CEO ADDRESS TO ANNUAL MEETING OF SHAREHOLDERS

Posted on 02/11/2022

10am Wednesday, 2 November 2022, Front + Centre, Corner Tory & Tennyson Streets, Wellington NZ, and online / virtuallyAndrew Jefferies - Chief Executive

10am Wednesday, 2 November 2022, Front + Centre, Corner Tory & Tennyson Streets, Wellington NZ, and online / virtually
Andrew Jefferies - Chief Executive

Tena koutou, Tena koutou, Tena koutou katoa.

Greetings and G’day.

Welcome all joining both in person, and virtually.

Introduction

It's great to address you all after a year of solid progress. First up I would like to set out how we have been able to grow the business and take a look at some of the projects we have ahead of us and why we are doing them. Finally, I’ll ruminate on the energy market and talk about what we have been doing in the sustainability space.

Weaving through the story this year are some red threads:

• You, our shareholders, have supported our strategy and now we are seeing it come to fruition and given time we should see this reflected in our share price.
• It is exciting for us that our growth strategy has been validated through increased production.
• Demand is high for our products and supply is limited so the market has responded and prices are up. This has exceeded our expectations. The Joint Ventures we are in made good investments in their respective development projects in both New Zealand and Indonesia.

Our current good fortune reminds me of a story once told by the great golfer, Gary Player:

"I was practicing in a bunker down in Texas and this good old boy with a big hat stopped to watch. The first shot he saw me hit went in the hole. He said, “You got 50 bucks if you knock the next one in.” I holed the next one. Then he said, “Double or nothing if you hole the next one.” In it went. As he peeled off the bills he said, “Boy, I’ve never seen anyone so lucky in my life.”
And Gary Player shot back, “Well, the harder I practice, the luckier I get.”

The moral of the story for us is making good strategy decisions, and relentlessly focusing on executing that strategy, brings good fortune.