AFC Annual Meeting Presentation

1

2018 Chairman Shareholder meeting speech

During the 2017－2018 Financial Year, AFC Group was not only carried out its work, but also a
conducted comprehensive and consistent development. Under the leadership of managers at all
levels within the group, all employees in China and New Zealand were committed and motivated
during the past year. AFC Group Holdings Ltd has achieved remarkable results in all aspects of the
group’s all-direction businesses.

Meanwhile, AFC Group Holdings Ltd, with its complementary insights into the advantages of
between New Zealand and China's business resources and two countries’ markets, AFC Group
Holdings Ltd had combined the advantages of resources integration in two region’s capital market.
After more than two year’s development, it has laid the foundation of self-development in the
food processing, wine industry, trade logistics, biotechnology, cross-border E-commerce and
other sectors and played a role in promoting China-New Zealand economic and trade exchanges
and non-governmental exchanges.

In addition, AFC Group has also comprehensively adjusted its financial and management structure.
AFC has further strengthened internal control, regulatory and compliance for financial and
operational management, changed the situation in which the Staple Rodway issued disclaimer
audit opinions for two years. Just a week before the shareholders' meeting, the Financial Markets
Authority (FMA) formally ended its two-year enquires on the AFC's audit opinion and apricated
the AFC for its efforts to strengthen its finances and management.

In the past year, AFC Group's has achieved total sales of 6.62 million dollars, have a loss of 330
thousand dollars, 990 thousand dollars decrease in deficit; paid 160 thousand dollars in PAYE, an
increase of 80 thousand dollars, an increase of 100%; A total of 40 jobs were resolved, a 200%
increase compared to last year. At the same time, AFC Group further strengthen its financial team
and management system, and formulated policies and procedures covering all aspects from top
to bottom.

AFC Biotechnology Manufacture Co Ltd has successfully and smoothly produced from the start of
the year's trial operation to the present. The production capacity has reached the ideal state
during continuous debugging and learning. The popularity of the high-quality DD Mask continues
to increase under the brand promotion of China and New Zealand. AFC International Trading
Group Ltd wholeheartedly organised several large-scale events for its brand. DD Mask's brand was
effectively promoted and successfully expanded sales performance. The wine varieties of AFC
Longview Ltd have covered premium, medium and low wines. The Longview flagship of White
diamond sweet white wine statement is now broadcast. It is not only supported by the signature
of two former New Zealand Prime Ministers and parliament members, but also by the admiration
of the Rothschild family, as well as Francisco Bandlin, the director general of UNESCO. In the past
year, National Dairy Group Ltd has obtained trademark registration rights for brands including
Morning, DD Mask and others.

The AFC Group is also actively involved in the exchange of culture and industry between China
and New Zealand. The company not only succeeded in promoting the first film of China and New
Zealand, which has a Chinese story and promoted New Zealand culture. AFC is the only platform
in New Zealand to connecting the Australia and New Zealand food and industrial park in Chaohu

2

City, Anhui Province, China. ANZ Food and Industry Park is a full-scale Australian and New Zealand
food culture experience center that combines visits, experiences and interactions. It also
introduced more than 2,000 Australian and New brands into the park.

In general, there is a qualitative leap regarding company system and management, brand building
and publicity, work production and financial processes, staffing, managerial level, and employee
awareness.

As a multinational investment company, our shareholders could observe that while making
unremitting efforts to develop our company, we must also be mindful of social responsibility and
international responsibility. Creating a community of human destiny is not only the mission of
China and New Zealand but also the responsibility of non-governmental organisations and
enterprises in various countries. The AFC Group is actively undertaking corporate social
responsibility as the first Chinese listed company in New Zealand. All of these accomplishments
are indebted to the excellent vision and high-efficient leadership by the Board, whole-hearted
support from shareholders, hard work from management and all employees, fair and open
business environment of New Zealand, and extensive support from all sectors of society. For this,
the Board gives sincere thanks. Moreover, we hope the shareholders will support our work as
always. The Broad promises to work harder to make AFC a better enterprise, and to create more
value and revenue for the shareholders, and more tax revenue for the country!

3

董事长股东大会发言稿

2017年度是AFC集团全面开展工作的一年，更是全面坚定发展的一年。集团在股
东的支持下和董事们的战略指导下，以及中国和新西兰全体管理层和员工上下一
心、积极进取的工作下，集团在各方面的工作都取得了显著的成绩。AFC集团凭
借着对新西兰和中国资源和市场优势互补的深刻洞察，结合两地资本市场资源整合
的优势，经过2年多的发展，已在食品加工，葡萄酒业，贸易物流，生物科技，跨
境电商等板块奠定了自我发展的基础，同时也在促进中新两国经贸往来和民间交流
上发挥了一定的作为。另外在过去的一年里，AFC集团也全面调整了财务及管理
层架构。AFC进一步地加强了财务和运营管理的内控，监管及合规的措施，改变
了2年来审计师无法发表审计意见的状况。就在股东大会的一周前，金融市场委员
会正式结束了2年来对AFC集团审计意见的咨询，并肯定和感谢AFC集团为加强
财务及管理做出的努力。

2017年，AFC集团累计实现销售额662万元，亏损33万元，同比减亏99万元；
代扣代缴个人所得税约16万元，同比增长8万元，增幅为100％；共解决就业岗
位51个，同比增长268％。与此同时，AFC集团进一步完善了全面的财务团队及
管理系统，制定了覆盖全由上到下各个方面的政策及流程。AFC生物科技制造有
限公司由年初的试运行到现在的全面顺利地生产。产能在不断地调试和学习中达到
了最理想的状态。优质的DD Mask面膜的知名度在中新两国的品牌宣传下不断提
高。AFC国际贸易集团有限公司全体一心，为自有品牌成功地举办了几次大型活
动， DD Mask的品牌得到有效地宣传，成功地扩大了销售业绩。AFC远景园酒庄
的葡萄酒品种已覆盖高中低档酒。现在远景园旗舰酒白钻石甜白葡萄酒声明远播，
不但有新西兰两任前总理及议员的签名支持，也有罗斯柴尔德家族的赞赏，还受联
合国教科文组织总干事特别顾问弗朗西斯科·班德林的喜爱。国家乳业集团有限公
司在过去的一年里相继取得了包括Morning， DD Mask等品牌的商标注册权。

AFC集团亦积极地参与链接中新两国的文化和产业的交流。公司不但成功地推动
了中新两国首部有着中国故事，宣传新西兰文化的电影《新西兰之旅》。AFC更
是中国安徽省巢湖市澳新食品产业园在新西兰的唯一对接平台。澳新食品产业园是
集参观、体验及互动为一体的全方位澳洲和新西兰的食品文化的体验中心，同时也
引进了超过两千多个澳新品牌。

总体来看，无论是公司制度和管理，品牌建立及宣传，工作生产和财务的流程，人
员的配置，管理者的水平，还是员工的工作意识等方面，都有一个质的飞跃。股东
们可以看到，作为一个跨国投资企业，AFC集团在不懈努力发展自身的同时，也
心怀社会责任和国际担当！企业的这种发展理念使得AFC集团在短短两年时间快

4

速获得市场和社会认可，站得更高，走得更长久。这得益于AFC董事会高屋建瓴
的领导格局和高效的领导力，得益于公司股东的大力支持和实质性帮助，得益于公
司全体高管和员工的辛勤劳动，得益于新西兰公允开放的营商环境和社会各界的广
泛支持。为此董事会表示衷心的感谢！董事们希望全体股东一如既往的支持董事会
的工作。董事们表示继续加倍努力将公司办得更好，努力为股东们创造更高的价值
和收益，为国家创造更多的税收！


During the 2017－2018 Financial Year, AFC Group was not only carried out its work, but also a
conducted comprehensive and consistent development. Under the leadership of managers at all
levels within the group, all employees in China and New Zealand were committed and motivated
during the past year. AFC Group Holdings Ltd has achieved remarkable results in all aspects of the
group’s all-direction businesses.

Meanwhile, AFC Group Holdings Ltd, with its complementary insights into the advantages of
between New Zealand and China's business resources and two countries’ markets, AFC Group
Holdings Ltd had combined the advantages of resources integration in two region’s capital market.
After more than two year’s development, it has laid the foundation of self-development in the
food processing, wine industry, trade logistics, biotechnology, cross-border E-commerce and
other sectors and played a role in promoting China-New Zealand economic and trade exchanges
and non-governmental exchanges.

In addition, AFC Group has also comprehensively adjusted its financial and management structure.
AFC has further strengthened internal control, regulatory and compliance for financial and
operational management, changed the situation in which the Staple Rodway issued disclaimer
audit opinions for two years. Just a week before the shareholders' meeting, the Financial Markets
Authority (FMA) formally ended its two-year enquires on the AFC's audit opinion and apricated
the AFC for its efforts to strengthen its finances and management.

In the past year, AFC Group's has achieved total sales of 6.62 million dollars, have a loss of 330
thousand dollars, 990 thousand dollars decrease in deficit; paid 160 thousand dollars in PAYE, an
increase of 80 thousand dollars, an increase of 100%; A total of 40 jobs were resolved, a 200%
increase compared to last year. At the same time, AFC Group further strengthen its financial team
and management system, and formulated policies and procedures covering all aspects from top
to bottom.

AFC Biotechnology Manufacture Co Ltd has successfully and smoothly produced from the start of
the year's trial operation to the present. The production capacity has reached the ideal state
during continuous debugging and learning. The popularity of the high-quality DD Mask continues
to increase under the brand promotion of China and New Zealand. AFC International Trading
Group Ltd wholeheartedly organised several large-scale events for its brand. DD Mask's brand was
effectively promoted and successfully expanded sales performance. The wine varieties of AFC
Longview Ltd have covered premium, medium and low wines. The Longview flagship of White
diamond sweet white wine statement is now broadcast. It is not only supported by the signature
of two former New Zealand Prime Ministers and parliament members, but also by the admiration

5

of the Rothschild family, as well as Francisco Bandlin, the director general of UNESCO. In the past
year, National Dairy Group Ltd has obtained trademark registration rights for brands including
Morning, DD Mask and others.

The AFC Group is also actively involved in the exchange of culture and industry between China
and New Zealand. The company not only succeeded in promoting the first film of China and New
Zealand, which has a Chinese story and promoted New Zealand culture. AFC is the only platform
in New Zealand to connecting the Australia and New Zealand food and industrial park in Chaohu
City, Anhui Province, China. ANZ Food and Industry Park is a full-scale Australian and New Zealand
food culture experience center that combines visits, experiences and interactions. It also
introduced more than 2,000 Australian and New brands into the park.

In general, there is a qualitative leap regarding company system and management, brand building
and publicity, work production and financial processes, staffing, managerial level, and employee
awareness.

As a multinational investment company, our shareholders could observe that while making
unremitting efforts to develop our company, we must also be mindful of social responsibility and
international responsibility. Creating a community of human destiny is not only the mission of
China and New Zealand but also the responsibility of non-governmental organisations and
enterprises in various countries.

The AFC Group is actively undertaking corporate social responsibility as the first Chinese listed
company in New Zealand. All of these accomplishments are indebted to the excellent vision and
high-efficient leadership by the Board, whole-hearted support from shareholders, hard work
from management and all employees, fair and open business environment of New Zealand, and
extensive support from all sectors of society. For this, the Board gives sincere thanks. Moreover,
we hope the shareholders will support our work as always. The Broad promises to work harder to
make AFC a better enterprise, and to create more value and revenue for the shareholders, and
more tax revenue for the country!

---

AFC Shareholders Meeting
27 August 2018

Hao (Howard) Long
Director and Chairman of the Meeting

Yang Xia
Chairman
John Li
Director
Charles Cao
Director

Yang Xia
Chairman

Dear Shareholders and Guests,
Good Afternoon and welcome to you all.
During the 2017－2018 Financial Year, AFC Group was
not only carried out its work, but also a conducted
comprehensive and consistent development. Under the
leadership of managers at all levels within the group, all
employees in China and New Zealand were committed
and motivated during the past year. AFC Group Holdings
Ltd has achieved remarkable results in all aspects of the
group’s all-direction businesses.

Meanwhile, AFC Group Holdings Ltd, with its complementary
insights into the advantages of between New Zealand and
China's business resources and two countries’ markets, AFC
Group Holdings Ltd had combined the advantages of resources
integration in two region’s capital market.
After more than two year’s development, it has laid the
foundation of self-development in the food processing, wine
industry, trade logistics, biotechnology, cross-border E-commerce
and other sectors and played a role in promoting China-New
Zealand economic and trade exchanges and non-governmental
exchanges.

In addition, AFC Group has also comprehensively adjusted its financial
and management structure.
AFC has further strengthened internal control, regulatory and
compliance for financial and operational management, changed the
situation in which the Staple Rodway issued disclaimer audit opinions
for two years.
Just a week before the shareholders' meeting, the Financial Markets
Authority (FMA) formally ended its two-year enquires on the AFC's
audit opinion and apricated the AFC for its efforts to strengthen its
finances and management.

In the past year, AFC Group's has achieved total sales of 6.62 million
dollars, have a loss of 330 thousand dollars, 990 thousand dollars
decrease in deficit;
Paid 160 thousand dollars in PAYE, an increase of 80 thousand dollars,
an increase of 100%; A total of 40 jobs were resolved, a 200%
increase compared to last year.
At the same time, AFC Group further strengthen its financial team
and management system, and formulated policies and procedures
covering all aspects from top to bottom.

•AFC Biotechnology Manufacture Co Ltd has successfully and
smoothly produced from the start of the year's trial operation to the
present. The production capacity has reached the ideal state during
continuous debugging and learning. The popularity of the high-
quality DD Mask continues to increase under the brand promotion
of China and New Zealand.
•AFC International Trading Group Ltd wholeheartedly organised
several large-scale events for its brand. DD Mask's brand was
effectively promoted and successfully expanded sales performance.

•The wine varieties of AFC Longview Ltd have covered premium,
medium and low wines. The Longview flagship of White diamond
sweet white wine statement is now broadcast. It is not only
supported by the signature of two former New Zealand Prime
Ministers and parliament members, but also by the admiration of
the Rothschild family, as well as Francisco Bandlin, the director
general of UNESCO.
•National Dairy Group Ltd has obtained trademark registration rights
for brands including Morning, DD Mask and others.

The AFC Group is also actively involved in the exchange of culture
and industry between China and New Zealand.
The company not only succeeded in promoting the first film of
China and New Zealand, which has a Chinese story and promoted
New Zealand culture.
AFC is the only platform in New Zealand to connecting the Australia
and New Zealand food and industrial park in ChaohuCity, Anhui
Province, China. ANZ Food and Industry Park is a full-scale
Australian and New Zealand food culture experience centre that
combines visits, experiences and interactions. It also introduced
more than 2,000 Australian and New brands into the park.

In general, there is a qualitative leap regarding company system
and management, brand building and publicity, work production
and financial processes, staffing, managerial level, and employee
awareness.
As a multinational investment company, our shareholders could
observe that while making unremitting efforts to develop our
company, we must also be mindful of social responsibility and
international responsibility. Creating a community of human
destiny is not only the mission of China and New Zealand but also
the responsibility of non-governmental organisations and
enterprises in various countries.

The AFC Group is actively undertaking corporate social
responsibility as the first Chinese listed company in New Zealand.
All of these accomplishments are indebted to the excellent vision
and high-efficient leadership by the Board, whole-hearted support
from shareholders, hard work from management and all
employees, fair and open business environment of New Zealand,
and extensive support from all sectors of society.
For this, the Board gives sincere thanks. Moreover, we hope the
shareholders will support our work as always. The Broad promises
to work harder to make AFC a better enterprise, and to create
more value and revenue for the shareholders, and more tax
revenue for the country!

Thank you!

Hao (Howard) Long
Director and Chairman of the Meeting

Resolutions
Resolution 1: Annual Report
To receive and consider the Annual
Report, including the audit report and
financial statements, for the year ended
31 March 2018.
“That the Annual Report be received.”

Resolutions
Resolution 2: Appointment of Auditor
TorecordthattheCompany’sAuditorsWilliamBuckis
reappointedasauditorspursuanttosection200ofthe
CompaniesAct1993andtoconsider,andifthoughtfit,to
passthefollowingordinaryresolution
“Thatthecompanyappointsnewauditorforthefinancialyear
ending31March2018.”

Resolutions
Resolution 3: Fixing the Fees and Expenses of the
auditor
To record that shareholder authorise the directors to fix
the fees and expenses of the auditor for the financial
year ending 31 March 2019 pursuant to section 200 of
the Companies Act 1993 and to consider, and if thought
fit, to pass the following ordinary resolution
”That the directors of the Company be authorised to fix the
remuneration of the auditors of the Company for the ensuing year.”

Resolutions
Resolution 4: Re-election of Director
To consider and, if thought fit, to pass the following
ordinary resolution pursuant to NZAX Listing Rule 3.2.6:
“That Yang Xia, who retires by rotation and is eligible for re-
election, be elected as a director of the Company.”

Resolutions
Resolution 5: Re-election of Director
To consider and, if thought fit, to pass the following
ordinary resolution:
“That Zilei(Jacky) Wang, having been appointed since the last
annual meeting and who therefore retires and is eligible for
election, be elected as an independent director of the Company.”

Resolutions
Resolution 6: Re-election of Director
To consider and, if thought fit, to pass the following
ordinary resolution:
“That Hao (Howard) Long, who retires by rotation and is eligible
for re-election, be elected as a director of the Company.”

Thank you for attending
AFC Group Holdings Limited
Annual Meeting

---

AFC Group Holdings Limited AGM– 27 August 2018


1.0 Introduction

Good Afternoon

My name is Howard Long; I am a director of AFC Group Holdings Limited.

It is my pleasure to Chair the Annual Meeting of AFC Group Holdings Limited.

It is 2:00 pm and it is time to start the meeting.

- I am advised that:
o The correct notice has been given.
o We have a quorum present and hence we have a correctly constituted
meeting.
- I advise that we have received 18 proxies representing 10,753,016 shares.


2.0 Welcome

I would like to welcome you all to our Annual Meeting of AFC.

The minutes of the Annual Meeting held on 8 September 2017 have been approved
by the Directors and are available for inspection.

I would like to introduce:
My fellow Directors Yang Xia (Chairman) via Video call
John Li
Charles Cao

The Deputy General Manager of AFC Group Holdings Limited Connie DuChard.

The CEO of AFC International Trading Group Limited Ling Lu.

I confirm that this is a meeting of shareholders of AFC Group Holdings Limited.
Shareholders have the right to attend and vote.

We have other persons here and we note that the Chair has the option of accepting
questions or comments from non shareholders at their absolute discretion.

I ask all shareholders to ensure that they have registered at the door. You need to
have a form in case of a poll being called.

Finally I ask that all mobile phones be turned off or to silent and that you note the exits
to be used in the event of an emergency.


3.0 Apologies

We have apologies from:-
Mr Yang Xia, he could not attend the meeting in person.

Mr Zilei Wang, he is on a business trip to overseas.

Do we have any other apologies?

There are no other apologies


4.0 Meeting Agenda

The business of this Annual Meeting is set out in the Notice of Meeting sent to
Shareholders along with the explanatory notes.

The Directors have previously advised all shareholders to read the document carefully
before making any decisions.

Mr. Xia will address the meeting at first.

His address will cover the past and the future of AFC. His address will be in Chinese
and Mr. Howard Long the Chair of the meeting will give an English Translation. There
will also be a translation on the screen.

Moving on to the business of the Meeting.

Resolution 1: Annual Report
To receive and consider the Annual Report, including the audit report and
financial statements, for the year ended 31 March 2018.
“That the Annual Report be received.”
I move the resolution, do we have a seconder? Thank you ______________

Is there any discussion?

I now put the resolution.

All in favour please say Aye

Those against please say no

I declare the motion ______________

Resolution 2: Appointment of Auditor
To record that the Company’s Auditors William Buck is reappointed as auditors
pursuant to section 200 of the Companies Act 1993 and to consider, and if
thought fit, to pass the following ordinary resolution

”That the Company’s Auditors William Buck is reappointed as auditors.”


I move the resolution, do we have a seconder? Thank you _______________

Is there any discussion?

I now put the resolution.

All in favour please say Aye

Those against please say no

I declare the motion ______________

Resolution 3: Fixing the Fees and Expenses of the auditor
To record that shareholder authorise the directors to fix the fees and expenses
of the auditor for the financial year ending 31 March 2019 pursuant to section
200 of the Companies Act 1993 and to consider, and if thought fit, to pass the
following ordinary resolution

”That the directors of the Company be authorised to fix the remuneration of the
auditors of the Company for the ensuing year.”


I move the resolution, do we have a seconder? Thank you _______________

Is there any discussion?

I now put the resolution.

All in favour please say Aye

Those against please say no

I declare the motion ______________

Resolution 4: Re-election of Director
To consider and, if thought fit, to pass the following ordinary resolution pursuant
to NZAX Listing Rule 3.2.6:
“That Yang Xia, who retires by rotation and is eligible for re-election, be elected
as a director of the Company.”


I move the resolution, do we have a seconder? Thank you _________________.

Is there any discussion?

I now put the resolution.

All in favour please say Aye

Those against please say no

I declare the motion ____________


Resolution 5: Re-election of Director
To consider and, if thought fit, to pass the following ordinary resolution:
“That Zilei (Jacky) Wang, having been appointed since the last annual meeting and
who therefore retires and is eligible for election, be elected as an independent director
of the Company.”


I move the resolution, do we have a seconder? Thank You Mr _____________

Is there any discussion?

I now put the resolution.

All in favour please say Aye

Those against please say no

I declare the motion ___________


Resolution 6: Re-election of Director
To consider and, if thought fit, to pass the following ordinary resolution:
“That Hao (Howard) Long, who retires by rotation and is eligible for re-election, be
elected as a director of the Company.”

I move the resolution, do we have a seconder? Thank You Mr _____________

Is there any discussion?

I now put the resolution.

All in favour please say Aye

Those against please say no

I declare the motion ___________


General Business

Is there any business anyone would like to raise?


Final Comment

Ladies and Gentlemen thank you for your attendance today.
We look forward to enjoying the future developments with you.

I declare the meeting closed at ____________pm
I encourage you to speak to the directors over refreshments.

End