Seeka Provides Investor Site Visit Presentation

Investor Site Visit Briefing

3 August 2018

2
Orchard-to-Market Excellence
Seeka is an international fresh produce business
In Australia:
Grows, processes and markets
▪Kiwifruit
▪Nashi pears
▪European pears
▪Stone fruit
▪Kiwifruit pollen



In New Zealand:
Grows, processes and markets
▪Kiwifruit
▪Avocado
▪Kiwiberry
▪Kiwifruit pollen
Develops, leases and manages orchards
Manufactures
▪Kiwi Crush, avocado oil
Imports, ripens and supplies
▪Bananas, tropical fruit
Wholesales
▪Seasonal produce
Largest grower of
kiwifruit in New Zealand
and Australia
Australia’s largest
nashi grower

3
Performance
Growth through expansion of product portfolio, geographical reach and value chain
1987199219972002200720122017
Revenue
$1.2m
Revenue
$186.8m
2016

2017

Revenue $191.3m $186.8m
EBITDA $24.8m $23.1m
NPBT $13.6m $9.9m
NPAT $10.4m $5.8m
Total assets $197.3m $222.0m
Shares 17.5m 17.5m
Basic EPS $0.65 $0.35
EPS
excluding
extraordinary
items
$0.47¹ $0.44²
Significant investment
in infrastructure to
prepare for growth in
volumes
Revenue CAGR FY13-FY17 = 17.7%
EBITDA CAGR FY13-FY17 = 24.9%
1. Normalised EPS excludes receipt of $3.6m insurance proceeds which after tax reduces EPS from $0.65 to $0.47
2. 2017 a prior period deferred tax adjustment of $1m was expensed. This had the effect of reducing EPS by $0.06 and would have resulted in $0.41 EPS.
Impairments less revaluation gains resulted in a further $0.03 reduction and would have made EPS $0.44

4
$2.3m
$2.9m
$22.0m
$6.4m
REVENUE¹
Orchard
$48.58m
Post Harvest
$96.70m
Retail Services
$24.29m

Seeka Australia
$16.54m
Revenue and EBITDA by Operating Segment FY2017
Orchard Division, New Zealand
Growing export crops of kiwifruit, avocado and
kiwiberry from more than 220 orchards via
management, lease and long-term lease contracts

Post Harvest Division, New Zealand
Contract processing service to harvest, pack,
coolstore and supply kiwifruit, avocado and kiwiberry
from more than 700 orchards, including all produce
from our orchard operations and for independent
growers

Retail Services Division, New Zealand
Markets local and imported produce in New Zealand,
exports to Australia and niche international markets,
and manufacturers and sells high value functional
foods under the ‘Kiwi Crush’ trademark and avocado
oil

Seeka Australia Division
Owns 10 large orchards plus post harvest facilities
that supply Australian retailers with a large proportion
of Australia’s locally grown kiwifruit, nashi and pears

EBITDA²
1. Revenue excludes $0.7m not allocated to segments
2. EBITDA totals $23.1m with inclusion of ($10.5m) of Corporate Division
Orchard
Seeka Australia
Retail Services
Post Harvest

5
Australian Operations
Rob Towgood
Commercial manager







Fully integrated orchard,
to market-supply service
Orcharding Operations
Simon Wells
GM Orchards







Grow all products
kiwifruit, kiwiberry,
avocado
Post Harvest Operations
Kevin Halliday
GM Post Harvest Services







Harvest, pack, coolstore
and supply all products
Retail Services
Ray Hook
GM Retail Services







Domestic marketing of
local and imported fruit
Supply
Kate Bryant
GM Supply







Manage the supply chain
interface to market clients
AUSTRALIA
NEW ZEALAND
Financial management
Stuart McKinstry, Chief
Financial Officer and
Company Secretary
Grower Services
Annmarie Lee
GM Growers & Marketing







Manage relationship with
orchard owners. Marketing
and communications
Information systems
Jason Swain, GM
Information Services
Michael Franks,
Chief Executive
Officer
Enabling functions

Led by an Experienced Management Team

6
Operating performance

7
Volume and market returns
Orchard Division, New Zealand
Millions of trays
2016A 2017A 2018F
Hayward (Green) 8.9 5.9 7.5
Zespri SunGold 2.3 2.6 3.1
Total 11.2 8.5 10.7
201320142015201620172018
HaywardSunGold
New Zealand kiwifruit grown

Millions of class 1 trays


FY 2017
$6.4m EBITDA
▪Up 13% on PCP
2017 kiwifruit volumes
decreased on PCP by 21%
following an industry wide drop
in Hayward (Green) yields
Grew 8.45m trays of kiwifruit
(30.7m kilograms)
Grew 98,356 trays of avocado
(0.54m kilograms)

8.5
11.2
9.2
7.2
6.9
Turnover/ revenue
($m)
47.9 48.6
EBITDA ($m) 5.6 6.4
10.7
2018 kiwifruit
volumes are
forecast to
rebound

8
Volume and profit
Post Harvest Division, New Zealand
Millions of trays
2016A 2017 2018F
Hayward (Green) 25.0 16.6 20.4
Zespri SunGold 7.4 9.0 10.7
Total 32.4 25.6 31.1
19.6
21.4
27.8
32.4
25.6
31.1
201320142015201620172018F
Class 1 & 2 kiwifruit trays

Millions


FY 2017
$22m EBITDA
▪Down 18% on PCP
25.6m trays processed
▪Down 21%
Fruit loss the best in Seeka’s
history
▪1.18% Hayward (Green)
conventional
▪0.42% for Hayward (Green)
organic
▪0.73% for Zespri SunGold
Innovation in management
and procurement has yielded
positive results

Turnover/ revenue
($m)
110.8 96.7
EBITDA ($m) 26.8 22.0
1. Kiwifruit volumes decreased in 2017 by 21% PCP following an industry wide drop in Hayward (Green) yields
¹
2018 kiwifruit
volumes are
forecast to
rebound

9
2018 Packed Kiwifruit Volumes Increased by 21%¹ – Class 1 Trays
2017A 2018¹
Packed
trays
Packed
trays
Fruit Size
Average
yield
Packed
trays
Fruit Size
Average
yield
%
Change
Hayward
14.88m 29.1 9,029 18.23m 30.3 11,772 23%
Organic
687k 33.8 5,586 948k 33.4 8,392 38%
Sweet Green
90k 34.5 6,762 52k 35.6 6,416 -42%
SunGold
8.64m 26.2 11,440 10.7m 26.7 13,044 24%
Total packed
25.11m 30.39m 21%
1. Packed kiwifruit volumes and forecast balance of Controlled Atmosphere (CA) stores to be packed

10
Retail Services Division, New Zealand
2016
($m)
2017
($m)
Turnover 53.7 54.2
Revenue 16.8 24.3
EBITDA 1.9 2.9
FY 2017
$2.9m EBITDA
▪Up 53% on PCP
Seeka benefits from strong
avocado market. Returns of
$40.81 per tray
Delicious Nutritious Food
Company had partial first year
EBITDA totalling $0.29m
Supply change of a key
customer led to impairment of
banana business by $2.03m
Banana business under
review

11
Kiwi Crush media campaign
Three month ad campaign (1 June – 31 August) to drive sales and raise brand
awareness
Media plan includes digital, outdoor, TV and medical centre screens

12
Integrated from orchard-to-market
Seeka Australia Division
2016A 2017A 2018F
Kiwifruit (tonnes) 2,375 2,982 2,589
Nashi pears (tonnes) 1,523 1,201 1,549
Packham pears
(tonnes)
996 854 1,154
Other (tonnes) 884 727 854
FY 2017
$2.3m EBITDA
▪Up 130% on PCP
Kiwifruit harvest yields and
quality improved on previous
year with good returns
Nashi volumes down with
seasonal fluctuation
Major investment and growth
plan, forecasted EBITDA growth
from 2020¹

Revenue ($m) 15.2 16.5
EBITDA ($m) 1.0 2.3
1. Seeka management 2018

13
Revenue by segment
1
NZ$million


FY14 FY15 FY16 FY17
New Zealand Post Harvest 68.5 88.3 110.8 96.7
New Zealand Orchard 38.0 42.3 47.8 48.6
New Zealand Retail Services 8.7 9.6 16.8 24.3
Seeka Australia - 1.2 15.1 16.5
Total 115.2 141.4 190.5 186.1
FY14 FY15 FY16 FY17
New Zealand Post Harvest 10.8 13.3 26.8 22.0
New Zealand Orchard 4.2 4.0 5.6 6.4
New Zealand Retail Services 1.8 1.7 1.9 2.9
Seeka Australia - (1.4) 1.0 2.3
Corporate (5.4) (3.7) (10.6) (10.5)
Total 11.4 13.9 24.7 23.1
EBITDA by segment
2

NZ$million


Kiwifruit Avocado Kiwiberry
Contract supply 1,691 381 7 2,079
Managed 573 55 3 631
Orchard lease 375 8 4 387
Long term lease 71 27 - 98
Total 2,710 471 14 3,195
New Zealand orchard supply
arrangements
3

Hectares FY18-19


Production 228
Currently in development 63
Potential development land 213
Bare land 63
Total 567
Seeka Australia owned orchards and land
4

Hectares, FY17 (all fruit)


1, 2. Seeka Annual Report 2017, Segment information p21. Seeka Annual Report 2015, Segment information p22. Revenue excludes other revenue
3, Seeka management – Orchard operations. Includes recently purchased Northland properties including 81ha kiwifruit and 28ha avocados
4. Seeka management – Orchard operations
Key Metrics of Seeka’s Operating Segments

14
Seeka’s growth outlook

15
Seeka is anticipating volume growth in kiwifruit, avocados, nashi and new variety pears
2
Australian kiwifruit sales anticipated to grow 153% by 2024, including new varieties²

4
The New Zealand kiwifruit industry is predicting export earnings to increase 165% by 2025
1
3
As a grower, packer and distributor, Seeka has a significant share of New Zealand kiwifruit, New
Zealand avocados and Australian pears, and a dominant share of Australian kiwifruit and nashi
1
Avocados are experiencing major growth in plantings and demand - market access now granted
to China
5
New ventures expected to deliver material value – Delicious Nutritious Food Company³
6
Seeka’s Investment Attributes
1. Zespri 5 Year Outlook, November 2017, p5
2. Seeka management
3. Delicious Nutritious Food Company is a wholly owned subsidiary of Seeka Limited

16
Kiwifruit is a Premium Category
18.6% CAGR in export value of New Zealand kiwifruit from 2013 to 2016¹
Zespri has a $4.5 billion export target by 2025 - 9.4% CAGR over a nine year period²
Strong consumer demand for kiwifruit in Asia
▪214,540 tonnes exported in 2015, NZ’s largest kiwifruit market³
▪Strong export value growth in China (18.3% CAGR) and Taiwan (9.4% CAGR ) from 2009 to
2015⁴
Seeka is a key supplier to the global kiwifruit trade with 19.7% market share of New
Zealand kiwifruit production and more than 80% of Australia’s production⁵
Seeka positioned to benefit from bigger kiwifruit volumes
1. Zespri Annual Report 2017, p9
2. Zespri 5 Year Outlook, November 2017, p5
3,4, World kiwifruit review 2016, Belrose Report, p43
5. Seeka management
High in vitamins, antioxidants, minerals and fibre content. Kiwifruit’s superior
nutritional value appeals to consumers for health benefits and commands high
pricing

17
0 m
50 m
100 m
150 m
200 m
250 m
199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027
Trays submit
Harvest year
SunGold/Gold OB
Green Organic
SunGold/Gold
Green/Sweet
Green
ZESPRI FORECAST
ACTUALS, NEW ZEALAND CLASS 1 SUBMIT
1. Class 1 submit is the industry-standard measure of kiwifruit volumes, being kiwifruit graded for export as the crop is harvested measured in trays (~3.5kg per tray) of kiwifruit.
2. Zespri forecast from Zespri 5 Year Outlook, November 2017, p44
New Zealand Industry Volumes Growing with New Gold Variety

18
Avocado Growth
15.4% CAGR in export value of New Zealand avocados from 2013 to 2016¹
▪$155.5m generated from NZ exports from 2016 season²
Seeka handles 8% to 10% of New Zealand’s avocado crop³
▪Market share growing through orchard syndication
Seeka delivers a full orchard-to-market service, drawing revenue along the full
supply chain
Seeka successfully acquiring and syndicating Northland orchards
Seeka exports most of its New Zealand avocados to the high-returning Australian
market where they are sold under the Seeka brand
Phytosanitary protocols agreed with China provide an alternative market (plant
disease border controls)
Seeka positioned to benefit from increased avocado volumes

1,2. New Zealand Avocado Annual Report 2017, p22
3. Seeka management – Seeka avocado volumes. Volumes handled refers to volumes packed and marketed by harvest season, which spans two financial years.
Volumes are measured in industry standard trays (~5.5kg per tray) of avocados
Packed with nutrients and a source of good fats, avocados are enjoying incredible
growth in consumer demand

19
1. Talking Avocados, Spring 2017, Australian Avocados state of play: 2016/2017, p16
Australian avocado production, imports from New Zealand and consumption¹


-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
-
10
20
30
40
50
60
70
80
90
100
1998200020022004200620082010201220142016
Consumption (kg/capita)

Volume
(thousands of
tonnes)

Australian production volumeImportsConsumption / capita
Avocados an Emerging Category

20
Investing for Growth – Balancing Capacity to Expanding Volume
Major capacity works
planned at post harvest
sites in Te Puke and
Kerikeri to increase
capacity and efficiency
Seeka Oakside
Year 1 $10.06m
Year 2 $8.50m
Total $18.56m
Seeka Kerikeri
Year 1 $5.44m
Year 2 $9.00m
Year 3 $3.18m
Total $17.62m
Kerikeri development plan

21
Investing in Australia for Growth
Seeka owns 567 hectares in Shepparton, Victoria
▪221 hectares in production
▪63 hectares in development
▪217 hectares with development potential
Orchard investments will deliver growth over the next five years
▪Planting green kiwifruit plus new varieties that are exclusive to Seeka Australia
▪AUD$8m planned with AUD$3.7m spent
Seeka estimates that it has over 80% market share of Australian kiwifruit, and 90%
of Australian nashi
Significant capital expenditure to date to facilitate growth:
▪Upgraded on-site packing and coolstore facilities to handle growth
▪2,650 mega litres of high priority and temporary water shares
Volume and margin growth

22
Northland orchard portfolio

23
Orchards from T&G Acquisition plus options to buy
Currently selling with lease to secure long term supply. Tender closes 15 August 2018
SunGold
Enza
Gold
Enza Red Hayward Male
Total
kiwifruit
Total
avocado
Lemons Bare land Title area³
Kiwifruit Farm 6.37 17.99 24.36 15.20 5.42 71.1⁴
Kapiro 6.29 9.60 4.91 6.85 0.77 28.42 12.49 81.0⁴
Purerua 5.84 5.51 11.35 12.23 29.8
Whites 6.44 0.91 7.35 12.5⁴
Gold Valley 3.85 3.85 0.37 7.8
Nautilis
(option to buy)
2.95 2.95 13.4
Gold Crest 2.38 2.38 4.5
Hendl
(option to buy)
- 8.00 11.6
Rising Sun² #1
(option to buy)
- 27.91 41.1
Rising Sun² #2
(option to buy)
- 4.00 15.4
Total 34.12 34.01 4.91 6.85 0.77 80.66 27.91 15.20 42.51 288.2
1. The lemon orchard along with the bare land is the approximate gross area with potential for development - the actual area will need to be determined by survey. When converting bare
land and lemon orchards to kiwifruit, we have allocated 85% of the area to kiwifruit canopy hectares, and 15% to access ways and shelter belts. Based on this we estimate that 57.71
hectares of available development land would yield 45.65 canopy hectares of kiwifruit and 4 canopy hectares of avocado.
2. Rising Sun #2 is a contract, subject to subdivision, to buy a further 15.4 hectares of adjoining land. Rising Sun land is suitable for avocado development.
3. Title area includes access ways, shelter belts and land not suitable for horticulture.
4. Title area as per draft concept plan, and subject to completion of land subdivision.
Gross hectares available¹
Planted canopy hectares

24

26
Appendix: Summary of Seeka’s Financial Performance
2013 2014 2015 2016 2017
Gross packed NZ kiwifruit trays¹
(excluding punnets and kiwiberry)
19,595,166 21,272,271 27,751,496 32,438,544 25,541,753
Turnover (000s) $109,387 $148,568 $184,740 $229,397 $217,902
Revenue (000s) $97,371 $115,672 $142,112 $191,317 $186,814
EBITDA (000s) $9,448 $11,288 $13,925 $24,764 $23,128
EBITDA as a percentage of sales 9.7% 9.8% 9.8% 12.9% 12.4%
NPBT (000s) $3,001 $4,263 $5,246 $13,612 $9,908
NPAT (000s) $2,295 $3,168 $4,272 $10,385 $5,833
Earnings per share - Basic $0.16 $0.22 $0.29 $0.65 $0.35
Operating cash flow (000s) $8,829 $8,529 $1,804 $21,252 $14,058
Operating cash flow per share $0.61 $0.55 $0.11 $1.22 $0.80
Total assets (000s) $98,681 $109,791 $164,318 $197,309 $222,023
Net tangible assets per share $4.02 $4.07 $3.76 $4.34 $5.18
1. Class 1 and Class 2 kiwifruit trays

27
$97m
$116m
$142m
$191m
$187m
In 2017 there were lower kiwifruit volumes in New Zealand across the industry,
total kiwifruit volumes decreased by 21% on the previous year, primarily driven
by significantly lower Hayward (Green) volumes which were down 33% on the
previous year
Appendix: Revenue and Packed Kiwifruit Volumes
19.6m
21.4m
27.8m
32.4m
25.6m
31.1m
201320142015201620172018F
Revenue
Total kiwifruit
trays packed²
In 2017 kiwifruit volumes
decreased by 21%, this was
offset by
•Seeka Australia
•Avocados
•Delicious Nutritious Food
Company¹
1. Delicious Nutritious Food Company is a wholly owned subsidiary of Seeka Limited
2. Class 1 and Class 2 kiwifruit trays

28
$2.3m
$3.2m
$4.3m
$10.4m
$5.8m
20132014201520162017
Appendix: Net Profit After Tax and Earnings Per Share
$0.16
$0.22
$0.29
$0.65
$0.35
Earnings
per share
Net profit
after tax
2016 Normalised
EPS excluding
insurance
settlement
$0.47
2017 a prior period deferred tax adjustment of $1m
was expensed. This had the effect of reducing EPS by
$0.06 and would have resulted in $0.41 EPS.
Impairments less revaluation gains resulted in a further
$0.03 reduction and would have made EPS $0.44
$0.44

29
Appendix: Share Price
57% shareholder return over two years¹
Jul 16Sep 16Nov 16Jan 17Mar 17May 17Jul 17Sep 17Nov 17Jan 18Mar 18May 18
July 18
$4.40
$6.50
July 16
10c 10c 10c
12c
$2.10 lift in price
42 cents paid in dividends
1, Total shareholder returns inclusive of dividends

30
Jason Swain
GM Information Services
19 years experience in
agribusiness, spent 10
years in Post-Harvest
operations before moving
into the Information
Systems Division.
Stuart McKinstry
CFO
Charted accountant , with
more than 25 years
experience in accounting
and 18 years experience in
the kiwifruit industry.
Appointed CFO in 2006

Michael Franks
CEO
More than 20 years
commercial experience
and has held numerous
senior finance roles.
Joined Seeka in 2003 as
CFO. Appointed CEO in
2006.

Simon Wells
GM Orchards
20 years experience in
management in kiwifruit
industry; and has owned
both a kiwiberry and an
avocado orchard. Joined
Seeka in 2007.
Kate Bryant
GM Supply
Joined Seeka in 2015, and
has had 19 years
experience in the kiwifruit
industry, focussing on the
kiwifruit supply chain.

Ray Hook
GM Retail Services
Joined Seeka in April 2014
following the completion of
the Glassfields (NZ)
acquisition. Extensive
experience in senior
management especially in
agribusiness.

Rob Towgood
Commercial Manager
Works on the interface
with the Seeka Australian
operations; also
responsible for planning
and construction of new
infrastructure in New
Zealand.
Kevin Halliday
GM Post Harvest
Joined Seeka in 2003
through the acquisition of
Eleos, Kevin has
significant experience in
kiwifruit supply chain
management.

Annmarie Lee
GM Growers and
Marketing
30 years experience in the
kiwifruit industry, with 25
years owning a kiwifruit
orchard. Joined Seeka in
2005

Appendix: Senior Management Team

31
John Burke
Director
Elected April 2012.
Extensive agribusiness
experience including in
kiwifruit, having been the
general manager of Kiwifruit
Vine Health (KVH) and CEO
of Te Awanui Huka Pak.
Cecilia Tarrant
Independent Director
Elected April 2017.
Professional company
director, with directorships
on Fletcher Building,
Payments NZ, and chair of
Government Superannuation
Fund.

Fred Hutchings
Independent Chairman
Elected September 2012.
Extensive commercial and
business experience as a
partner of PwC for 27 years.
Chair of Tui Products and a
director of Speirs Group and
Spiers Limited.
Peter Ratahi Cross
Director
Chair of several Trust
Boards throughout the
Eastern North Island. Chair
of Te Awanui Huka Pak and
Ngā Tūkairangi Trust, the
largest Māori kiwifruit
grower.
Ashley Waugh
Independent Director
Elected May 2014.
Extensive experience in
fresh foods industry, and
was CEO of Australia’s
National Foods until its
merger with Lion Nathan in
2009.

Martyn Brick
Director
Elected April 2013.
Extensive experience in
agribusiness having worked
in rural banking, finance and
horticulture. Former director
of Te Awanui Huka Pak.
Amiel Diaz
Director
Elected August 2009.
30 years executive
management experience in
the fresh produce industries.
Head of the Philippine
subsidiaries of Farmind
Corporation.
Appendix: Board Members