NZK – 2018 Annual Shareholders’ Meeting materials

A N N UA L SH A RE H O L D E RS’ M E E TI N G
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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 8
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 8
CHAIRMAN’S REVIEW
Strong financial performance with key PFI metrics exceeded.
Excellent result in light of challenging water temperatures, demonstrating resilience and contingency
strategies.
Further progress towards aquaculture goals.
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MANAGING DIRECTOR’S REVIEW
•FY18 Highlights
•Sustainability
•Business Update
•Outlook
•Our Vision for Aquaculture
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H I G H L I G H T S
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FY18 HIGHLIGHTS
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Strong financial performance with key PFI metrics exceeded:
•Revenue of $160.3m, up 18% on FY17 and 12% on PFI.
•Pro Forma Operating EBITDA of $26.2m*, up 21% on FY17 and 17% on PFI.
•GAAP NPAT of $16.1m, up 14% on PFI.
Total dividends of 5.0 cents per share paid in relation to FY18 year, 22% above forecast dividends of 4.1 cents
per share provided for in our PDS**
Strong financial position, ending the year in a Net Cash position.
* A full reconciliation between GAAP and Pro Forma results is shown on page 27 of our full year results announcement available at www.kingsalmon.co.nz/investors
** New Zealand King Salmon’s Product Disclosure Statement dated 23 September 2016 (PDS).

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FACTS AND FIGURES
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W E S U P P L Y M O R E
T H A N
50
%
O F T H E
WORLD’S
F A R M E D
K I N G
S A L M O N
O N L Y
0.7
%
OF THE WORLD’S SALMON IS
K I N G S A L M O N
4.4
kg
A V E R A G E
H A R V E S T
S I Z E
7,779
M E T R I C T O N N E S H A R V E S T E D
7 . 7 % I N C R E A S E O N F Y 1 7
17
S U R F A C E H E C T A R E S
O F S A L M O N F A R M S P A C E
$160.3
R E V E N U E O F
M I L L I O N
F E E D C O N V E R S I O N R A T I O ( F C R )
1.8x
L A N D
P R O T E I N U P
TO
9x
K I N G
S A L M O N
VS
5F A R M E R S
M O R T A L I T Y 2 0 % V S 8 % F Y 1 7 A N D 1 1 %
‘NORM’

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G E O G R A P H I C S P R E A D
O F R E V E N U E
FACTS AND FIGURES (CONTINUED)
8
85
%
R E G A L B R A N D
A W A R E N E S S I N N E W
Z E A L A N D
R E S T A U R A N T S
F E A T U R I N G
ŌRA KING ON THE
M E N U
1,223
18
N E W J O B S I N
F Y 1 8
446
P E O P L E i n N Z
T O P O F T H E S O U T H
375
S H A R E H O L D E R S
N E W Z E A L A N D K I N G
S A L M O N I S T H E
5
th
L A R G E S T E M P L O Y E R I N T H E
T O P O F T H E S O U T H
30%
5%
6%
50%
7%
2%

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TO BE THE TOP OF THE SOUTH’S MOST VALUABLE ORGANISATION AND THE WORLD’S MOST
P R E M I U M S A L M O N C O M P A N Y
VISION
C R E A T I N G T H E U L T I M AT E S A L M O N E X P E R I E N C E
PURPOSE
1.E N R I C H T H E L I V E S O F O U R C U S T O M E R S, T E A M M E M B E R S, A N D S H A R E H O L D E R S
2.C O N T R I B U T E P O S I T I V E L Y T O T H E C O M M U N I T I E S I N W H I C H W E O P E R A T E , I N C L U D I N G N E T
I M P R O V E M E N T S T O T H E N A T U R A L E N V I R O N M E N T
3.R E W A R D O U R P A R T N E R S A N D S U P P L I E R S F A I R L Y
MISSION
G R O W T H / I N T E G R I T Y / T E A M W O R K & C U L T U R E / Q U A L I T Y / I N N O V A T I O N
VALUES
SUPPORTING STRATEGIES
H E A L T H & S A F E T Y
I N C L U D I N G F O O D S A F E T Y
ONES P E C I E S : K I N G
S A L M O N
D O M I N A T E P R E M I U M
S A L M O N N I C H E S
S U S T A I N A B I L I T YN Z S O C I A L L I C E N C EP E O P L E
B R A N D S
C O S T C O M P E T I T I V E
1234
5678
NZKS’ VISION, PURPOSE, MISSION AND VALUES

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S U S TA I N A B I L I T Y
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SUSTAINABLE DEVELOPMENT
We are focused on five United Nations’ Sustainable Development Goals
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OPERATING SUSTAINABLY
We aim to pass on our land and water environments to the next generation and beyond in the same or better
condition than we inherited them.
Our Commitment to Sustainability

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OUR ACCREDITATIONS
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B U S I N E S S U P D AT E
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Creating
the Ultimate
Salmon
Experience
O U R P U R P O S E

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BRANDS
Our five world leading brands
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U L T R A-P R E M I U M
F O O D S E R V I C E
P R E M I U M
R E T A I L
V A L U E
R E T A I L
P E T F O O D
R E T A I L
Z E R O-W A S T E V A L U E-
A D D I N G P R O D U C T S

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 8
RAISING OUR PREMIUM POSITION
ŌraKing TYEE
•Unique King salmon, weighing in at upwards of 13kg each.
•Continued success of our long-standing breeding programme.
We are continually investing in, and raising the bar of, our world leading salmon brand
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RAISING OUR PREMIUM POSITION
(CONTINUED)
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Chef Mark Bashinksy,
Aria Brisbane
Confit and cured Ora king
salmon in consommé.
“I was inspired by
the artist Andy
Warhol with his pop
art style series
Campbell's soup in
1960's.”

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REGAL TVC

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OMEGA PLUS
•Highest long-chain Omega 3 content of any petfoodproducts domestically (and possibly in the world).
•Anti-inflammatory properties and great for shiny coats.
•Gaining traction domestically and now looking towards export opportunities.
Great health outcomes for pets
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MPI CONSULTATION PROCESS
In February, the Minister of Fisheries publically released the report and recommendations from the
Marlborough Sounds Salmon Farm Relocation Advisory Panel (Panel) for the relocation of up to six of our
salmon farms from their historic (nearly 30 years old) locations.
The decision now rests with the Minister of Fisheries.
•New Zealand King Salmon has only 17 surface hectares of salmon farms.
•Of this, 9 surface hectares are in low-flow locations where environmental, social, and economic outcomes are sub-optimal.
•We are exploring opportunities to “swap” or relocate farms from low-flow to high-flow areas (in some cases a move of only 1.5
kms) on a no increase basis.
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O U T L O O K
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04

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OUTLOOK
What we know about FY19
•Due to reduced biomass at sea, harvest volumes are likely to be in line with FY18 at around 8,000 MT.
•Demand remains supportive. The full year impact of price increases is anticipated to drive revenue growth on a consistent
volume basis.
•Improved fish survival expected, assuming sea temperatures return to more normal levels in summer FY19.
•Impact of recent softening in NZD limited by historical purchases of FX contracts.
•Feed cost forecast to increase as NZKS continue to increase use of specialist diets to improve fish health and improve mortality
rates.
•Continuation of the current annual level of capital expenditure for the next three years, reflecting the additional investment
required to improve overall fish performance / quality and unlock the full environmental and economic potential from the
existing farm consents. This does not reflect any potential capital expenditure required relating to the current farm relocation
initiative, or offshore trial process
•Capital expenditure for 2019 is expected to be >$13.0m vs. depreciation of $7.2m.
•During this three year capital investment phase the dividend ratio is expected to be maintained at 50% of normalised net profit
after tax. This is in line with the 2017 and 2018 year, and at the lower end of the 50-65% forecast in the IPO Product Disclosure
Statement.
•Based on factors known to us at the time of writing, the Directors re-affirm previous guidance for FY19 Operating EBITDA of
between $25.0m and $28.5m.
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O U R V I S I O N F O R
A Q U A C U LT U R E
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05

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THE FUTURE OF FOOD LIES WITH THE OCEAN...
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70%
OF THE WORLD’S SURFACE IS IN WATER, BUT IS ONLY PRODUCINGO F T O T A L G L O B A L F O O D
2%

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CURRENT FOOD PRODUCTION TECHNIQUES ARE NOT
SUSTAINABLE
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F O O D D E M A N D M A K E S U P O F T H E G L O B A L E C O L O G I C A L F O O T P R I N T
26%

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 8
Carbon
Footprint*
9.842.356.7337.2
Yield %
72465241
Freshwater
consumption
1,4004,3256,87715,415
SALMON FARMING HAS A SUBSTANTIALLY LOWER
ENVIRONMENTAL IMPACT THAN OTHER PROTEINS
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* Tons of carbon dioxide equivalent (tCO2e) per ton edible protein of the product. CO2e is calculated by multiplying the emissions of each of the six greenhouse gases (CO2, CH4, N2O, HFCs, PFCs and
SF6) by its 100-year global warming potential (GWP).
Source: Global Salmon Initiative and based on Atlantic Salmon, Dr Solveig van Nes

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SALMON FARMING IS HIGHLY PRODUCTIVE
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AQUACULTURE
420
1,300,000
3,095
NORWAY
AGRICULTURE
10,000
500,000
50
AREA (KM
2
)
PROD
N
(MT)
PRODUCTIVITY
(MT / KM
2
)
62xMORE
PRODUCTIVE

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MAKING BETTER USE OF THE OCEAN –OFFSHORE FARMING
Whilst a commercially viable technology is still a number of years away, offshore farming is being trialled in
countries such as Norway and in the Meditteranean.
We are carefully watching trials of offshore farming technology in Norway. We consider submersible
technology to be the superior option for New Zealand and will continue to monitor the outcome from these
tests.
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MAKING BETTER USE OF THE OCEAN –OFFSHORE FARMING
(CONTINUED)
Examples of submersible ocean farming technology
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GOVERNMENT STRATEGY
Norway –pioneers in the field. Clear governmental focus on transitioning from Oil & Gas to Bio-economy.
With its long coastline and suitable water temperatures, New Zealand is well positioned to become a global
leader in the Aquaculture industry.
Considerations:
Aquaculture could be New Zealand’s most valuable, and greenest, Primary industry
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BiosecurityMarine SpatialPlanning
Physical SecurityMethods to Allocate Space
Infrastructure (Ports/ Road etc)Support Industries
EducationScience
HousingEnvironmental Monitoring

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 8
INVESTING IN AQUACULTURE
An investment in Aquaculture is an investment in:
•Green jobs
•High value employment
•The most sustainable animal protein production on earth!
•NZ’s greenest primary industry
•Rapidly evolving and advancing technology
•Potential to be NZ’s most valuable industry
Aquaculture is going to change the world and save the planet. New Zealand King Salmon is leading the
revolution within our country.
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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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RESOLUTION 1
That the Board is authorised to fix the auditor’s remuneration for the coming year
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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 8
RESOLUTION 2
Having retired by rotation (as determined by lot),
that John Ryder be re-elected as a Director
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RESOLUTION 3
Having retired by rotation (as determined by lot),
that Thomas Song be re-elected as a Director
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V O T I N G A N D
Q U E S T I O N S
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APPENDIX –GLOSSARY OF TERMS
FY18Financial results for the 2018 financial year covering the period 1 July 2017 to 30 June 2018
CAGRCompounding annual growth rate
EBITDAEarnings beforeinterest, tax, depreciation and amortisation
FCRFeed Conversion Ratio–the amount of feed (in kilograms) required to raise fish weight by 1 kilogram.
G&GGilled and gutted. Note that all volumetric information presented ison a gilled and gutted basis unless otherwise stated
GAAPGenerally Accepted Accounting Practice
Mortality / Mortality
Rate
The percentagemortality of salmon in seawater, calculated as the biomass of salmon mortalities in kg divided by the growth of
salmon in kg
MTMetric tonnes
NPATNet profitafter tax, also reported as net profit for the period in our published financial results
PDS New Zealand King Salmon’s Product Disclosure Statementdated 23 September 2016
NZKSNew Zealand King Salmon
PFINew ZealandKing Salmon’s prospective financial information publishedat 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 proforma
adjustments as described in the Appendix to this document. Pro Forma Operating EBITDA is a non-GAAP profit measure
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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 informationabout 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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Annual Shareholders’ Meeting
6 November 2018
NEW ZEALAND KING SALMON – 2018 ANNUAL SHAREHOLDERS’ MEETING
The attached presentation will be given at New Zealand King Salmon Investments Limited’s Annual Shareholders’
Meeting starting at 2:00 pm today in the Marlborough Room, Scenic Hotel Marlborough, 65 Alfred Street, Blenheim.
• 2018 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting – Chair and
Managing Director’s Address
• 2018 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
around 500 people. New Zealand investors make up a significant percentage of the ownership of NZ King Salmon
and the communities of Marlborough, Nelson Bays and Tasman are well represented with nearly 400 of the 2,800
shareholders from Top of the South. More information can be found at www.kingsalmon.co.nz

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Annual Shareholders’ Meeting
6 November 2018
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 our
second annual meeting 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 2018 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 19
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 Steere, 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.

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[SLIDE 3: CHAIRMAN’S REVIEW]
During the last financial year the company delivered a very pleasing financial performance which was significantly
up on the results from FY17 as well as above the forecasts provided at the time of our IPO. This higher level of
performance has been reflected in an increase in the total declared dividends which were also above our IPO
forecasts.
The business is trading well. International demand for our premium salmon continues to rise. The issues faced by
the business are good problems to have – the demand is so strong, we are faced with difficult decisions around
how to ration supply and are obviously focused on long-term solutions to increase production.
Higher water temperatures through the 2017 / 2018 summer presented challenges to the business. Salmon
prefer colder water currents, and whilst a level of fish mortality is always experienced through the summer
months, the mortality levels were higher than usual. Nevertheless the team responded well, and the record profit
in light of these challenges is testament to the resilience of our team and the strength of our brands and product.
Operationally, the business is continuing to progress a number of production objectives which are focused on
increasing supply and the quality of the product we deliver. Once again, the business had a number of successes
during the year, including the launch of the Ōra King TYEE salmon – extremely large salmon coming in at over 13
kilograms each.
We take best-practice corporate governance very seriously at New Zealand King Salmon and this year was no
exception:
• Our inaugural Sustainability Report was included in our 2018 Annual Report.
• We followed 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.
At the time of our IPO the key shareholders were escrowed or prevented from sale as part of usual protection for
other shareholders during the prospective financial information period. That period ended with the
announcement of the FY2018 results in late August this year. The escrow was lifted following the results
announcement, and I’m pleased to advise that there has been no material movement in shareholding following
that.
In accordance with the Company’s constitution I have signed the minutes of the 2017 Annual Shareholders’
Meeting, and these are available on request, including here at this meeting.
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
please ask 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 FY18 year and our vision and strategy.
• An overview of Sustainability.
• An update on business including key developments over the past year.
• Some commentary surrounding the outlook for the company.
• And conclude with an overview of our vision for aquaculture.
[SLIDE 6: FY18 HIGHLIGHTS]
We are very pleased to deliver a financial result that exceeded expectations. Key financial metrics were ahead of
our IPO forecasts. Our key performance metric, Pro Forma Operating EBITDA, was 21% ahead of FY17 and 17%
ahead of our IPO forecasts at $26.2 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 is 22% ahead of the level of dividends
forecast in our Product Disclosure Statement.
The business will be investing in some significant capex items during the upcoming year and is well-positioned for
this with a Net Cash balance of $4.0 million at the year end.
[SLIDE 7: FACTS AND FIGURES]
The King Salmon species accounts only 0.7% of the World’s catch and production of salmon. Ours is an ultra-niche
species, which is really only being successfully produced in New Zealand. Of the global aquaculture production of
King Salmon, there are only 5 farmers of any significant scale – four of these are in New Zealand and one in
Canada. NZKS is the biggest of all King Salmon producers and accounts for at least 50% of the global production of
the species.
We have an excellent feed conversion ratio (FCR), when compared to land animals, but we are not as good as the
Atlantic Salmon producers, who have had many more years of research into their feed and nutrition.
Unfortunately, we only have 17 surface hectares of water space, and this has been the bane of the industry -
there has historically been a lack of Government support for water space. Our revenue for the year ending in
June was $160 million dollars. Putting that into context – our calculations suggest that for a sheep and beef farm
to achieve the same revenue, would require a farm of more than 130,000 hectares.
Our production volume was 7,779 tonnes, which was a 7.7% increase on the prior year. Our average fish size was
about 4.4kgs. We did unfortunately have a mortality event as a result of the hot summer. We suffered a 20%
mortality compared to 8% the year before and the norm of about 11%. I think that many of you would recognise
that, regarding seawater temperatures, last year was the hottest summer on record, and that certainly affected
our mortality. Our fish ‘run a different biological model’ to land animals. They have run a high fertility low
survival model, so in the wild perhaps only 2% or 3% would survive, in the farming situation we are generally
somewhere between 80% and 95% survival.

5
[SLIDE 8: FACTS AND FIGURES (continued)]
We think that the company has the best salmon brands in the world. Our premium Ōra King brand is officially on
the menu of at least 1,200 restaurants around the world, however we believe that the actual number is closer to
2,000 restaurants. Regal is a household name in New Zealand with outstanding brand awareness metrics.
We are the fifth largest employer in the top of the South Island of NZ and we are continually adding jobs. Last
year we added 18 new jobs, bringing the total employment to 446 people at the end of last year. The majority of
these roles are located at the Top of the South. Being a significant employer, we take seriously our
responsibilities to move towards a zero-harm workplace where people can earn a sustainable wage. Health &
safety is an uncompromising focus for the Board, the Management Team and the entire organisation.
Furthermore, I am pleased to report that 87% of our team members are earning at, or above, the living wage. We
have about 2,800 shareholders, of which around 375 are from the Top of the South Island.
The map of the world shows the diversity of markets in which we are selling our product as well as the spread of
revenue exposure. Revenues are split 50% domestic, and 50% export. The USA is the most significant export
market.
[SLIDE 9: NZKS’ VISION, PURPOSE ]
This slide covers our Vision, Purpose, Mission, Values and key strategies. I would like to take you through it
briefly.
First of all our Vision. Our Vision is to be the Top of the South’s most valuable organisation and the World’s most
premium salmon company. Value takes many shapes. Through a holistic approach which focuses on global
environmental outcomes, being a responsible employer, and adding value to optimise financial outcomes – we
hope in time to be recognised as the Top of the South’s most valuable organisation. As to the second part, being
the World’s most premium salmon company. We have already realised that, we believe we achieve the highest
prices for our salmon, compared to any other producer.
Our Purpose is all about Creating the Ultimate Salmon Experience and this unites all of our team members.
What is our Mission, why do we exist? It is to enrich the lives of our customers with taste, health and
convenience. In terms of our team members, it’s about personal growth and development, meaningful work, and
satisfaction from making a positive contribution to society and the environment and as well as wealth creation.
For the shareholders it’s wealth creation, while contributing to improve social and environmental outcomes. Also
we want to contribute positively in the communities in which we operate and we want to reward our partners
and suppliers fairly. In summary, we want everyone who interacts with King Salmon to be better off as a result.
Our Values are to maximise the outcomes for all of our stakeholders. We believe this is achieved through growth.
We only support growth if it is good for all five stakeholder groups and we want to do that with integrity, team
work, team culture, quality and we want to be high on innovation.
Of our eight supporting strategies, first and foremost, Health and Safety is number one, including Food Safety.
We want to farm one species and be dedicated to it. Many aquaculture producers farm multiple species, for
example Atlantic Salmon and Trout; however that is not our strategy. King Salmon is a challenging salmon species
to grow and we want to be dedicated to that and then, as a result of that, lower our risk and improve our
expertise. Having grown these amazing salmon, we want to lead every premium salmon niche around the world.
And we want to do that 100% branded, we want our team members to be highly engaged, we want a strong New
Zealand social licence for growth and we are making headway there. We want our operations to be sustainable in
perpetuity and we want to be cost competitive.
These are our eight supporting strategies.

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[SLIDE 10: SUSTAINABILITY]
We take seriously our responsibility to be a good corporate citizen. As John indicated, in our Annual Report we
produced our inaugural Sustainability Report which touches on just some of the things we are doing in the areas
of people development, health safety and wellness, the environment, and our community.
[SLIDE 11: SUSTAINABLE DEVELOPMENT]
We have bought into the UN’s sustainable development goals, and here are the five goals that we have chosen to
focus on; these are the goals where we believe we can make a difference. These goals have then been used to
develop our own tailored goals.
[SLIDE 12: OPERATING SUSTAINABLY]
On this slide you can see our five sustainability goals:
• Working to fulfil salmon aquaculture’s potential as a positive force for the health of people, nature and
our company. I touch on this at length in a later section of this presentation.
• We are committed to caring for water in our region. We aim to pass on our land and water
environments to the next generation and beyond in the same or better condition than we inherited
them.
• We are a trustworthy and transparent neighbour and community partner.
• We attract and develop talented people across our diverse roles and teams.
• We are committed to using resources responsibly and reducing our impacts wherever possible.
[SLIDE 13: OUR ACCREDITATIONS]
This slide shows some of the third party environmental and sustainability accreditations attained by the company.
Our environmental certifications and recommendations are achieved through regular audits with independent
accreditation bodies.
During FY18 we became the first salmon producer in Australasia to achieve 4 start Best Aquaculture Practices
(BAP) certification. Four stars is the highest designation in the BAP third-party certification program.
[SLIDE 14: VIDEO UNDER HIGH FLOW FARM]
Now I want to show you what is under a salmon farm and an example of how we believe we are working to pass
on our water environments in a better condition than when we inherited them.
This is the Waitata farm which is one of our high flow farms. On the left you can see what was there before we
started farming: lots of muddy soft sediment, which I think has been impacted by runoff from the land. And then
you see on the right, what is there now that we’ve started salmon farming. So definitely a difference, but more
animals not less, these are native animals, you can eat them, there is a wide variety of them so high flow salmon
farming in the right area leads to an increase in biodiversity, not a decrease. I don’t know of another animal
production system that can claim that.
Video available at https://www.kingsalmon.co.nz/our-environment/environmental-responsibility/
[SLIDE 15: BUSINESS UPDATE]
This section largely considers some of the marketing updates for the company.

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[SLIDE 16: CREATING THE ULTIMATE SALMON EXPERIENCE]
We unite all of our people behind our Purpose as I mentioned earlier of Creating the Ultimate Salmon Experience
[SLIDE 17: BRANDS]
We have five brands that help us to achieve that, we have our Ōra King food service brand which is on at least
1,200 and probably more like 2,000 menus. We have the Regal brand, which is mainly a smoked brand, and is
positioned on provenance. Many of you would have heard of the concept of Terroir. So that is the taste of
terrain which is in the wine. Regal operates on Merroir, the taste of the Marlborough sound waters is in the
salmon. Then we have our value proposition, Southern Ocean. We have a premium pet food brand called Omega
Plus and we have a fishermen’s burley brand called Big Catch.
[SLIDE 18: RAISING OUR PREMIUM POSITION]
An innovation we are extremely proud of for the most recent year is Ōra King TYEE. The word TYEE in the first
nation Nuu-chah-nulth language in Canada, means Chief or Boss of Kings. So this is literally the King of the King
Salmon run. Only about 10-15% of the population have the potential to become a TYEE. It’s a survival mechanism
of the species. You can see how big the salmon can actually become. We only discovered, about three years ago,
that we had them within our breeding population. We think they have the potential to grow to 60kgs, like these
monsters here from 1911. This is a natural phenomenon and we are delighted that they were already present in
New Zealand, we just had to start selecting for them. We sell them for the same price as Blue Fin Tuna, so our
standard salmon is already at a huge premium and these guys sell for three times more than that; so a single Ora
King Salmon TYEE costs around $1,000.
[SLIDE 19: RAISING OUR PREMIUM POSITION (continued)]
Something else we do to stimulate the market is our Ōra King Awards, where we have chefs from around the
World enter our competition. We can very cost effectively build our brand because we make it in the interests of
our customers to do that for us, so we promote their name alongside ours, providing awards and social media
platforms. They return by putting our name on their menus and using Instagram and Twitter to talk about their
latest invention regarding Ōra King. This was an entrant into the award, it was a finalist from Aria in Brisbane,
where the Chef was inspired by the Andy Warhol Campbells Soup series, and I think you will agree it’s highly
creative.
[SLIDE 20: REGAL – TELEVISION ADVERTISING]
This is the advertising from our Regal new products, which you may have seen on TV, featuring Al Brown and Reg
the Seal. This campaign was highly effective in launching our new Manuka products.
[SLIDE 21: OMEGA PLUS]
Omega Plus is our premium health based pet food brand. It has the highest long chain omega 3 content of any
range in New Zealand, actually, I think in the World. Omega 3’s are anti-inflammatory, so pets get a great health
outcome from this range and it’s gaining increasing, steady but increasing, distribution in New Zealand and now
about to go into export.
[SLIDE 22: MPI CONSULTATION PROCESS]
New Zealand King Salmon only has 17 surface hectares of salmon farms, nine surface hectares are in low-flow
locations (in some cases locations used for old mussel farms) and as a result give rise to poor environmental,
social and economic outcomes. The government and ourselves would like to relocate or swap, on a no increase
basis, for improved water space which might only be 1.5kms away to get a better environmental, social, economic

8
and bio secure outcome. A panel has recommended that three hectares of that should go ahead, and Minister
Nash is currently making a decision about relocation of the farms.
[SLIDE 24: OUTLOOK]
We’re currently 4 months into the year. Trading continues positively and we are pleased to be able to re-iterate
the guidance previously provided to the market. Specifically we do anticipate in the next few years, continuing to
invest in new equipment and technology at around the current rate of at least $13m per year, plus any additional
capital expenditure required to develop relocation sites or offshore trial site, and we believe that FY19 Operating
EBITDA will be in the range of $25.0 million to $28.5 million due to harvest volumes being constrained to FY18
levels following the mortality event previously described. We anticipate maintaining dividends at 50% of
normalised Net Profit After Tax.
[SLIDE 25: OUR VISION FOR AQUACULTURE]
Now I’d like to share with you our vision for the aquaculture industry.
NZKS advocates that aquaculture could become New Zealand’s most valuable industry and its greenest Primary
Industry. The Coalition Government has talked quite a bit around industries that are seen as unsustainable in
their current form and in some cases has made developments which will result in a reduction in the size of these
industries. For example oil and gas with no further exploration, diesel road freight being phased out and being
replaced with rail and electric, a phasing out of low end tourism, one less red meat meal per week and a cap on
dairy cows. These industries, which rely on the land and are, as a function of governmental regulation, expected
to shrink rather than grow are at New Zealand King Salmon referred to as ‘brown sunset industries’. By contrast
we are positioning aquaculture as a growth industry that relies on the ocean rather than the land. Internally we
call aquaculture a ‘blue sunrise’ industry.
[SLIDE 26: THE FUTURE OF FOOD LIES WITH THE OCEAN...]
We live on a blue planet which is 70% ocean, however it only produces 2% of our total food, and about 40% of our
animal protein. The planet only has about 1% of available fresh water and most of it is used in land-based
agriculture. So, if we are going to sustainably feed a growing population, which some estimate to peak at 10
billion people, the ocean is an obvious choice, with its amazing productivity, resilience and ability to produce food.
[SLIDE 27: CURRENT FOOD PRODUCTION TECHNIQUES ARE NOT SUSTAINABLE]
Many of you would have heard of earth overshoot day, that’s the day in the year when we’ve consumed all of the
renewable resources that the earth has to offer, and after that date we are into extractive resources. That date
was 1 August 2018 this year, and it’s getting earlier each year. At the moment we are consuming 1.7 planets per
year, which is unsustainable, and food is a large part of that. In fact, I understand that some 70% of the man-
made extinctions that have occurred, have occurred as a result of land based agriculture.
[SLIDE 28: SALMON FARMING HAS A SUBSTANTIALLY LOWER ENVIRONMENTAL IMPACT THAN OTHER
PROTEINS]
However, this is what aquaculture, and salmon in particular can offer. You can see here the carbon footprint,
yield and freshwater consumption for every tonne of protein produced by some of the main protein species.
For example, for every tonne of beef 337 tonnes of C0
2
are produced, whereas for salmon that is only 9.8 tonnes
of C0
2
. And why is that?? That’s because fish are basically weightless, they do not have to fight gravity, they do
not have to warm their blood, they do not need a heavy skeleton to support themselves, so they are amazingly
efficient and that’s what leads to these great numbers. In fact, we actually think these numbers over-estimate the
carbon impact of producing salmon. That’s because the salmon feed includes the carbon footprint associated

9
with the land-based protein included in the feed – even though the feed also includes some trimmings that are
not used in human consumption.
Not only are salmon highly efficient when it comes to greenhouse gas production, but salmon also has the least
fresh water use and the highest yield.
There are many other great things about salmon farming when it comes to the environment. Firstly all
aquaculture farms are swimmable, in fact the water is even drinkable. There are no dangerous organisms
associated with salmon production, as there are with other animal production.
As a result of our great environmental credentials, the salmon industry globally is increasingly winning the support
of organisations like World Wildlife Fund (WWF) and the United Nations.
[SLIDE 29: SALMON FARMING IS HIGHLY PRODUCTIVE]
We touched on this a little in the introductory slides, however it is worth reinforcing the point around how
productive salmon farming can be over relatively small spaces.
Norway is changing from its oil and gas driven economy to what they call a bio-economy, which is largely made up
of aquaculture and wild fisheries.
As a result, Norway is the world’s largest producer of salmon. Norway has approximately 1,000 seafarms dotted
down the coast (by comparison New Zealand has about 10). Those farms generate nearly 1.3 million metric
tonnes of salmon, about 100x the production here in New Zealand, and about 1/3
rd
of the total global production
and catch of salmon.
All of that production is achieved across a total surface area of about 420 square kilometres. To put that into
context, you might just be able to make out the red highlighted island on the magnified inset of the map of
Norway. That’s about 420 square kilometres.
By comparison, Norway has about 10,000 square kilometres of agricultural land, which in aggregate produce 0.5
million metric tonnes of food.
On a productivity per square kilometre basis, aquaculture in Norway is 62 times more productive than agriculture.
New Zealand, with a similarly supportive environment for the production of salmon – specifically a long coastline,
cold waters, and fjords, is extremely well-positioned to be the next bio-economy.
[SLIDE 30: MAKING BETTER USE OF THE OCEAN – OFFSHORE FARMING]
The prospect of open-ocean salmon farming is still in its early stages, and it will take some time to test and trial
with quite a few hurdles, compliance, design challenges, and capital optimisation required. Our view is that
commercial-scale harvest is unlikely before about 10 years’ time. However if proven, open ocean farming will be
the growth engine of the industry going forward.
These structures, which are located a number of kilometres off the coast, would be difficult if not impossible to
see from the coast.
Trials are underway in offshore markets such as Norway and the Mediterranean. Here you can see the structures
that Norway already has in the water and the progress obviously being made in this area. We think the bottom
right hand corner, with submersible technology which doesn’t have to have the same level of investment, will be
the ultimate system that will be economical for us to use.

10
[SLIDE 31: MAKING BETTER USE OF THE OCEAN – OFFSHORE FARMING (continued)]
Along the top are a series of photographs of a submersible system in the Mediterranean. In the background are
images of Italy. This farm has been going for 10 years with sea bass and bream, and is a great role model for us.
We are currently working with the manufacturer of this production system.
Our future farms may look like the image at the bottom. The structure is designed to float on the top for most of
the time – however during bad weather, the system would be able to be submerged completely below the water
and hidden from large waves.
[SLIDE 32: GOVERNMENT STRATEGY]
We believe that New Zealand, with its many natural advantages, is extremely well-positioned to become one of, if
not the, leading player in this industry and the next Norway. The potential is huge, with our unique salmon
species attracting global premiums and offering the potential to become a multi-billion dollar industry.
But this isn’t going to happen from us alone. The transition from unsustainable to sustainable farming will require
support from our national and local governments and the support of the country. This includes making area
available for aquaculture, supporting biosecurity and physical security, investment in the necessary infrastructure,
encouraging the appropriate education and so forth.
[SLIDE 33: INVESTING IN AQUACULTURE]
We are absolutely convinced that aquaculture is the sustainable way forward to feed a growing global population.
But in addition, by supporting aquaculture you are creating green jobs and high value employment. You are
supporting the most sustainable way of producing animal protein on earth. You are supporting an industry that is
not only the greenest primary producing industry, but has the potential to be New Zealand’s most valuable
industry.
We are New Zealand’s blue sunrise. Aquaculture is going to change the world and save the planet and New
Zealand King Salmon is leading the revolution.

Address by the Chair: John Ryder
[SLIDE 34: 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 myself as a Director.
• Resolution 3: Re-election of Thomas Song as a Director.
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.

11
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: 67,509 shares.
• With respect to Resolution 2, re-election of myself as Director: 33,509 shares.
• With respect to Resolution 3, re-election of Thomas Song as Director: 37,559 shares.
Your Board supports these resolutions and we intend to vote all of these shares in favour of these resolutions.
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 to a
resolution be as concise as possible and be considerate to other shareholders who may also wish to ask questions.
[SLIDE 35: 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 36: 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 Thomas Song and I will retire and, each being eligible, offer ourselves for re-election.
Accordingly, Resolution 2 relates to the re-election of myself.
I will shortly ask Paul Steere to address the room on this resolution, however before doing so would like to speak
briefly on my proposed re-election.

12
[Address from John Ryder]

Address by Paul Steere
Thank you John.
The Board recommends John Ryder to you as a Director and Chairman of the company and unanimously supports
his re-election.
I now move, as an ordinary resolution, having retired by rotation (as determined by lot), that John Ryder be re-
elected as a director. Is there any discussion on this resolution?
[Discussion]
There appears to be no [further] discussion.
I will now pass back to John to discuss the next resolution.
[SLIDE 37: RESOLUTION 3]
Address by the Chair: John Ryder
Thank you Paul. Resolution 3 relates to the re-election of Thomas Song.
The Board recommends Thomas Song to you as a director of the company and unanimously supports his re-
election.
I now invite Thomas to briefly address the meeting on his proposed re-election.
[Address from Thomas Song]
Thank you Thomas.
I now move, as an ordinary resolution, having retired by rotation (as determined by lot), that Thomas Song 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 voting.
[SLIDE 38: VOTING & QUESTIONS]
If you wish to vote on 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.

13
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
Leadership 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 2018 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]