NZ King Salmon (NZK) – 2017 Annual Shareholders’ Meeting

Annual Shareholders’ Meeting
7 November 2017
NEW ZEALAND KING SALMON – 2017 ANNUAL SHAREHOLDERS’ MEETING
The attached presentation will be given at New Zealand King Salmon Investments Limited’s Annual
Shareholders’ Meeting starting at 1:00 pm today in the Wairau Room, Marlborough Convention Centre,
42A Alfred Street, Blenheim.
 2017 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting – Chair
and Managing Director’s Address
 2017 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting –
Presentation

ENDS

Contacts
Grant Rosewarne, Managing Director and CEO, New Zealand King Salmon Investments Ltd
email: grant.rosewarne@kingsalmon.co.nz

About New Zealand King Salmon
New Zealand King Salmon is the world’s largest aquaculture producer of the premium King salmon
species. We operate under our four key brands: Ōra King, Regal, Southern Ocean, and Omega Plus,
and the New Zealand King Salmon label. We have been growing and selling salmon to consumers for
more than 30 years. Today we employ more than 400 people. More information can be found at
www.kingsalmon.co.nz

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Annual Shareholders’ Meeting
7 November 2017
Address by the Chair: John Ryder
[SLIDE 2: AGENDA]
My name is John Ryder. I’m Chairman of New Zealand King Salmon and it’s my pleasure to welcome
you all to this, the inaugural annual meeting of the company as a publicly listed company.
Some housekeeping matters before we start. Firstly, I would like to remind you, as a matter of courtesy,
to turn your mobile phones to silent. If there is an emergency and we need to leave the venue please do
so through the marked exits. The assembly point is [outside].
I am pleased to confirm that we have a quorum and therefore declare the 2017 Annual Shareholders’
Meeting of New Zealand King Salmon Investments Limited open.
The items of business for this meeting and the resolutions to be considered by shareholders are
contained in the Notice of Meeting which was sent to shareholders on the 16
th
of October.
The order of proceedings today is that I will briefly comment on the highlights of the last 12 months
followed by an address by Grant Rosewarne, our CEO and Managing Director. We will then attend to
the resolutions. While voting is taking place there will be an opportunity for you to ask questions. We
will conclude with an opportunity for you to raise any matters of a general nature.
In terms of the formal business, we will cover each resolution in turn and invite questions specific to
those items. It will then be time to vote on the resolutions. I will outline the process for the discussion
and voting on the resolutions at that point in the agenda.
At the close of the meeting we hope you will join us for refreshments.
I would like to introduce my fellow Directors – they are:
 Grant Rosewarne, Managing Director;
 Thomas Song, Non-Executive Director;
 Jack Porus, Non-Executive Director;
 Mark Hutton, an Independent Non-Executive Director;
 Paul Steer, an Independent Non-Executive Director; and
 Xin Wang, a Non-Executive Director.
I would also like to note that members of New Zealand King Salmon’s management and staff are in
attendance as well as our external auditors, Ernst & Young.
[SLIDE 3: CHAIRMAN’S REVIEW]
Last year represented an exciting step forward for New Zealand King Salmon. On 19 October 2016,
shares in New Zealand King Salmon Investments Limited began trading on the Main Board of the New
Zealand Stock Exchange, as well as the Australian Securities Exchange. Our listing provided us with an
opportunity to raise $30 million in capital to pursue our growth strategy, but also provided an opportunity
for all New Zealanders to take a stake in the success of our business, and we were delighted to see

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nearly 400 residents of the Top of the South take advantage of the opportunity to invest via the priority
pool allocated for locals.
The listing also provided an opportunity to sell a strategic parcel of New Zealand King Salmon shares to
China Resources, a very large and influential business with strong ties to China including retailing of
premium food products. This strategic partnership has enabled a re-commencement of sales to China
which we expect will continue to grow.
We are pleased to report that since listing, the business has traded well. In July 2016 we began
harvesting fish from our Waitata sea farm, the first of our three new sea farms. This was followed up by
initial harvesting at our Ngamahau sea farm, the second of our new sea farms in December 2016. Initial
harvests from the last of our new sea farms, Kōpaua, are expected to take place in mid-2018.
Fish from the new farms are exceptional, with good size and flesh characteristics, with many fish
meeting our discerning criteria for our ultra-premium branded salmon, Ōra King.
The business also delivered a very pleasing financial result, with all financial performance metrics ahead
of our IPO forecasts. This enabled the company to pay a larger than forecast dividend to shareholders.
We take best-practice corporate governance very seriously at New Zealand King Salmon and this year
was no exception:
 We under took a Sustainability Materiality Review and expect to produce our inaugural
Sustainability Report later this year.
 We moved towards best practice Corporate Governance reporting within our Annual Report;
and
 Whilst the Board is confidence that it has the right mix of experience and skills to take the
company forward, we are continually evaluating the performance of the Board including
identification of skill gaps. Where skill gaps are identified, we will consider these when making
future Director appointments, however locating directors with complementary skills and
specialist knowledge can take time.
Finally, I would like to acknowledge the commitment of the team to delivering on excellent shareholder
communication. As a Board we are focused on providing comprehensive, transparent, and timely
communications to our shareholders.
I’ll now invite Grant Rosewarne to address you. At the conclusion of Grant’s presentation we will move
to the formal business of the meeting. While voting is taking place you will have an opportunity to ask
questions. We ask please that if you have a question you save it for this time.

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Address by the Managing Director: Grant Rosewarne
[SLIDE 4: MANAGING DIRECTOR’S REVIEW]
Thank you John, and good afternoon ladies & gentlemen. In this section of today’s presentation, I will
be covering:
 Key highlights from our FY17 year.
 An overview on our approach to Sustainability
 An overview of the financial performance of the business during FY17.
 An update on our business and strategic initiatives.
 An update on our operational performance metrics.
 And conclude with some commentary surrounding the outlook for the company.
[SLIDE 6: FY17 HIGHLIGHTS]
As John touched on in his opening address, we consider last year’s IPO to be a resounding success for
the business. Not only did we raise capital to help us in pursuing our growth objectives, but we
welcomed the strategic addition of China Resources as well as improving our social licence by enabling
all New Zealanders to participate in the growth of New Zealand King Salmon.
We were also very pleased to deliver a financial result that exceeded expectations. All financial metrics
were ahead of our IPO forecasts, and our key performance metric, Pro Forma Operating EBITDA, was
35% ahead of FY16 and 13% ahead of our IPO forecasts at $21.6 million.
Our stronger than expected performance enabled us to declare and pay a larger than forecast dividend.
Total dividends paid in respect of the FY17 year were 5.0 cents per share, which included ordinary
dividends of 4.0 cents per share and a special dividend of 1.0 cent per share. In total the dividends paid
were 39% ahead of the level of dividends forecast in our Product Disclosure Statement.
[SLIDE 7: FY17 HIGHLIGHTS (continued)]
We are uncompromising on our commitments to improving health, safety and wellness outcomes for our
team members. During the year we achieved pleasing improvement in key Health and Safety metrics.
Specifically, our lost time injury frequency rate (or LTIFR) was down from 28.3 last year to 18.5 this year.
Our ACC compensation “days off” were also down substantially from 425 during FY16 to 110 days
during FY17. Continuing to improve on these metrics is a key focus for the team and your Board.
Total sales volumes were up 18% on FY16 to 7,223 MT. Sales volumes were also 4% ahead of our IPO
forecasts.
Sales growth was recorded for all regions, but most notably we experienced large increases in sales to
North America – which was up 38% on last year, Australia – up 18% on last year, and domestic sales
which were up by 11% on last year.
Sales of our ultra-premium branded salmon, Ōra King, were up 27% on last year and 5% ahead of our
IPO forecasts.
Our branding strength is a critical component to value growth. Our ultra-premium foodservice brand Ōra
King, and our premium retail brand Regal have strong customer awareness and gravitas amongst
consumers. Our branding strength supported increased average sales prices for all key sales regions.
Of particular note were the sales price increases achieved in both domestic and Australian sales.

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Our attention and increased focus on fish performance would appear to be showing results, with this
also aided by a mild summer. Survival improved with mortality down to 8.5%, and FCR improved to
1.84.
During the year we were excited to be awarded our 3rd ‘Best Aquaculture Practice’ star by BAP.
[SLIDE 9: SUSTAINABILITY]
Operating sustainably is critically important to us. Our activities depend critically on the environments in
which we operate, the communities we live in, and the people who care for our salmon and products.
We have always tried to be leaders in our field for sustainability and to this end have been awarded BAP
stars and the ‘Best Choice’ for sustainably caught seafood from the Monterey Bay Aquarium. In the past
our efforts and focus on sustainability has centred around our seafarm activities.
During FY17 we commenced an exploration into what a broader approach to sustainability should look
like across our business and hope to publish our inaugural Sustainability Report at the end of 2017.
We are committed to five of the UN sustainable development goals, as noted on the right hand side of
this slide, where we believe we can make a positive difference.
As mentioned on the previous slide, we were pleased to have been awarded our 3rd BAP star during
FY17. This star covered our hatchery activities, and now means that we have stars for hatcheries,
seawater and processing. We are now focused on achieving a fourth and final star for feed, and are
working with our feed suppliers to achieve this.
[SLIDE 11: SUMMARY FINANCIAL INFORMATION]
The table on this slide summarises our key financial information for the FY17 period. We are very
pleased to report results that exceed our IPO forecasts in all respects.
As shown in the table, volumes sold were 4% higher than forecast, a function of lower mortality and
good performance from new sea farms. This, coupled with price improvements, led to an increase in
revenue, 5% higher than forecast. In addition to increased revenues, margins were positively influenced
by the lower mortality result and price improvements, which gave rise to a Pro Forma Operating EBITDA
result for the full year of $21.6 million, 13% ahead of our IPO forecast.
[SLIDE 12: BALANCE SHEET]
We continue to be in a strong financial position, with a net debt-free cash position at year end and
funding facilities available to fund growth.
Timing of our capex projects did result in a lower level of capex spend through FY17 than provided for in
our IPO forecasts, however we expect that there may be some “catch-up” during the FY18 year.
[SLIDE 14: BRANDED PREMIUM POSITION CONTINUES TO GENERATE STRONG DEMAND]
We are continuing to invest and focus resource to improve our branded position including marketing
campaigns and better resourced sales activity. We are seeing strong demand for our products both
domestically and offshore.
A key plank to our strategy is to leverage our customers’ menus as a form of advertising for our salmon.
To this end we are now featured on the menus of more than 850 restaurants globally. This is up
significantly from the 400 restaurants noted at the time of our IPO.
Regal continues to be a very strong brand domestically, with brand awareness of 85%. Developing
sales for Regal offshore is a current focus.

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We are also pleased to announce our refreshed corporate logo which was recently unveiled. Our
modernised logo coupled with updated corporate imagery as shown throughout the slide pack, are a
part of our broader strategy to increase and improve engagement with our stakeholders. It is also a part
of our commitment to ‘create the ultimate salmon experience’ in everything that we do.
[SLIDE 15: MPI CONSULTATION PROCESS]
Most of our stakeholders will be aware of the MPI proposal to relocate up to six of our salmon farms (a
total of 9 surface hectares) from their historic locations to higher water flow sites.
If this process results in some or all of our farms being relocated we make the following comments:
 The first harvest from any relocated farms would be unlikely to be prior to the FY20 year.
 The higher flow sites should permit an overall increase in the volume of salmon harvested in
addition to improved environmental outcomes.
 Each site would require an investment in pens and barges that are suitable for high flow sites,
which is indicatively assessed at $6m per farm – or a maximum total expenditure of $36m if all
proposed relocations are approved. We are confident that increased volumes readily justify the
associated investment.
If the process results in none of our farms being relocated, our assessment of a worst case scenario is
that our total production might be lowered by 700-750 MT in the event that we were unable to renew one
of the sea farm consents at expiry. We note that we have successfully renewed all consents in the past.
To date we have invested around $1.2m in this process during FY16 and 17; we do not anticipate further
material spend to complete the project.
At this early stage, it is not possible to say what effect, if any, the change of government has had on the
MPI process.
[SLIDE 16: OMEGA PLUS – PREMIUM PETFOOD]
Work continues to progress well in developing our salmon petfood range: Omega Plus. We are now
stocked in approximately 90 supermarkets throughout the country. The Omega Plus team intends to
launch new SKUs in the upcoming months and continue to achieve deeper penetration in the category.
Sales are growing well albeit off a low base and we note that Omega Plus remains in its early stages of
development.
[SLIDE 18: SALES BY MARKET - DOMESTIC]
We experienced a larger than forecast uplift in domestic sales during FY17, which was particularly
notable in retail sales where we experienced a 24% increase in volume.
This partly reflects better availability of our salmon after being supply constricted in recent years whilst
awaiting production from new farms. It also reflects our desire to grow the domestic salmon category
and ensure that our products are available to all of our stakeholders. This is important for our social
license to operate.
Our market share of domestic salmon products also increased, with our volume growth outpacing that of
the overall market. We have seen consumers prefer King salmon to imported alternative salmon
products.
Branding visibility on fresh salmon sales remains a key opportunity and we are focused on improving
branding control through to the final consumer.

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[SLIDE 19: SALES BY MARKET - EXPORT]
The chart on the left hand side of this slide shows the continued success we are having in driving sales
growth to North America. Volumes sold were up a staggering 38% to more than 1,700 metric tonnes.
Ōra King is now used by more than 800 restaurants in the United States, and we have also commenced
retail sales to this region.
We are pleased to have recorded sales growth in all other export markets, with volumes to Australia
performing strongly. This market was influenced by internal market supply constraints. We also
achieved a significant increase in the average sales price of Australian bound salmon and are continuing
to improve returns from this market through price rebalancing.
Sales to Asia were partly assisted by increases in sales to China, albeit on initial small volumes and off a
low base.
Japan and Europe also noted increases. European sales grew by less than anticipated reflecting delays
in the implementation of our single harvest method that have now been addressed.
[SLIDE 20: ŌRA KING BRANDED SALES]
We had another successful year in growing sales of our ultra-premium branded salmon, Ōra King. Total
volumes sold were 27% higher than FY16 and 5% ahead of our IPO forecasts.
The increase in sales reflects a higher proportion of eligible fish, with larger fish being harvested from
our new sites as well as our focus on branding campaigns and better resourced sales activity.
[SLIDE 21: FISH PERFORMANCE]
We are pleased to announce an improvement in all fish performance metrics over FY16 and an
improvement in most metrics over our IPO forecasts.
The most notable improvement was in our mortality rate, which at 8.5% was materially below the FY16
mortality rate of 13.7% and significantly below our IPO forecast mortality of 11.0%. The improvement in
mortality can be ascribed to a range of factors including better performance from low flow sites,
improved diets – especially around the summer diet, improved hatchery practices which have enabled
us to put bigger and more robust smolt to sea, and a more benign summer. The improved mortality
result enabled us to achieve a larger harvest and have a higher closing livestock biomass – putting us in
good stead for the FY18 year.
Our feed conversion ratio improved from 1.91 to 1.84. FCR is a key focus for our team who are working
with feed suppliers to configure a diet that is optimally suited to the King Salmon species. We believe
that with ongoing attention to this metric we will be able to achieve the 1.76 IPO target in time (fish size
being equal).
[SLIDE 23: OUTLOOK]
As a result of strong first quarter trading results, we are pleased to have raised our FY18 Pro Forma
Operating EBITDA guidance to between $24.5 million and $26.0 million. This compares to our original
PFI forecast for FY18 of $22.4 million.
Last year’s unseasonably mild summer and the increased use of premium diets saw an increase in
survival and strong fish growth. This has raised the volume outlook for FY18 to approximately 8,000 MT
as opposed to our PFI forecast of approximately 7,500 MT.

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Pricing remains solid in all markets. Feed prices are also significantly lower than forecast for the first
half of FY18, although this benefit is not expected to persist into the second half, due to the use of
premium summer diets.
Based on current trading performance the result for the first half of FY18 is expected to be materially
above the prior comparable period with the split of earnings between the first and second half expected
to differ markedly to FY17.
Beyond FY18, your company continues to focus on innovation and improving to deliver better future
performance. We are creating significant international demand for our premium seafood which is
supported by solid domestic demand growth.
Our petfood range provides a valuable pathway to improve whole-of-fish returns.
Strong demand which is running ahead of our ability to supply supports opportunities for gradual and
ongoing price increases.
We are seeing pleasing results from initial harvests from our new farms with further volume to come
online over coming years.
We saw a good improvement in fish performance metrics which we hope to build on in future periods.
The recent Government announcement regarding increases to the minimum wage over the next few
years is not expected to have any material impact on our business, as our base pay rates are currently
well above minimum wage and moving towards a Living Wage.
Finally, your Board believes that the sales and harvest remain on track to achieve the FY2021 projection
of around 9,500mt outlined in the PDS at the time of our IPO, excluding any benefit of site relocations.
That concludes my presentation, I will now pass back to John for the Ordinary Business and
Resolutions.

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Address by the Chair: John Ryder
[SLIDE 24: ORDINARY BUSINESS AND RESOLUTIONS]
Thank you Grant.
We will now move to the business of the meeting and the procedure for this part of the meeting. All
items of business are ordinary resolutions and are required to be passed by a simple majority of votes.
The resolutions that we will be voting on today are as follows:
 Resolution 1: Authorisation for the Directors to fix the auditor’s remuneration for the coming
year.
 Resolution 2: Re-election of Paul Steere as a Director.
 Resolution 3: Re-election of Jack Porus as a Director.
 Resolution 4: Election of Xin Wang as a Director.
 Resolution 5: Increase of Directors’ fee pool.
Current best practice for Shareholder voting is by way of poll. Accordingly, in my capacity as Chair I
require that a poll be held for each of the resolutions.
Shareholders who are entitled to vote and proxies who have discretion as to how they vote have
received a Voting / Proxy Form when they registered upon arrival at the meeting. If you completed a
postal vote, you do not need to complete another Voting / Proxy form.
If you have not received a Voting / Proxy form, please go to the Computershare desk at the back of the
room where their representatives will be able to assist you. After voting, you should place your Voting /
Proxy form in one of the ballot boxes which will be passed around the room. I’ll invite you to vote after
all of the resolutions have been introduced to the meeting.
I and my co-directors hold undirected proxies:
 With respect to Resolution 1, authorisation for the Directors to fix the auditor’s remuneration for
the coming year: 108,040 shares.
 With respect to Resolution 2, re-election of Paul Steere as Director: 117,563 shares.
 With respect to Resolution 3, re-election of Jack Porus as Director: 119,253 shares.
 With respect to Resolution 4, election of Xin Wang as Director: 121,753shares.
Your Board supports these resolutions and we intend to vote all of these shares in favour of these
resolutions.
In accordance with the NZX Listing Rules, Directors, and their associated persons, are not able to vote
on Resolution 5, which relates to Directors’ Fees. Accordingly, the directors will not vote on this
resolution and will not exercise any discretion given to them by proxies in relation to this resolution.
However, votes cast by directors will count where that director is voting as a proxy in accordance with
express instructions.
There will be an opportunity to ask questions on, or speak to, each resolution being put to shareholders.
I ask that, in the interests of fairness to all shareholders attending this meeting, anyone wishing to speak

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to a resolution be as concise as possible and be considerate to other shareholders who may also wish
to ask questions.
[SLIDE 25: RESOLUTION 1]
Resolution 1 relates to the remuneration of auditors. The proposed ordinary resolution is to authorise
the Directors to fix the auditor’s remuneration for the coming year. In accordance with the Companies
Act, Ernst & Young have been automatically reappointed as the company’s auditors. As is usual with
audit fees, due to the complexity and changing nature of the company’s affairs, it is not possible to fix
the remuneration at the beginning of the year.
I now move, as an ordinary resolution, that the Board is authorised to fix the auditor’s remuneration for
the coming year.
I now invite discussion on the resolution.
[Discussion]
There appears to be no [further] discussion.
We will now move to the next resolution.
[SLIDE 26: RESOLUTION 2]
Resolutions 2 and 3 relate to the re-election of Directors, as required by the NZX Listing Rules. Two
directors are required to retire at this meeting. The Directors to retire are those who have been longest
in office since their last election, with the exception of Grant Rosewarne as an Executive Director
nominated by the Board. Each of the Directors, other than Xin Wang, was reappointed by the Board on
21 September 2016. The Board has resolved that Paul Steere and Jack Porus will retire and, each
being eligible, offer themselves for re-election.
Accordingly, Resolution 2 relates to the re-election of Paul Steere.
The Board recommends Paul Steere to you as a director of the company and unanimously supports his
re-election.
I now invite Paul to briefly address the meeting on his proposed re-election.
[Address from Paul Steere]
Thank you Paul.
I now move, as an ordinary resolution, having retired by rotation (as determined by lot), that Paul Steere
be re-elected as a director. Is there any discussion on this resolution?
[Discussion]
There appears to be no [further] discussion.
We will now move to the next resolution.
[SLIDE 27: RESOLUTION 3]
Resolution 3 relates to the re-election of Jack Porus.
The Board recommends Jack Porus to you as a director of the company and unanimously supports his
re-election.
I now invite Jack to briefly address the meeting on his proposed re-election.

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[Address from Jack Porus]
Thank you Jack.
I now move, as an ordinary resolution, having retired by rotation (as determined by lot), that Jack Porus
be re-elected as a director. Is there any discussion on this resolution?
[Discussion]
There appears to be no [further] discussion.
We will now move to the next resolution.
[SLIDE 28: RESOLUTION 4]
Resolution 4 relates to the re-election of Xin Wang.
Ms Xin Wang was first appointed a director of the company by the board on 28 February 2017. Having
been appointed by the board during the year, as required by the Constitution and the NZX Listing Rules,
Ms Wang retires and, being eligible, offers herself for re-election. The Board recommends Ms Xin Wang
to you as a director of the company and unanimously supports her re-election.
I now invite Xin to briefly address the meeting on his proposed re-election.
[Address from Xin Wang]
Thank you Xin.
I now move, as an ordinary resolution, that having been appointed during the year by the board and
holding office only until the Annual Meeting, that Ms Xin Wang be elected as a director. Is there any
discussion on this resolution?
[Discussion]
There appears to be no [further] discussion.
We will now move to the next resolution.
[SLIDE 29: RESOLUTION 5]
Resolution 5 relates to a proposal to increase the maximum total pool of directors’ remuneration
available for your Board of Directors.
This increase reflects the appointment of an additional Director during the 2017 financial year and
provides the Board with a remuneration fee pool considered appropriate to remunerate a Board of six
non-executive Directors, including for associated committee work.
An appropriate fee structure is important to ensure that your Company is able to continue attracting and
retaining the right directorial skills and experience to govern your business, and that those directors are
being fairly remunerated for the work they do.
I now move, as an ordinary resolution, that the maximum total pool of Directors’ remuneration payable
by New Zealand King Salmon to Directors (in their capacity as Directors) be increased by $65,000 per
annum, from $400,000 per annum to $465,000 per annum.
As I referenced, in accordance with the NZX Listing Rules, the directors and their associated persons
are restricted from voting on this resolution.
Is there any discussion on this resolution?

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[Discussion]
There appears to be no [further] discussion.
[SLIDE 30: VOTING & QUESTIONS]
If you wish to vote on all of these motions, you should use either the Voting / Proxy Form that was sent
to you with the Notice of Meeting or an alternative voting form given to you by Computershare when you
entered the meeting.
When you cast your vote, please tick one box to select “for”, “against” or “abstain”, alongside each
resolution in the section named Step 1: Voting Instructions / Voting Form.
If you hold a proxy on behalf of a shareholder, you will need to cast that shareholder’s votes in order for
them to be counted. The Voting / Proxy Form given to proxy holders, sets out the number of proxy votes
held and records directed votes.
If there are no undirected votes, the proxy holder needs only to sign the voting form. Where there are
undirected votes, proxy holders may vote these as they see fit by ticking the appropriate box.
Finally, in all cases, please ensure the voting form is signed. I remind you that you are voting on each
separate resolution as detailed in the Notice of Meeting. After voting, you should place your Voting /
Proxy Form in one of the ballot boxes which will be passed around the room. If anyone is unsure how to
complete the voting form or hasn’t got a form, please go to the registration desk where someone will be
able to help you.
Once all the votes have been cast, they will be counted by the Company’s share registrar,
Computershare, and scrutinised by the Company’s auditor. The results of today’s meeting will be
released to the NZX on the completion of verification of voting.
Please prepare your forms and cast your votes now, while we take questions.
[Can I now ask Computershare to please bring the ballot boxes forward?]
Questions
Before I ask for questions I would like to take this opportunity to thank my fellow Directors and the
Senior Management Team for their continued contribution to New Zealand King Salmon’s leadership,
governance and in the formulation of our strategic intent.
At this point we will open the floor to any questions on the financial results, the business update or any
other matters you would like to raise.
[Questions]
[After no more questions]
Are there any items of general business to be discussed?
There appears to be no further business for discussion.
Ladies and gentlemen, that brings us to the end of formal business for New Zealand King Salmon’s
2017 Annual Shareholders’ Meeting. Thank you for taking the time to participate today.
I would now like to invite you to join us for afternoon tea.
Thank you. [ENDS]

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A N N U A L S H A R E H O L D E R S ’ M E E T I N G
N O V E M B E R 2 0 1 7

A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
AGENDA
•Welcome
•Chairman’s review
•Managing Director’s review
•Ordinary business and resolutions
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A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
CHAIRMAN’S REVIEW
Successful IPO on the NZX and ASX raising $30m in growth capital.
Welcoming China Resources as a strategic shareholder.
Successful inaugural harvests from two new sea farms.
Excellent financial result exceeding PFI.
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A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
MANAGING DIRECTOR’S REVIEW
•FY17 Highlights
•Approach to Sustainability
•Financial Performance
•Business Update
•Operational Update
•Outlook


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A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
5
H I G H L I G H T S
01

A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
FY17 HIGHLIGHTS
Successful IPO on the NZX and ASX raising $30m in growth capital.

Strong financial performance with key PFI metrics exceeded:
•Revenue of $136.4m, up 20% on FY16 and 5% on PFI.
•Pro Forma Operating EBITDA of $21.6m*, up 35% on FY16 and 13% on PFI.
•GAAP NPAT of $22.8m, up 125% on PFI.
•Net cash of $110k vs forecast net debt position of $4.9m.

Total dividends of 5.0 cents per share paid in relation to FY17 year (including 4.0 cents per
share ordinary dividends and 1.0 cent per share special dividend), 39% above forecast
dividends of 3.6 cents per share provided for in our PDS*
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* New Zealand King Salmon’s Product Disclosure Statement dated 23 September 2016 (PDS).

A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
Pleasing improvement in Health, Safety and
Wellness metrics:
•LTIFR down to 18.5 at June 2017 (from 28.3 at June
2016).
•ACC compensation days off down to 110 during FY17
(from 425 during FY16).


Sales volume of 7,223 MT up 18.1% on FY16
and 4.1% on PFI
•Sales of Ōra King fish up 27% on FY16.
•Sales to North America up 38% on FY16, ahead of
PFI.

Branded strength underpins value growth
•Average sale prices up in all significant markets and
generally ahead of PFI

Improvement in fish performance:
•Mortality % improved from 13.7% to 8.5% (vs PFI of
11.0%).
•FCR improved from 1.91 to 1.84 (vs PFI of 1.76).

Awarded our 3rd star for hatcheries in the ‘Best
Aquaculture Practice’ certification by the Global
Aquaculture Alliance (GAA)
FY17 HIGHLIGHTS (CONTINUED)
7
* A glossary of terms is included on page 30 of this presentation.

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8
S U S TA I N A B I L I T Y
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9
OPERATING SUSTAINABLY
Our ongoing success as a business is highly dependent on the
environments and communities we live and operate in, as well as
the people who care for our salmon and our final products
through their life cycle.
During FY17 we commenced an exploration into what a broader approach to
sustainability should look like across our businesses. We are planning to produce
our inaugural Sustainability Report by the end of 2017 calendar year.
We have committed to five of the UN sustainable development goals where we
believe NZKS can make a difference.
This year our hatcheries were certified by Best Aquaculture Practices, adding a
third star to our existing certifications for sea farms and processing facilities.

We are committed to
the United Nations’
Sustainable
Development Goals,
with a special focus
on the following:

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F I N A N C I A L
O V E R V I E W
10
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A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7

•New Zealand King Salmon exceeded its PFI Sales volume, Revenue, EBITDA, and Profit on both a Pro Forma and
Statutory basis.
SUMMARY FINANCIAL INFORMATION

GAAP NPAT ($22,764k) includes Fair Value gains on increases in biomass at sea, non-recurring costs relating to New Zealand King Salmon’s IPO and close out of redundant interest rate
swaps as outlined in our Product Disclosure Statement dated 23 September 2016, and costs incurred in relation to the Ministry for Primary Industry’s proposed salmon farm relocation
process.
* A full reconciliation between GAAP and Pro Forma results is shown in the NZK FY17 Results Investor Presentation.
11
Key financial metrics ahead of FY16 and FY17 PFI
Group Financial Perform ance
Pro Form a*GAAP
NZ$000sFY17FY16% chg.PFI% var.FY17FY16% chg.
Volum e Sold (M T)7,2236,11518%6,9394%7,2236,11518%
Revenue136,351116,15117%130,0795%136,351114,06020%
Gross M argin39,99531,64326%36,6749%57,95729,26698%
Gross M argin %29%27%28%43%26%
EBITDA21,60315,99035%19,17913%38,53313,816179%
EBITDA %16%14%15%28%12%
EBIT17,23711,74647%14,40320%34,1678,535300%
NPAT11,7927,86250%10,04517%22,7642,593778%

A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
New Zealand King Salmon is in a strong financial
position.
Our balance sheet is in a strong position with capacity to
finance further growth:
•Zero net debt position at year end:
►Timing of capital projects has resulted in less capex
recognised during FY17.
►Anticipate some catch-up in capex during FY18.
•Biological asset growth reflects revaluation of livestock
pursuant to NZ IAS 41-Agriculture.
•Increase in PP&E includes new seafarm infrastructure
as described in our PDS.
•$30m core debt facility drawn to $10m – in place since
before IPO

BALANCE SHEET
12
Group Financial Position
Jun-17Jun-16
NZ$000sAuditedAudited
ASSETS
Current Assets
Cash and equivalents10,6472,419
Receivables11,68710,229
Inventories16,67417,291
Biological assets68,55645,537
Other2,4863,704
110,05179,180
Non-current assets
Property, plant & equipm ent35,72632,596
Biological assets10,9607,413
Other47,77546,533
94,46186,542
TOTAL ASSETS204,512165,722
LIABILITIES
Current liabilities
Loans (external)(414)(19,326)
Loans (shareholder) - (73,114)
Payables(13,282)(15,416)
Other(6,608)(9,710)
(20,304)(117,566)
Non-current liabilities
Loans (external)(10,124)(163)
Other(15,409)(10,980)
(25,533)(11,143)
TOTAL LIABILITIES(45,837)(128,709)
NET ASSETS158,67537,013
Net Cash / (Debt)*110(17,070)
* excl Shareholder loans

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B U S I N E S S
U P D AT E
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BRANDED PREMIUM POSITION CONTINUES TO
GENERATE STRONG DEMAND
•Strong branding delivers improved value to our business.
►Ōra King now featured on the menu of more than 850 restaurants.
►Regal brand awareness within New Zealand at 85%.
•We have also recently updated our corporate logo as a part of defining
our corporate identity.
►The new logo modernises our image and is part of our broader
strategy to increase engagement with our stakeholders – suppliers,
customers, team members, shareholders, and community members.


NZKS premium branded product strategy underpins value growth
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MPI CONSULTATION PROCESS
In January, the Minister for Primary Industries commenced a consultation process on the
proposal to relocate up to six of our salmon farms (a total of 9 surface hectares) from their
historic locations to higher water flow sites technically more suitable for fish and the
environment, with the advantage of modern scientific analysis.
If the process results in some or all of our farms being relocated:
•The first harvest off any relocated farms would be unlikely to be before FY20 / FY21.
•We would expect to have our farms relocated to higher flow sites which would permit an overall increase in the volume of
salmon harvested in addition to improved environmental outcomes.
•There would be an incremental capital expenditure requirement for new pens and barges suitable for high flow sites.
Indicatively we have assessed this at $6m per farm at this stage. This expenditure would be supported by expected increases
in production.
If the process results in none of our farms being relocated:
•Our assessment of a worst case scenario is that our harvest volumes might be reduced by ~700-750 MT p.a.
•This is based on an inability to renew one of our seawater consents. However historically we have successfully renewed all
consents at their expiry.
To date, approximately $1.2m has been spent on this process across FY16 and FY17. We do not anticipate further
material spend to complete the project.
Further details on the MPI process can be found at http://www.mpi.govt.nz/news-and-resources/consultations/marlborough-salmon-relocation/
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OMEGA PLUS – PREMIUM PETFOOD
The global petfood industry is a significant industry experiencing strong and continued growth.
Consumers are increasingly focused on the quality of food they provide their pets.
Omega Plus takes salmon byproducts and converts them into premium pet food, rich in healthy Omega 3. Omega Plus
was launched in September 2016 and is now distributed throughout approximately 90 supermarkets in both the North
and South Islands.
Omega Plus is delivering good sales growth but remains in the early stages of its development.
Improving whole of fish value by converting by-products into premium petfood
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O P E R AT I O N A L
U P D AT E
17
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18
SALES BY MARKET - DOMESTIC
Domestic market (MT)

Domestic sales increased by 11% on FY16, and were higher
than forecast in our PFI.
Volume growth was especially notable in retail sales.
•Our domestic sale volumes grew by 24% during FY17 compared to market
growth of 4.4%.*
•Sales of New Zealand produced salmon supported by reduced sales of
imported salmon.
•Achieving greater visibility on branding in fresh retail remains a priority.

Strong domestic sales growth
* Source – Aztec IRi, Moving Annual Total (MAT) values to 30 July 2017.
3, 818
3, 665
3, 632
4, 047
3, 861
FY2014FY2015FY2016FY2017FY2017
( PFI)

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SALES BY MARKET - EXPORT
North America (MT)

Solid growth in export sales, especially to our key export
market North America:
•North America sales volumes increased by 38% on FY16 (10% ahead of
PFI projections).
►Ōra King is now used by more than 800 restaurants in the United
States with a high proportion branded on the menu.
►Retail sales to this region have now commenced.
•Australian sales volumes increased by 18% on FY16 to 703 MT (15%
ahead of PFI).
•Other markets (Asia, Japan and Europe) all achieved volume growth on
FY16.
Solid growth in all export markets
556
830
1, 241
1, 718
1, 555
FY2014FY2015FY2016FY2017FY2017
( PFI)

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ŌRA KING BRANDED SALES
Continued strength in Ōra King branded sales
Ōra King Sales (MT)

Ōra King branded sales up 27% on FY16, and 5% ahead of
PFI.
Continued strength in sales of Ōra King reflects:
•Ongoing success in domestic and international market efforts to promote our
premium seafood.
•Larger fish being harvested from new sites increases the supply of premium
graded salmon.
•Ongoing success in reaching the menus of more restaurants, via a combination
of branding campaigns in key markets and focused and better resourced sales
activity.
1, 110
1, 351
1, 689
2, 149
2, 047
FY2014FY2015FY2016FY2017FY2017
( PFI)

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FISH PERFORMANCE
Harvest volume up by 15% on FY16 to 7,232MT, 6% ahead of PFI.
This result was assisted by:
•Significant improvement in mortality, which at 8.5% was well below FY16 and better than PFI.
•Improvements in our Feed Conversion Ratio, which lowered from 1.91 to 1.84.
Feed costs lower than forecast:
•Fish oil and meal costs decreased.
•Partial offset by increased purchases of premium
feed diets (designed to improve fish performance).

Strong performance across key biological metrics
Biological Perform ance
NZ$000sFY17FY16% chg.PFI% var.
Harvest Volum e (M T)7,2326,314
15%
6,823
6%
Feed Conversion Ratio (FCR)1.841.91
-4%
1.76
5%
M ortality as a % of Biom ass8.5%13.7%11.0%
Closing Livestock Biom ass (M T)6,2274,574
36%
6,115
2%
Feed Cost ($ / kg)2.312.48
7%
2.50
8%

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O U T L O O K
22
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OUTLOOK – THE YEAR AHEAD AND BEYOND
FY18 earnings guidance raised:
•As a result of strong first quarter trading results, the Board has raised full year Pro-Forma EBITDA guidance to be between
$24.5m and $26.0m (an increase to the $22.4m forecast in the PDS). The increased earnings guidance reflects:
►Improved fish survival and stronger than forecast fish growth during the summer of FY17. As a result forecast sale volumes
for FY18 have been revised to approximately 8,000 MT (compared to PFI of 7,480 MT).
►Pricing remains solid in all markets.
►Lower feed prices during the first half.
•1H18 is expected to be materially above 1H17. The H1/H2 earnings split for FY18 is thus expected to differ markedly to FY17.

Beyond FY18, initiatives that have and are being developed lay a foundation for continued growth in
line with strategy:
•Strong underlying export demand strengthened by branded initiatives to broaden our market and product reach.
•Solid domestic demand growth supported by additional investment in branding.
•Domestic petfood range creates valuable pathway to improve whole-of-fish return.
•Demand greater than supply creates opportunity for gradual and ongoing price increases.
•Good initial results from new farms; volumes will continue to increase over coming years in line with consent conditions.
•Key fish performance metrics displaying pleasing improvement.
•New Government announcement re minimum wage increases expected to have minimal impact as base wages are currently
well above minimum and moving towards a Living Wage
•Sales and harvest remain on track for PDS projection of 9,500mt by FY2021, excluding any benefit of site relocations
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O R D I N A R Y
B U S I N E S S A N D
R E S O L U T I O N S
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A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
RESOLUTION 1
That the Board is authorised to fix the auditor’s remuneration for the coming year
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RESOLUTION 2
Having retired by rotation (as determined by lot),
that Paul Steere be re-elected as a Director
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A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
RESOLUTION 3
Having retired by rotation (as determined by lot),
that Jack Porus be re-elected as a Director

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A N N U A L S H A R E H O L D E R S ’ M E E T I N G 2 0 1 7
RESOLUTION 4
Having been appointed during the year by the Board
and holding office only until the Annual Meeting,
that Ms Xin Wang be elected as a Director

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RESOLUTION 5
That the maximum total pool of Directors’ remuneration payable by NZKS to Directors (in their
capacity at Directors) be increased by $65,000 per annum from $400,000 per annum to $465,000
per annum with immediate effect, with such sum to be divided amongst the Directors as the
Board may from time to time determine
29

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V O T I N G A N D
Q U E S T I O N S
08
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APPENDIX – GLOSSARY OF TERMS
FY17 Financial results for the 2017 financial year covering the period 1 July 2016 to 30 June 2017
CAGR Compounding annual growth rate
EBITDA Earnings before interest, tax, depreciation and amortisation
FCR Feed Conversion Ratio – the amount of feed (in kilograms) required to raise fish weight by 1 kilogram.
G&G Gilled and gutted. Note that all volumetric information presented is on a gilled and gutted basis unless otherwise stated
GAAP Generally Accepted Accounting Practice
Mortality / Mortality
Rate
The percentage mortality of salmon in seawater, calculated as the biomass of salmon mortalities in kg divided by the
growth of salmon in kg
MT Metric tonnes
NPAT Net profit after tax, also reported as net profit for the period in our published financial results
PDS New Zealand King Salmon’s Product Disclosure Statement dated 23 September 2016
NZKS New Zealand King Salmon
PFI New Zealand King Salmon’s prospective financial information published at the time of our IPO in September 2016
Pro Forma Operating
EBITDA
Pro Forma Operating EBITDA refers to earnings before interest, tax, depreciation, amortisation after allowing for pro
forma adjustments as described in the Appendix to this document. Pro Forma Operating EBITDA is a non-GAAP profit
measure
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32
DISCLAIMER
The information in this presentation has been prepared by New Zealand King Salmon Investments Limited with due care and attention. However, neither New
Zealand King Salmon Investments Limited nor any of its directors, employees, shareholders nor any other person shall have any liability whatsoever to any
person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection
with it.
This presentation may contain projections or forward-looking statements regarding a variety of items. Such projections or forward-looking statements are based
on current expectations, estimates and assumptions and are subject to a number of risks, uncertainties and assumptions. There is no assurance that results
contemplated in any projections and forward-looking statements in this presentation will be realised. Actual results may differ materially from those projected in
this presentation. No person is under any obligation to update this presentation at any time after its release to you or to provide you with further information
about New Zealand King Salmon Investments Limited.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The
non-GAAP financial measures used in this presentation include:
•EBITDA. We calculate EBITDA by adding back (or deducting) depreciation, amortisation, finance expense / (income), and taxation expense to net earnings
/ (loss) from continuing operations.
•EBIT. We calculate EBIT by adding back (or deducting) finance expense / (income), and taxation expense to net earnings / (loss) from continuing
operations.
•Pro Forma Operating EBITDA refers to earnings before interest, tax, depreciation and amortisation after allowing for pro forma adjustments as described in
the Appendix to this document.
We believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding of our financial performance, financial
position or returns, but that they should not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. Non-
GAAP financial measures may not be comparable to similarly titled amounts reported by other companies.
Forward-looking statements are subject to any material adverse events, significant one-off expenses or other unforeseeable circumstances.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing
in this presentation constitutes legal, financial, tax or other advice.

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