency, deepen engagement and supports win-in-store How we win Better product Relevant ranges and stronger house brands Value customers can see The right balance of price, quality and desirability A better customer experience Clear destinations, local connection and consistent messaging Our purpose The Warehouse: Our Strategy Win in store strategy Creating more reasons for customers to choose us
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26 We now know our customers better than ever Our focus reflects where we have the strongest relationships today and where there is more opportunity G RO W AN D C O N VERT 44% of population M AIN TAIN AN D P R O TEC T 43% of population WIN M O RE O C C ASIO N S Life Jugglers Population 21% Retail spend 47% Our sales 30% What they want Worthwhile value; basics for kids; time-saving convenience Next Gen NZers Population 23% Retail spend 15% Our sales 18% What they want A modern shopping experience; fashion and health & beauty; speed and digital Budget Conscious Population 23% Retail spend 11% Our sales 30% What they want The go-to shop for value; always managing the budget Seasoned Citizens Population 20% Retail spend 6% Our sales 8% What they want Hobbies and gifting; settled, with fewer needs Opportunists Population 10% Retail spend 7% Our sales 11% What they want Quality at the best price; seek out deals Our largest opportunity to win share of wallet - Life Jugglers’ basket size is 20% more than the rest Source: February 2026 customer segmentation study with DOT Loves Data using ANZ card data (adult population 18+, excluding bu siness cards) and TWL internal data. Spend % reflects the proportion of Core Retail sales, including Books & Stationery, Furniture, Technology & Appliances, Health Goods & Services, Department S tores, Building Supplies, and Clothing & Footwear sectors The Warehouse
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27 Life Jugglers and Next Gen NZers are where we will grow Win more visits through relevant ranges, trusted value and a faster, easier shopping experience How our strategy earns the visit: Life Jugglers Win more family missions; kids, family basics, toys Give confidence in value and quality Next Gen NZers Beauty and fashion destinations More modern stores Both: digital that makes trips quicker and easier Average visits a year by segment: Life Jugglers Next Gen NZers 9.1 6.8 The opportunity (illustrative): +1 visit a year from both segments ~$40m Gross profit contribution a year Make the visit easy; availability, navigation, convenience Trend, sharp pricing and social to create discovery The Warehouse Source: February 2026 customer segmentation study with DOT Loves Data using ANZ card data (adult population 18+, excluding business c ards) and company data. Illustrative: annual gross profit contribution if the average Life Juggler and Next Gen NZer makes one more visit a year
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28 Famous, but not yet the favourite To achieve our ambition, we must create meaningful difference Source: Kantar Brand Evaluator study for The Warehouse Group, June 2025. Total sample n=400; The Warehouse aware base n=399. Indices calculated among those aware of each brand; average = 100.. Among the brands measured, The Warehouse recorded the highest Salience and above -average Meaningful, but below-average perceived Difference. © Kantar 2025. Certain statements on this page reflect TWG’s interpretation of the Kantar research rather than specific Kantar measures, including “reasons to visit”, “reasons to talk ab out us” and “we are not giving customers enough of this…”. 1. Simplified illustration based on Kantar data, showing relative positioning only. "Difference built by" identifies attributes associated with perceived Difference and does not establish causation. The Warehouse W H E R E W E S I T T O D A Y1 Meaningfully different Neither The Warehouse Create difference MEANINGFUL → (Value, convenience, community connection) DIFFERENT → DIFFERENCE BUILT BY: • Fresh and exciting product • Inspiring ranges • New ideas • Exciting shopping experiences • Reasons to visit • Reasons to talk about us • We’re not giving our customers enough of this – create difference
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29 Three things working together create difference Product, presentation and messaging combine to give customers a reason to choose us 1 Product strategy Products customers want at prices they value 2 In-store destinations Bringing related products together around a need 3 Customer messaging Giving customers a reason to visit and look again Product strategy Customer messaging In-store destinations Difference Back Country Concept: illustrative design renders, not live or final designs. Investor Day 2026 | The Warehouse
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30 Every category has a clear job to do Some bring customers in more often, some earn our margin, and some are where we can grow. Each is chosen around what our customers want Category Its role for us Why customers come Market1 and competitors2 Our edge and opportunity Grocery Pantry and household Frequency Top up on everyday essentials at a good price, close to home Growing 3% Supermarkets Tier 1 and Tier 2 A value top-up close to home, in every store; not trying to be a full supermarket Toys Traffic and excitement Birthdays, Christmas and pocket money Growing 5% Kmart, Farmers, toy specialists New Zealand’s #1 toy retailer; leads families on to kids’ clothing and party Home Homewares, bed, bath, storage Margin and relevance Making the home look good for less Growing 3% Kmart, Briscoes, Farmers, IKEA Living & Co and other own brands; win back share with our Indoor Lifestyle destination Apparel Everyday clothing and footwear Margin, relevance and frequency Everyday basics for the whole family Growing 2% Kmart, Farmers, Cotton On, Postie Own brands such as H&H and Active Intent; win back share with everyday basics Health & beauty Growth Affordable beauty and new brands to try Growing 10% Chemist Warehouse, Kmart, Farmers New brands and new beauty spaces: our #1 growth destination Sport & outdoors Fitness, camping, fishing, cycle Growth, as a challenger Gear for the weekend and adventures, at a fair price Growing 1% Rebel Sport, Kathmandu, Hunting & Fishing Own brands Backcountry and Active Intent, and stores in every region 1. Market is FY26 spend for the 12 months ending 2 August 2026 across the total retail market in the defined category set. Source: Dot Loves Data (ANZ card spend). 2.. Competitors shown are examples The Warehouse
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31Investor Day 2026 Building product difference Desirable ranges, house brands and clear value at every price point will drive more visits, larger baskets, stronger margin mix and share growth in priority categories R A N G E Curate for relevance Clear category roles, fresher product and ranges built around customer needs. B R A N D S Build brands customers love Distinct house brands with consistent quality, identity and packaging. V A L U E Make value easy to see Good, better, best choices across price, quality and style. The Warehouse H & H and sheets concepts: illustrative design renders, not live or final designs.
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32 ‘Destinations’ will make our priority categories easier & better to shop Bringing relevant products together instore and online around customer needs and occasions, rather than how we organise our categories From how we think Apparel Home Toys Grocery To how customers shop Camping trip Movie night Baby shower Birthday party Be famous for Challenge into Health & Beauty House of Everyday Beauty Indoor Lifestyle House of Style & Comfort Everyday Apparel House of Everyday Value & Style Bring ranges together The Warehouse
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33 Product shown at its best, creating inspiring shopping experiences A clearer, brighter store where product and house brands do the talking – small changes will make a big difference Today: The Warehouse store photography, 2026. Concepts: illustrative design renders, not live stores; final designs may diffe r. TODAY CONCEPT → TODAY CONCEPT → Beauty: our #1 growth destination Active Intent H&H menswear 1 House brands stand alone clearer identity and stronger presentation 2 Outfits, not just rails styled looks make product easier to imagine 3 Value is easy to see Colour, volume and merchandising make the offer obvious 4 Lighter and easier to shop better lighting, fixtures and navigation The Warehouse
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34 Brand and meaningful difference Storytelling that connects and reinforces meaningful difference to drive reappraisal and preference — Create Difference – Customer messagingThe Warehouse Meaningful Difference Heritage and role in communities Fresh style and new brands Above the line In-store & online Brand Long-term platform & connection
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35 Digital sells online and brings customers into our stores Digital plays multiple roles in driving online sales growth, bringing customers into store and providing a connected digital experience Online $78.6m online sales in FY26 • Shop any time, on our website or app • Find products and check store availability • Click and collect the same day In store 6 in 10 store sales from customers we know start on our website, app or emails • Find products faster with the app • Pay quickly at self-checkout • Earn rewards in the app Investor Day 2026 | The Warehouse
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36 Digital sells online and brings customers into our stores Digital plays multiple roles in driving online sales growth, bringing customers into store and providing a connected digital experience FIND IT SEE IT IN STOCK COLLECT IT TODAY 1 2 3 Investor Day 2026 | The Warehouse
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37 10,000 brand advocates Our team are galvanised around The Warehouse turnaround and clear on the role they play to create meaningful difference The Warehouse
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38 Helping Kiwis do their best work Mark Stirton, Group CEO 38 Section 4
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39 85.3 in-store NPS: the highest customer score in the Group (FY26) 68 stores, 42 of them inside The Warehouse 24,000 active business customers on BizRewards (FY26) D I D Y O U K N O W ? Back to School has over 240 schools signed up, with school essentials from just 15 cents FY26 overview Sales +2.5% on 52 weeks1 $227.6m Operating profit2 up 94% $15.9m Operating margin +340 bps, Group best 7.0% Online % of sales 7.1% 1. Comparable 52 week removes the 53rd week of FY25 2. Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non-GAAP measure Our best margin brand with strong growth opportunities Warehouse Stationery For more than 30 years, we have helped Kiwis work, study, create and connect.
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40 Warehouse Stationery: our strategy on a page Our long-term ambition Where we play How we win 1 million customer transactions a month Helping Kiwis do their best work Grow in business Small and medium businesses, served fast and simply Lead in education Long-term school partnerships and all- year essentials Win with consumers Work, study, create and connect To be the one stop shop for work, study, create and connect Unbeatable business offer Education partnerships Expand key categories and services Stores and online Our purpose Warehouse Stationery
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41Investor Day 2026 Two focused growth levers: business and education BUSINESS EDUCATION More SME accounts and more share of wallet Build repeat purchasing through a stronger business proposition, not just transactional stationery sales 1 Dedicated commercial sales Win and manage medium business 2 BizRewards Simpler benefits, member value and personalised engagement 3 Remove buying friction Contract pricing, a better B2B experience and faster fulfilment Long-term school partnerships and recurring revenue Move beyond the Back-to-School peak by becoming a dependable partner for schools, teachers and learners 1 Engage schools earlier Direct account ownership and a larger partnership pipeline 2 Strengthen the offer Educational aids, trusted value and tailored school pricing 3 Make fulfilment reliable Profitable school packs, easy ordering and better DIFOT Ambition: Sales contribution going from ~9% → 15% Ambition: School partnerships going from ~240 → 1,000 Warehouse Stationery Deepening customer relationships to build more recurring revenue
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42 We enrich Kiwi lives through technology Jason Bell, CEO Noel Leeming 42 Section 5
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43 A market-leading brand with a stronger profit base FY26 established a stronger base. The next task is to turn our scale and service advantage into sustained growth and better returns 1,180+ expert team members who help customers choose it and get it working 67 stores, with 85% of Kiwis within 20 minutes 200,000 Visits every week D I D Y O U K N O W ? NZ’s largest technology delivery and installation fleet with over 60 Tech Solutions vehicles and 100 technicians from Kaitaia to Invercargill FY26 overview Sales flat on 52 weeks $1,017.4m Operating profit1 up $10.1m $21.8m Operating margin +100 bps 2.1% Online sales growth 13.1% of total sales +13.2% 1. Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non -GAAP measure. Noel Leeming
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44 Noel Leeming: strengthen the core, grow where we can differentiate Helping Kiwis choose, set up and get the most from their technology O U R A M B I T I O N W H E R E W E P L A Y H O W W E W I N Build towards a sustainable 5% EBIT business, supported by a growing online business We enrich Kiwi lives through technology Lead in retail Technology and home solutions, in store and online Grow services Solving real customer problems, from set-up to repair Win in commercial Education, government and trade Increase attach & conversion Strengthen sales capability and right product mix Services customers value Profitable services that build loyalty and margin Stores and online Sharper execution in store and online, and more stores Optimise cost-to-serve Simplify processes and improve productivity across the network O U R P U R P O S E Noel Leeming
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45 Winning the next generation of technology customers Our opportunity with under-35s is to extend our strength into the technology categories where we have more room to grow Noel Leeming The under 35s – where we want to gain ground Personal audio Mobile Gaming Keep serving the customers who trust us today, while earning more share from the younger generation How will we do this 1 The right products Win back share in categories of audio, mobile and gaming with great products at consistently competitive pricing 2 Stores worth visiting Create hands-on, engaging experiences and bring the same solutions online 3 Brand Tech accessories Build relevance through creators, content and culture
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46 Hands-on stores, built one proven step at a time Customers come to stores to try, compare and get advice. We’re improving the experience, starting where the opportunity is strongest More hands-on in every store • Live audio and gaming demos • Smart home displays • Regular in-store events • More experts at busy times Refresh, add, elevate Drives 1 Improve our best stores Better layouts and more space for what sells Sales per square metre 2 Expand where we see opportunity Smaller stores in regional and suburban locations Mangawhai opens late 2027 Opportunity to return to store growth New customers and reachC O N C E P T 3 Elevate flagships Statement stores that showcase the best of Noel Leeming Queen Street, Auckland, opened September 2026 Relevance with our customer groups Noel Leeming
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47 Anyone can sell technology. Few can make it work for customers. Product and price matter. Our difference is expertise, reach and service Choose Finance Deliver Install Connect Support A transactional Retailer The sale ends at the checkout Product and price Customer takes it from here With retail and commercial customers from choice to support 1,180+ experts, trained in supplier academies Flexible ways to pay Delivery across NZ 60+ Tech Solutions vans We get it connected Help when needed What sets us apart Trusted expertise Customers come to us for help with complex, high- value purchases. National reach Stores, delivery and technicians across New Zealand End-to-end service We stay with customers beyond the sale Opportunity: extend the same capability into broader service and commercial solutions Noel Leeming
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48 The integrated supply chain Lyle Brady, Group Chief Supply Chain Officer Section 6 48 Unlocking our biggest opportunity
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49 Group supply chain Our objective is a highly integrated merchandise, planning and low-cost supply chain to develop and maintain our strong ethical sourcing and sustainability policies Our mandate Build competitive advantage • Use our store network and reach • Compete on speed and cost to serve Enable Win in Store • Deliveries that are easy to handle • Ranges and formats to suit each store Unlock sales • Core lines in stock • Launches, seasons and trend drops on time Protect margin • Lower cost to serve • Less waste and less aged stock Five pillars of focus The integrated supply chain 1 Reset cost to serve Simpler flows, more productive DCs, smarter transport 2 Fix availability where it matters Keep the lines customers come for reliably in stock 3 Build speed for seasonal and trend Shorter lead times, fewer markdowns 4 Segment the network Stock and flow matched to each store’s role 5 One platform, brand-smart Shared DCs, transport and systems; rules by brand
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50 A simpler supply chain will improve availability and lower cost The supply chain has been under-invested in. We are now building the capability each brand needs The integrated supply chain WH E R E WE S T AR T Availability Stock is not always where customers need it Cost Complex flows add handling, waste and cost Responsiveness Long lead times make it harder to match supply with demand WH AT E AC H BR AN D N E E D S The Warehouse Better availability and faster seasonal flow Noel Leeming Accurate inventory and reliable delivery Warehouse Stationery Fast fulfilment for customers and businesses The underlying issue: systems were added over time, but the physical network was not modernised
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51 Three moves to improve availability and cost Better data improves planning, automation improves execution, and simpler flows reduce handling 1 Fix the basics Better information and planning PRIORITIES • Connect suppliers digitally for orders and shipping data • Create consistent product data at source • Move to one monthly plan across merchandise and supply chain OUTCOME Fewer delays and stock that better matches demand 2 Increase automation in the DCs Faster, more accurate fulfilment PRIORITIES • Introduce goods-to-person automation in the North Island DC • Use robotics where the case is proven • Expand RFID and inventory visibility to reduce errors and shrink OUTCOME Lower fulfilment cost and more accurate picking 3 Simplify the flow Use the right route for each product PRIORITIES • Set clearer availability rules for core ranges • Pack selected apparel closer to source • Move suitable lines store-ready with less handling OUTCOME Better availability and fewer markdowns The integrated supply chain
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52 Roadmap progress: We are building a simpler, lower-cost supply chain that supports margin recovery across the Group Done Faster distribution centres Much faster processing in the South Island Smarter forecasting and ordering Built on one set of product data Electronic trading with suppliers Now mandatory for our largest suppliers Automated picking contracted North Island; build under way Deliveries packed for each store Grocery trial: pallets ready for the shelf Under way Automated picking goes live North Island, August 2027 Tracking stock item by item Electronic tags (RFID), brought forward More deliveries packed for each store Extending to apparel and to our overseas hub Fuller trucks on the return journey Collecting from suppliers on the way back Benefits over the medium term Lower cost to get stock to the shelf Less handling from supplier to shelf Less stock lost or damaged Better control from warehouse to shelf Less aged stock Better planning and clearance in every brand → → The integrated supply chain
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53 Section 7 Stef Knight, Group CFO 53 Financials
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54 FY26 provides a stronger base and was a step in the right direction Operating leverage began to restore. Delivering the $100m target means moving from 0.7% operating margin close to 3% Operating margin, FY22–FY26 FY22 FY23 FY24 FY25 FY26 3.8% 2.6% 1.0% 0.0% 0.7% Gross margin 35.3% 33.6% 33.6% 32.2% 32.6% CODB 31.8% 31.0% 32.6% 32.2% 31.8% S A M E- S T O R E S A L E S1 +0.4% O P E R A T I N G P R O F I T2 $22.6m From $1.3m. Margin 0.7% G R O S S M A R G I N 32.6% +40 bps on FY25 C O S T O F D O I N G B U S I N E S S3 31.8% −40bps on FY25 FY26 performance overview The Financials
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55 FY26 cash flow and net debt Strong operating cash flow funded increased capital investment and reduced net debt by $79.1m to $17.0m $96.1m Opening net debt +$193.5m Operating cash flow ($19.4m) Capital expenditure ($94.7m) Lease payments ($0.3m) Other¹ $17.0m Closing net debt Free cash flow1: $79.4m FREE CASH FLOW $79.4m A $124.6m improvement from FY25 AVERAGE DAILY BORROWINGS -45% reduction Against FY25 daily average BANK INTEREST COST $2.7m Reduced 60% on lower debt levels 1. Free cash flow is calculated as operating cash flow less capital expenditure and lease principal payments The Financials
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56Investor Day 2026 Drivers of top-line growth to deliver on our financial target More visits, more of them ending in a sale, and bigger baskets grow our stores. With non-comparable growth adding to that Foot traffic • Brand relaunch • New product, house brands • Destinations, refreshed stores Conversion • Core lines reliably in stock • Stores that are easy to shop • Advice and quick checkout • Better visual merchandising Basket size • Good, better, best ranges • Related ranges side by side • Services and accessories Share in priority categories • Health & beauty, home, apparel • Audio, mobile and gaming • Business and schools New store openings • Ambition of 4-5 new stores p.a • Smaller formats explored • Each approved on its returns Online growth • One journey: store, web, app • Partner sellers add range • Same-day click and collect New profit verticals • Retail media • Mobile (MVNO) • Other category growth opportunities GROUP SALES Ambition to grow sales ahead of the market The Financials
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57 +150 bps gross margin opportunity Target to move from 32.6% in FY26 to 34.1% over three to five years Group gross margin, % of sales 35.3% FY22 33.6% FY23 33.6% FY24 32.2% FY25 32.6% FY26 34.1% Target Three to five years Buy better - est. +40bps Broader sourcing and shorter lead times Sell more at full price - est. +40bps Fewer markdowns and lower shrink Improve the mix - est. +70bps Higher-margin categories and own brands • More space for health & beauty, home and apparel • Own brands: H&H, Living & Co, Active Intent • Grocery as a value-led top-up • Everyday value, with fewer, sharper promotions • Better product and destinations worth full price • Faster supply and smarter clearance tools The Financials • More sourcing partners • Buy closer to the season; repeat the winners • Lower landed cost through consolidating hubs
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58 CODB1 to grow slower than sales, with continued discipline Important to maintain discipline and relentlessly seek opportunities for further improvement to be an efficient retailer The Financials Cost of doing business1, % of sales 31.8% FY22 31.0% FY23 32.6% FY24 32.2% FY25 31.8% FY26 Below 31% Target Three to five years Maintain the support office reset Support costs growing below inflation • Savings from our TCS partnership held • Fewer technology platforms and licences • Improved operational efficiency and ways of working Run stores more productively Labour matched to customers and workload • Rosters set by customer demand, store by store • Simpler store tasks as stock flow improves Lower the cost to serve A simpler, more automated supply chain • Simpler stock flows, planned through RELEX • Goods-to-person automation in our North Island DC Optimise occupancy costs Every lease decided on store returns • Resize, reshape or release space at renewal • Lower non-labour running costs in store 1. Cost of Doing Business (CODB) excludes the impact of NZ IFRS 16, unusual items, and is a non -GAAP measure
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59 Capital expenditure: a disciplined step-up, led by stores Capital expenditure of $40–60m a year, prioritising stores and core infrastructure, with growth investment released selectively and funded from operating cash flow Capital expenditure, $m 113.2 FY23 39.0 FY24 12.4 FY25 21.1 FY26 $40–60m 1,2 a year Target range Invest for growth & improvement Released selectively against clear investment hurdles Maintain the core c.$25m Keeps stores, systems and DCs in good order How we keep disciplined Funded from cash flow. Strong cash flow generated in FY26 with continued growth expected through earnings and working capital unlocks Core before growth. Stores, systems and supply chain kept well invested first Capex range: is dependent on earnings, cash flow and managed by hurdles ESTIMATED SPLIT OF SPEND c.50% Stores c.20% Technology & digital c.20% Supply chain c.10% Growth options 1. Dash area represents a target range from $40m to $60m per year 2. Depreciation and amortisation excluding leases (NZ IFRS 16) was c.$54m in FY26. Capex has run below depreciation since FY24; the target range returns it to around this level. The Financials
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60 Capital follows returns We fund investments in stages and release more capital only when the case is proven Hurdles as part of business case assessment Payback period Target < 3 years (for new store growth) NPV Positive NPV for the asset life or lease term using approved discount rate plus risk factor Evidence Results from trials or comparable investments, such as the first refreshes and flagship Operational readiness Delivery capacity and readiness to execute Strategic fit Every case must be aligned to strategy Post-investment review Performance reviewed against the case before further roll-out The Financials 1 BUSINESS CASE One case per store or project. Data driven decisions 2 HURDLES TESTED Return, payback, evidence, fit and readiness 3 APPROVAL Investment Committee, then the Board, case by case 4 STAGED RELEASE Capital released one stage at a time: prove, scale, roll out 5 REVIEW Results checked against the case before the next stage is funded
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61 Capital management framework How we allocate cash - invest in the core, pay a sustainable dividend, then fund growth where returns are proven, while targeting a modest net cash position2 Strong brands Lower operating costs Better inventory and working capital More productive stores 1 Strong operating cash flow generation1 Capital investment $40-60m invested in Store refresh, systems, supply chain 2 Pay a sustainable dividend (50-70% of adjusted NPAT) – a revised policy see next slide 3 Available cash flow Maintain balance sheet flexibility Capacity to invest through the cycle 4 Return excess capital When the business can support it 5 Our capital priorities 1 Generate cash execute the strategy and improve cash conversion 2 Capital investment invest in stores, systems and supply chain in a disciplined way aligned with strategy 3 Pay a sustainable dividend consider cash flow and operating conditions and subject to Board approval 4 Maintain flexibility keep capacity to invest through the cycle 5 Return excess capital consider additional returns where appropriate. Longer term objective 1. Operating cash flow for purposes of this framework includes all lease payments - it will not tie back to operating cash flow und er IFRS 2. Excluding seasonal working capital movements The Financials
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62 A revised dividend policy supporting sustainable shareholder returns Revised Dividend policy: The Board targets an annual ordinary dividend payout ratio of 50% to 70% of adjusted NPAT1. In determining any dividend, the Board will have regard to the Group’s earnings and outlook, free cash flow generation, trading and market conditions and balance sheet and liquidity position. The Board retains discretion to determine a payout outside the target range, or not to declare a dividend, where circumstances warrant. All dividends remain subject to Board approval. Note: The Group’s previous policy was to distribute at least 70% of adjusted NPAT subject to considerations and Board discretion. An annual ordinary dividend payout target of 50% to 70% of adjusted NPAT, with flexibility across the retail cycle Intention to resume dividends: The Board’s current intention is to consider resuming dividends for the FY27 year, subject to market conditions, the Company’s financial performance and Board approval. 1. Adjusted NPAT is from continuing operations before unusual items and is a non -GAAP measure. A reconciliation between Adjusted an d Statutory NPAT is located in Note 5.0 of the financial statements. 2. At 2 August 2026. Subject to shareholder continuity. Not an indication of dividend timing or amount. The Financials Note: While the Group uses available tax losses, it expects to pay minimal tax. The existing imputation credits can fully impute around 80 cents per share of future dividends. 2
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63 How we will measure our progress: We will report these measures every half to show our progress against our three to five year targets and explain the key drivers of performance Measure Type FY26 Our three to five year Targets1 Operating profit1 FINANCIAL $22.6m $100m Gross margin FINANCIAL 32.6% >34.1% Cost of doing business2, % of sales FINANCIAL 31.8% <31.0% Ordinary Dividends FINANCIAL 0 cents per share Sustainable consistent dividend within 50 – 70% of adj. NPAT Market share of core retail OPERATIONAL -50 bps vs FY25 +50 bps Same-store sales OPERATIONAL +0.4% +2% CAGR Inventory health: stock turn and aged stock OPERATIONAL 4.7x; 21.8% >5.0x, <15% New store growth programme OPERATIONAL 217 stores Open 4-5 stores per annum from year 2 Foot traffic (Group) CUSTOMER 90 million 100 million Group eNPS PEOPLE 25 >50 1. Operating Profit (EBIT pre-IFRS 16) excludes the impact of NZ IFRS 16 and unusual items and is a non -GAAP measure 2. Cost of Doing Business (CODB) excludes the impact of NZ IFRS 16, unusual items, and is a non -GAAP measure The Financials
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64 In summary A clear target and ambition, a credible pathway and disciplined capital allocation What has changed – better retail execution on better foundations • We see our customers clearly and this informs us moving forward • Determination to deal with retail fundamentals • The store is our North Star, and digital makes it stronger A $100m target, with a credible pathway $100m operating profit within three to five years with multiple levers to help us reach it Disciplined capital allocation, with a clear path to shareholder returns Our stronger balance sheet and revised dividend policy support sustainable shareholder returns Close
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65 Thank you for joining us We welcome your questions
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66 Important information Please read this notice before the rest of the presentation. It applies to the presentation, the speeches and any Q&A. About this presentation. This presentation has been prepared by The Warehouse Group Limited (TWG) for its 2026 Investor Day on 2 November 2026. It contains summary information only and should be read with TWG’s FY26 Annual Report and FY26 results announcement released to NZX. Forward-looking statements. This presentation includes forward-looking statements, including the $100m operating profit target and the three-to-five-year timeframe over which we are aiming to deliver it. Such forward-looking statements are based on the beliefs of and assumptions made by TWG along with information currently available at the date of this presentation. Any forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond TWG’s control. Actual results may differ materially. TWG gives no representation, warranty or assurance that actual results or performance will not materially differ from the forward-looking statements, and undue reliance should not be placed on such statements. Factors that could cause actual results or performance to differ materially from those expressed or implied in the forward-looking statements include the outcome of TWG’s anticipated growth and/or cost reduction strategies, economic conditions, competition, and other factors or trends affecting the retail industry, along with the risks detailed in TWG’s filings with NZX from time to time. Except as required by applicable law or the NZX Listing Rules, TWG disclaim any obligation or undertaking to update any information in this presentation. A target, not guidance. The target of $100m of operating profit within three to five years is not a forecast, a projection or earnings guidance, and there is no commitment to achieve that target within that timeframe. Route-model figures, ranges, bridges, paths and sensitivities are illustrative arithmetic based on the assumptions stated in this presentation. Nothing in this presentation updates the outlook given with the FY26 result. Non-GAAP financial information. A number of non-GAAP financial measures are used in this presentation. Although TWG believes the non-GAAP financial information and financial measures provide useful information to users in measuring the financial performance and condition of TWG, you are cautioned not to place undue reliance on any non-GAAP financial information or financial measures included in this presentation. Operating profit is EBIT pre-IFRS 16 and before unusual items. CODB, free cash flow, like-for-like and same-store figures are non-GAAP measures. FY25 had 53 weeks; like-for-like comparisons use 52 weeks. Figures may not add because of rounding. Third-party data. This presentation includes data from Dot Loves Data (ANZ card spend), Kantar and AutomateX, used with permission. TWG has not independently verified this data and makes no representation as to its accuracy or completeness. Kantar research is included solely for TWG’s Investor Day presentation and must not be reproduced or used for any other purpose without Kantar's prior written consent. Kantar has not prepared, verified or endorsed any financial information, targets, forecasts or forward-looking statements contained in this presentation. Any titles, interpretations, conclusions or forward-looking statements added by TWG are its own and should not be attributed to Kantar. Kantar research is provided for information only, must not be relied on as investment advice or as the basis for any investment or commercial decision, and Kantar accepts no liability for any such reliance by third parties. Not an offer or advice. This presentation does not constitute financial, legal, investment or tax advice, or an inducement, recommendation or offer to buy or sell any securities in TWG. It does not take into account any person's investment objectives, financial situation or needs. Disclaimer