Seeka Provides Stakeholder Update

STAKEHOLDER MEETING
Delivering our performance commitment
October 2019

Agenda and welcomeChairman’s introduction− Six months financial summary− Dividend− Aongatete purchase− Australian kiwifruit orchard project− Northland kiwifruit orchard sales− Debt − Full year guidanceChief Executive’s update− Safety− Divisional overview− 2019 kiwifruit performance− Forward focusQuestions
2
Fred Hutchings & Chairman

Prior financials are restated to NZ IFRS16Financial summaryProfit after tax up 28% on 2018 corresponding perio
d,
but:− Aongatete purchase− Lower Hayward volumes− Dry year in AustraliaNew
NZ IFRS16 Leases
standard implemented,
impact:
& EBITDA increase by $3.28m (pcp +$2.24m)& NPAT decrease by $300k (pcp & $300k)
3
Unaudited results to June 2019
Financials 2018 vs 2019
NZDm
June
2019
Unaudited
June
2018
Unaudited
Restated
FY Dec
2018
Audited
Restated
Revenue
169.9
145.4
203.7
EBITDA
27.9
25.7
31.0
NPBT
16.5
14.1
8.7
NPAT
11.9
9.3
5.4

Earnings, debt, and dividendDebt peaked at $148m− Now reduced with ongoing Northland orchard sales$0.35 EPS− Impact of share issue$0.12 per share paid 9 October− Policy to maintain and build dividendsDividend reinvestment plan reset with 2% discount− $4.77 strike price
4
Unaudited results to June 2019
Financials 2018 vs 2019
NZD
June
2019
Unaudited
June
2018
Unaudited
Restated
FY Dec
2018
Audited
Restated
Basic earnings per share ($)
0.35
0.52
0.34
Net debt ($m)
148.1 116.0
79.1
Total assets ($m)
407.4 311.4 296.7
Net tangible assets per share ($)
4.23
4.82
4.56
12
12
12
Q3 FY18 Q1 FY19 Q3 FY19
Dividendsin cents NZ

Aongatete purchase$14m paid for Aongatete shares plus $11m of debt− Focussed on our core kiwifruit business in our hea
rtland
growing area
− Excellent people, assets and innovation− Strong orcharding focus, delivering excellent serv
ice
− Great opportunity to deliver scale gains to Aongat
ete’s
operations and their growers
− Value accretive to Seeka shareholders and growers− Synergies lined up for 2020, mainly in service sup
ply
contracts
5
2019 acquisition of Aongatete Coolstores Limited

Australian sale and leaseback projectSale and leaseback of 105 hectares of kiwifruit orc
hards
− Testing the market for a value gainRelease cash to repay debt and accelerate developme
nt
− Confidence remains after two tough years− Sensible to release some of the investment− Funds to expand the profitable kiwifruit orchards
and
reduce debt
Lower debt will enable Seeka to pursue growth strat
egy
Company will advise on any transaction
6
Releasing cash to repay debt and accelerate develop
ment

$60m$70m$80m$90m
$100m$110m$120m$130m$140m$150m
Dec Jan Feb Mar
Apr May Jun
Jul
Aug Sep Oct
Net debt reduced since 30 JuneNorthland orchard sales− $7.0m prior to 31 December 2018, $600k gain− $34.15m sold and settled since 1 January, $3.0m ga
in
− Includes $15.5m sale and leaseback to Boosters PLP
P,
covered by
IFRS16 Leases
− $5.05m of additional sales made with settlement du
e on
title, expected this year
− $9.5m of orchards to sell, process active and cont
inuing
Debt substantially reduced from $148m at 30 June to

$103.6m on 18 October− After dividend payment
7
Debt down as Northland orchards sell and settle
Net debt
$148m peak debt30 June
$104m current debt

Forecast includes effect of Northland orchard salesFY18 EBITDA restated for implementation of NZ IFRS 1
6, Leases
Full year guidance maintainedForecasting full year EBITDA between $32.5m and $33.5m− Lower earnings in Australia− Lower Hayward yields and volumes in New Zealand− Includes Aongatete− Northland sale process continuing and may provide
upside
8
December 2019 outlook
Financials 2018 vs 2019
NZD
FY19
Guidance
Lower range
FY19
Guidance
Upper range
FY18
Full year
actuals
restated
EBITDA ($m)
32.5
33.5
31.0
Increase over FY18
+ 5%
+ 8%

CHIEF EXECUTIVE’S UPDATE
MICHAEL FRANKS
9

2019 YTD
2018
Annual
threshold
Total recordable injury frequency
4.9
4.5
< 4.5
Notifiable injuries
2
0
0
Notifiable incidents
0
1
0
Severity rate
7.3
4.5
< 4.5
Health and safetyFull safety focus− Two serious harm injuries
− Aongatete finger injury− Oakside forklift incident
− RSE incidents− Kiwistart a high risk periodFocus on− Machine guarding− Traffic management− Lone worker / Seeka App− Fatigue
10
To end of September 2019

Group financial resultsBusy period− Share issues to growers and employees− Aongatete purchase and integration− Northland orchard sales continue− Oakside machine 2 refurbishment− Oakside coolstores construction− Kerikeri packhouse completed and commissioned− Kerikeri new machine installed and commissioned− Australia orchard development− Australia kiwifruit orchard sale project− SeekaFresh relaunched, revitalised− Seeka App− Business consolidation
Unaudited results to June 2019
Numerous highlights this financial year− Significant debt reduction− $103.6m total debt, at 18 October 2019
− Post dividend payment
−
And throughout these developments, our
growers, contractors, suppliers and staff have combined to deliver low fruit loss and exceptional returns to our grower suppliers – kiwifruit and avocado

Kiwifruit numbersLow fruit loss− Excellent SunGold fruit loss
12
Harvest 2019
Orchard gate returns to growers− SunGold financial returns excellent− Exceptional returns to our growers
− Amongst the industry’s highest
− Further increases in harvest 2019 OGRs
To week 42
Seeka Industry
SunGold
1.08%
1.36%
Hayward
0.95%
0.85%
Hayward organic 1.08%
0.77%
2019 forecast Seeka IndustrySunGold
$11.48 $11.15
Hayward
$ 6.67
$ 6.26
Hayward organic $ 9.73
$ 9.31
Seeka Industry$ 155k $ 152k$ 68k $ 63k$ 63k $ 61k
OGR per tray
OGR per hectare

Production(millions of trays)
June
2019
June
2018
Dec
2018
Hayward
17.4
20.1
19.2
SunGold
14.6
11.0
10.8
Class 2 and other
1.5
&
1.4
Total trays
33.5 31.1 31.4
Financials ($m)
Unaudited Unaudited
restated
Audited
restated
Revenue
105.3
88.6
123.8
EBITDA
29.8
23.2
35.9
Capex
24.6
5.2
30.1
Post harvest, New Zealand$29.8m EBITDA− Hayward volume well down on expectation
− Industry&wide, lower yields
− EBITDA 28% up on the prior periodInvested in capacity− Refurbished Oakside 2 machine, and building new
pre&coolers and coolstores
− Kerikeri packhouse and machinePost harvest capacity balanced with production for the next two years− Strategic consideration for next year
13
Unaudited results to June 2019

. 1. First season of Seeka&grown ENZA Red and ENZA Gol
d
Orcharding, New Zealand$4.2m EBITDA− 6.7% down on prior period− Impact of dry summer on Hayward and kiwiberry yiel
ds
− Lower contribution from long&term leases− Investing in new long&term leases− New volumes from Aongatete acquisition
14
Unaudited results to June 2019
Production(millions of trays)
June
2019
June
2018
FY Dec
2018
Hayward
7.1
7.3
7.6
SunGold
3.9
3.1
3.1
Class 2 and other
0.4
¹
&
&
Total trays
11.4
10.4
10.7
Financials ($m)
Unaudited Unaudited
restated
Audited
restated
Revenue
48.3
39.0
52.8
EBITDA
4.2
4.5
3.9

Retail services, New Zealand$0.8m EBITDA− 29% down on the prior period− Avocado and kiwiberry volumes down− Strategic review and revampRetail services revitalised in second half− Trading profitably− Strengthened team, renewed focus− Exciting relationships delivering exceptional retu
rns to
our grower suppliers for their domestic fruit
Unaudited results to June 2019
Financials ($m)
June
2019
Unaudited
June
2018
Unaudited
restated
FY Dec
2018
Audited
restated
Turnover
15.7
15.8
39.9
Revenue
4.8
6.4
11.5
EBITDA
0.8
1.1
2.0

Seeka Australia ($0.2m) EBITDA− Reduced volumes from a hot, dry summer− Underperforming green nashi programme− Crops being reset to match market demandInvested in growth− Orchards in development− Testing new varieties− Investing in waterInvestigating sale and leaseback of kiwifruit orcha
rds
− 105 hectares of established orchards on 3 properties− Advertised 20 August, expressions of interest closed
16 September
− Repay debt− Accelerate development
16
Unaudited results to June 2019
Financials ($m)
June
2019
Unaudited
June
2018
Unaudited
restated
FY Dec
2018
Audited
restated
Revenue
11.4
11.8
14.9
EBITDA
(0.2)
2.7
(0.1)

Work programmeComplete the Australian kiwifruit orchard sale and
leaseback project
− Debt reduction− Accelerate developmentComplete Northland kiwifruit orchard sales, with te
rm supply
− Substantially completed with Booster transaction,
with long&term supply
Kerikeri phase 2 coolstore build− Old packhouse demolished and earthworks underwayContinuing focus on consolidating the company− Senior management team resetEvaluating further growth opportunities

Thank you
To all our stakeholders, our shareholders, growers,
staff, contractors and
suppliers for combining to deliver exceptional perf
ormance through 2019

QUESTIONS
19

seeka.co.nz