Today’s Agenda

1. Today’s Agenda • YTD performance and year-end • Capital structure, and how we will fund growth • Stakeholder relations • Hellaby interaction with subsidiaries • Inter-company opportunities, leveraging off the Hellaby value- chain • Growth opportunities – subsidiaries changing gear • Strategic/business planning timeline/process for subsidiaries • Hellaby strategy 9. Other things you would like to raise

2. YTD performance and year-end

3. Hellaby Group Operating Result September 2010

4. YTD performance and Year-end

5. Profit Comparison

6. ROFE

7. Capital structure, and how we will fund growth

8. Westpac Debt Hellaby – stated maximum gearing ratio 45% (Debt : Debt + Equity)

9. Westpac Banking Covenants ICC target > 2.5 (EBIT : Funding Costs) Debt cover target < 3.0 (Total Debt : EBITDA)

10. Project Acorn • 3 : 7 pro-rata renounceable rights issue • $1.30 issue price • Interest expense saving in FY2011 $950k • Underwriting - Castle • - Forsyth Barr • - Sub-underwriters • Outcome • Raised $28.4 million (less costs) • Rights traded at 50 cents • Oversubscriptions facility • 3,570 (46.4%) of 7,700 shareholders took up entitlement • 19.1 million (87.3%) of 21.8 million rights were taken up (prior to oversubscriptions)

11. Capital Notes 5 year subordinated capital notes created 18 May 2006, maturing 15 June 2011 8.50% coupon rate, paid quarterly in arrears Funded BBQ Factory ! 1,300 note holders Advised market did not intend converting to shares 7 July 2010 Rationale for redeeming / options Interest expense saving in FY 2011 $950k

12. Capital structure and how we will fund growth • Working capital – still the cheapest option • Bank debt – have significant headroom in existing facilities and covenants • Equity raising - Project Acorn very successful - could raise $20m -$25m any time in next 6-24 months • Alternatives include placement, rights issue, SDP, combination • Senior bonds or other instrument – capital notes repaid on 15 December 2010

13. Stakeholder relations

14. Stakeholder relations Significant management focus Rebuilding investor confidence  share price and funding flexibility More proactive communication of ‘Hellaby story’, performance and strategy Total shareholder return (TSR) superior to NZX50 TSR up 39.5% last year; up 40% YTD

16. Spread of Hellaby Shareholders • Average shareholding 9,441 (excluding Castle average is 6,566) • Minimum holding per NZX is 200 shares • 279 shareholders holding 30,660 shares - minimum holding

17. Top 20 Hellaby Shareholders

18. Dividends • Previous approach to paying dividends • Current policy to pay 50% of NPAT, imputed where able • 5 cps dividend payable 12 November 2010 • Interim dividends Dividend History

19. Dividend Reinvestment Plan Introduced March 2006 Strike price = VWAP – dividend – 5% discount 30 – 35% uptake Castle pro-rata participation

20. Hellaby interaction with subsidiaries

21. Hellaby interaction with subsidiaries Statement of Intent good reference point Respective Hellaby roles Effectiveness of monthly reviews Growth now a key agenda item What can Hellaby do better or differently with subsidiaries? Talent development programme

22. Intercompany opportunities, leveraging off the Hellaby value-chain

23. Intercompany opportunities How do I organically grow my business? - Customer clusters How do I grow Hellaby business ? - Opportunities identified Think services as well as customers !

24. Growth opportunities – subsidiaries changing gear

25. Executing profitable growth – ‘changing gear’ Hellaby very serious about profitable growth Arguably bigger challenge for CEOs than turnaround Subsidiaries must compete for capital, justify projects and expenditures, obtain buy-in for strategy and direction Is your business committed to driving profitable growth?  will revenues therefore exceed budget? Do you each have a clear plan?

26. Strategic / business planning timeline / process for subsidiaries

27. Business Planning Review • New process in Hellaby – moving from “panel beating” to “growth” • Part of strategic framework agreed with Board • Timing • Info request / topics for discussion to CEO’s by mid December • Workshop with each CEO and relevant senior team members first half of February • Market assessment in put into early budgeting process • Strategic options (as relevant) into budgeting process by late April • Resourcing • Lead by Greg • Support from John, Neil and Richard • Looking for growth  Subsidiary EBITDA $50m in FY2012

28. Business Planning Review • Overview of process • Start with assessment of market environment • Build assessment of each subsidiary’s: • Environment • Competitive forces • Industry structure • Opportunities and threats • Capability  Strategic position • Identify and evaluate options • Implementation • Review and repeat update 12 monthly • Deliberate strategy and superb execution = superior returns

29. Hellaby strategy

30. Hellaby strategy – ‘buy build harvest’ • Strategic framework development – two distinct investment portfolios • Core investment portfolio  specialised ‘core’ sectors / divisions  sectors may migrate over time  ultimately trans-Tasman • Generator Fund • Expansion capital portfolio • Co-investor partnerships in strong SMEs • Agnostic about investment sectors • Portfolio will change over next 3-5 years

31. Other things you would like to raise

32. Risk Framework Stage 1 D Lucas Exercise (Complete 2009/10) • Identify risks • Assess the risk value • Matrix Stage 2 Quantate (Start Oct 10) • Set up Quantate from the D Lucas exercise • Handover with basic definitions and training given (Nov & Dec 10) • Subsidiaries to complete their set up and to review risks uploaded into Quantate • Board report limited to matrix and a description of the top risks (with the first report due 14th February 2011 & the second on the 13th May 2011) Stage 3 Expand Risk Management (Start at the Finance Workshop) • Add mitigating controls • New Board report developed (due with July 10th day reporting, and quarterly thereafter)