ArborGen Holdings Annual Shareholders Meeting

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Annual Shareholders’ Meeting
26 August 2020

Dave Knott – Chairman’s address
Good morning Ladies and Gentlemen. Welcome to the Annual Meeting of Shareholders of
ArborGen Holdings Limited.
My name is David Knott and I am the Chairman of the Board of ArborGen. Before
proceeding any further, I would like to sincerely thank you all for your patience while we
dealt with the implications of the New Zealand Government’s announcement that Auckland
move to Covid-19 alert level 3, which has meant we are unable to hold our meeting at Eden
Park in Auckland as planned. I certainly wanted to be in New Zealand for this meeting but
having recently recovered from Covid-19 myself (which I can tell you was not a pleasant
experience), I completely understand the border and lockdown restrictions in place.

Thank you for your attendance today at this virtual meeting. I am pleased to advise that a
quorum is present and that this Meeting is duly constituted.
The Notice of Meeting sent to shareholders approximately two month ago, sets out the formal
sessions of today’s meeting.
In this online environment, as with a normal annual meeting, all shareholders have the
ability to ask questions and vote. Please be aware that to use the online voting facility,
shareholders and proxy holders must have entered the CSN or holder number, and post
code or country code into the Lumi software. If you encounter any issues, please refer to
the Virtual Meeting Guide that was emailed to shareholders, it is also available on our
website, or by phoning the Computershare helpline on NZ area code 09 4 888 777.

Shareholders with questions can submit them at any time through the online portal, but I
would encourage you to do so as early as possible as that will allow us to answer the
questions at the appropriate time of the meeting. To ask a question, click the speech
bubble icon which will open a new screen. At the bottom of that screen there is a section for
you to type your question. Once you have finished typing please hit the arrow symbol to
send. We'll do our best to answer all your questions, and where we have a number of
questions on the same topic we may consolidate the response.

Let me begin by introducing the members of your Board and Management to you. We have
all our directors on the audio call today, and have both of our New Zealand resident
directors present.

From the US we have Andrew Baum, ArborGen’s Chief Executive Officer present with me in
ArborGen’s headquarters in Ridgeville, and directors Ranjan Tandon, Tom Avery, and Ozey
Horton.

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In Auckland we have Paul Smart, who joined the Board in 2018, and is also the Chair of
ArborGen’s Audit Committee.

With Paul is George Adams. George is the newest member of the ArborGen Board
appointed last year.

Our Company Secretary, Sharon Ludher-Chandra, our Chief Financial Officer, Alex Brown,
our General Manager of Australasia, Greg Mann and our Communications Contact, Pam
Wardenburg, are with them – all socially distanced of course!

Turning then to our programme for today -
 First, I will ask Andrew to update you on the progress we have made over the past
year.
 I will then make some comments from the Board’s perspective.
 You will then have the opportunity to raise any questions you may have.
 And we will then deal with the formal resolutions to be considered by this meeting.
I will now ask Andrew to review our recent activity for you.

[Andrew Baum Talks]

DAVE
Thank you Andrew.
Before moving to your questions, and the more formal session of the day, I would like to make
a few comments on the key objectives of our business as we look ahead. Without a question,
our primary focus and priority is improving cash generation, and the global Covid-19
pandemic only reinforces the importance of this goal.
In this respect, the most critical driver of earnings and cash flow growth for our business is
the step-change growth in our MCP seedling sales. ArborGen has invested significantly in
developing its best in-class proprietary genetics, deploying those genetics in our seed
orchards, and increasing our MCP bagging and pollination activity to increase seed supply in
future periods.
Unfortunately, last year’s MCP seed supply from our orchards, as you’ve already heard, was
adversely affected by abnormal weather events and unusual biological factors that actually
occurred back in calendar years 2017 and 2018. Due to the extended seed production cycles
for loblolly pine, and the extremely unusual combination of the weather and biological factors
mentioned, the impact on last year’s seed harvest was not known until the later part of 2019.
This is because it takes two years from when pollination or MCP bagging activity begins in

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early spring of the first year, to when the cones or seed are harvested in the fall of the
following year (about eighteen months later), and it is that seed which is then used or sown
in the nurseries to produce seedlings.
Looking ahead, I am pleased to say that based on our latest inventory count in ArborGen’s
orchards, we are projecting a significant increase in the MCP seed to be harvested next month
compared to last year’s harvest. And what is particularly important to note is that in the high
demand Coastal region, where MCP supply has been constrained the most, MCP seed harvest
is expected to be nearly triple last year’s harvest level. All going to plan, this not only allows
us to materially increase MCP sales next fiscal year but also build critical buffer seed inventory
to minimise future potential supply disruptions.
While we do still have about a week or two to go before cone harvesting commences, the
expected increase in MCP seed harvested this year should drive a significant improvement in
gross margins, earnings and cash flow in fiscal year ending March 2022. The key priority now
is getting through this year’s harvest season, achieving the yields expected and continuing to
build on the demand-side momentum for advanced genetics.
In terms of immediate or short-term cash flow initiatives, we continue to focus on reducing
discretionary costs and capital expenditure, leveraging available government funding
programmes to mitigate any disruptions from Covid-19, streamlining R&D spend, and
optimising our assets to improve cash flows. An example of the last point is the acquisition of
the property where ArborGen’s headquarters is located in South Carolina which has allowed
us to decrease our annual occupancy cash costs.
Turning then to current year projected Earnings. As noted in the Chairman’s letter in our 2020
Annual Report, we expect US-GAAP underlying earnings for fiscal year ending March 2021, to
be higher than the $9.3 million reported for the prior March 2020 fiscal year, subject to any
uncontrollable factors including any impact from Covid-19.
In New Zealand and Australia where the lifting season is now nearly complete, sales are
expected to be close to plan.
And in our single largest market, the United States, where lifting typically commences in
December, we now have confirmed sales orders for over 90% of our seedlings in the ground.
Advanced genetics sales in the US are expected to be relatively flat on the prior year due to
seed constraints. While there has been some uncertainty recently regarding the
government’s announced ban on new visas to H2-B workers, who represent an important
seasonal migrant labour source during the seedling lifting and planting season, we are pleased
to confirm that the Department of State recently issued a National Interest Exemption for H-
2B applicants to facilitate the United States' immediate and continued economic recovery. H-
2B applicants working in forestry are considered essential workers and have been given an
exemption from the ban.
In Brazil, while pine sales have been solid, ArborGen’s eucalyptus sales have to date been
affected by the impact of Covid-19 in the region. To mitigate any losses this fiscal year,
ArborGen continues to grow its customer base by leveraging its expanded advanced genetics
portfolio and reduce expenditure wherever it can. With eucalyptus seedlings having a 3-4
month production cycle, we are hopeful that a portion of the sales lost to date will be

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recovered by fiscal year-end. Having said that, we are mindful of the dynamics in Brazil in the
current Covid environment.
I will conclude by reiterating that we continue to believe the foundation is firmly in place for
ArborGen to offer significant value to shareholders in the future. We are committed to
achieving this and are fully aware that the best way to achieve this is via share price
performance driven by earnings and cash generation. Needless to say our share price
performance is extremely disappointing, however as ArborGen continues to demonstrate
improved earnings and cash flows this year and next year, we are confident that the
significant gap between the business’ underlying value and the share price will close. As
Chairman, and a major shareholder, I can assure you that I am very focused on share price
appreciation.

Thank you – that ends my formal comments today.
I will now respond to the questions that have come through online. If you are yet to submit
your question, click on the speech bubble icon – when the new window opens, type in your
question at the bottom of the screen. For questions relating to the actual resolutions, we'll
respond to these as we deal with each of the resolutions in turn.
[Dave reads questions]

[Resolutions title slide]
Thank you, I now propose that we move to the three formal resolutions for this meeting.
In fairness to those shareholders who are not online but have postal voted, all resolutions
included in the Notice of Meeting will be decided by poll.
We will read out any questions on each resolution after I have moved it.
A bar chart icon should be displayed at the bottom of your screen, from here the resolution
and voting choices will be displayed. Let’s now turn to the individual resolutions.
[Resolutions list slide]
Resolution 1.
The first resolution relates to the re-election of director Ranjan Tandon. Ranjan is Founder
and Managing Member of Libra Advisors LLC (Libra), which holds a 17.2% interest in
ArborGen. Ranjan retires from the Board of ArborGen and being eligible, offers himself for re-
election.
I will now ask Ranjan to address you regarding his appointment.
[Ranjan to speak]
Thank you Ranjan. I would like to note that the Board unanimously supports Ranjan’s re-
election today.
I now move the resolution

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To elect Ranjan Tandon as a Director of the Company.
Are there any questions in relation to this resolution? [Questions]
Thank you
I now ask you to vote, simply select your voting choice from the options shown on the screen
in respect of the resolution to appoint Ranjan Tandon.
Resolution 2.
The second resolution relates to the re-election of director Paul Smart. Paul retires from the
Board of ArborGen and being eligible, offers himself for re-election.
I will now ask Paul to address you regarding his appointment.
[Paul to speak]
Thank you Paul. I would like to note that the Board unanimously supports Paul’s re-election
today.
I now move the resolution
To elect Paul Smart as a Director of the Company.
We will now read out any questions relating to Paul’s re-election [if any questions]
Thank you
I now ask you to vote in respect of the resolution to appoint Paul Smart.
Resolution 3.
Resolution 3 relates to our Auditor (Deloitte). They have confirmed their willingness to
continue in that role. Deloitte is automatically re-appointed at this Annual Shareholders’
Meeting as auditor of the Company. The proposed ordinary resolution is required to authorise
the Directors of the Company to fix Deloitte’s fees and expenses for the following year.
Accordingly, I move the resolution:
To authorise the Directors to fix Deloitte’s fees and expenses as the Company’s auditor for
the year ended 31 March 2021.
We will now read out any questions [Questions]
As there are no more questions, I now ask you to vote in respect of the resolution authorizing
the Directors to fix Deloitte’s fees and expenses.
There are no further resolutions.
I will now close the voting system. Please ensure that you have cast your vote on all
resolution.

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Ladies and Gentlemen, on the basis of the number of postal votes and directed proxies
received, all resolutions have been carried today.
Again, I thank you for joining our virtual meeting today and for your questions, and now
declare the meeting closed.

Thank you, and stay safe.

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Annual Shareholders’ Meeting
26 August 2020

Andrew Baum – CEO’s address
Thank you David. It is a pleasure speaking to you again, although I regret that Covid-19 has
prevented me from doing so in person.
Before I speak to last year’s results, I would like to take the opportunity to comment on the
current impact of Covid-19 on our business, and our team’s efforts to deal with it. The
management of all of our business units have, and continue to effectively deal with the
pandemic just as they would any other challenge. Operationally, we have implemented social
distancing and a number of other protocols to protect our workers, contractors and other
stakeholders. To date we have been able to continue the usual production activities at all of our
facilities around the world, although we have had to furlough high risk employees and have had
employees quarantined as a result of exposure to the virus. David will address any impact on
current year sales during his comments.
Turning now to the results for the fiscal year ending 31 March 2020, as previously explained,
last year was particularly challenging for ArborGen due to a combination of factors and events
that largely occurred in prior periods. Despite these challenges, the Group reported for the
period –
 A 16% increase in revenue to $56.9 million, up from $49.1 million in the prior period,
and
 An IFRS net loss of $2.7 million, inclusive of $3.9 million of abnormal items. That is, after
adjusting for abnormal items, an IFRS net profit result of $1.2 million, up from a loss of
$0.6 million in the prior period.
ArborGen Inc. reported a record US-GAAP underlying earnings result of $9.3 million (adjusted
for abnormal items) – 52% higher than the prior year’s US-GAAP underlying earnings of $6.1
million.

As outlined in our Annual Report, we expensed $3.9 million of abnormal items during the
period – the majority of which were non-cash items relating to prior year events.

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The single largest item was a $2.3 million seed cost adjustment that arose due to the impact of
a combination of prior year weather events (including Hurricane Michael) and unusual
biological factors that materially reduced seed harvest yields in the prior period. This in turn,
resulted in substantially higher than normal seed costs (on a per pound basis) impacting
adversely –
 the cost of goods of seedlings sold during the fiscal year ending March 2020 by $1.1
million, and
 closing seed inventory costs at year end by $1.2 million.
In accordance with accounting standards, these higher than normal costs were fully recognised
as a seed cost adjustment charge in the fiscal year ending March 2020.
During the period, we also incurred approximately $1 million in seedling credits as we
addressed record levels of seedling mortality experienced by our customers during the prior
2018-2019 planting season due to weather events both during and after our customers’
planting of seedlings. While we do not believe that our seedlings were a contributing factor to
seedling survival post planting, given the extremely unusual and widespread issues, we agreed
in some limited instances to provide replacement seedlings in the following 2019-2020 season
(i.e. last fiscal year), consistent with the actions of our competitors. Although this did
unfortunately reduce cash collections from the 2020 planting season, we believe that our
decision to share some of customers’ pain will serve us in good stead going forward, and
further strengthen our relationships with customers.
Additional abnormal items included –
 $0.4 million of yield losses relating to varietals available for sale in the current fiscal
2021 year, and
 The final expensing of ArborGen acquisition related costs of $0.2 million.
As I mentioned earlier, ArborGen reported a 16% year over year increase in revenues globally
as we lifted, packed and delivered a record level of seedlings during the year. Total seedling
units sold during the period were 437 million seedlings including –

 333 million seedlings in the US of which 300 million were loblolly pine (and of the 300
million loblolly, 30% were advanced genetics - MCP and varietal seedlings)
 39 million seedlings in Australasia, and
 65 million seedlings in Brazil.

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Our US sales increased by nearly 20% from the 280 million units sold in the prior year, with this
increase driven by –

 the integration of the TexMark Timber Treasury (or TTT) nursery in Texas into our
operations,
 increased sales from our Taylor nursery in South Carolina which was added to our
production capacity in 2018, as well as
 continued progress in our sales and marketing efforts aimed at private landowners.

MCP seed constraints due to the materially lower seed harvest yields in the prior period
described earlier, meant that MCP seedling sales in the fiscal year ending March 2020 were
relatively flat over prior year. It is important to note though that demand for MCP was
particularly strong with all MCP seedlings planted sold very early in the season, confirming that
our Acquire, Build Confidence, and Convert (ABC) strategy with customers is succeeding in
building demand for our advanced genetics. Importantly, it gives us confidence that as our MCP
seed supply materially increases this harvest season, we should see a significant lift in MCP
seedling sales from fiscal year 2022 onwards.

New Zealand also had a very strong year as we fully leveraged our extensive nursery footprint,
increasing seedling unit sales by 80%, with revenue growth of 51%. Our preeminent position in
the seedling market allowed us to play a key role in the NZ government’s one billion trees
planting program, which was a key contributor to this growth, on top of the growth in demand
driven by the maturation of forest estates planted in the early 1990’s. Although the billion tree
program is not expected to be as much of a factor in market dynamics moving forward, we
expect that the maturing of forest estates planted in the early 1990’s, combined with the
increasing importance of trees in carbon schemes will lead to continued strong markets over
the next few years.

In Brazil, our unit sales increased 30% over the prior year, as Brazilian reforestation rates
increase in line with the Brazilian economy, and as the value of our proprietary products
become increasingly clear. In particular, the products we have licensed from Gerdau are
showing exceptional promise and we are seeing a high level of customer interest in them. Sales
were also bolstered by the integration of the Minas Gerais nursery we leased from Brotale late
last year. I should note that we leased an additional nursery from Brotale in the state of Mato
Grosso do Sul at the beginning of our current fiscal year. We now have internal production
capacity of over 25 million seedlings in the largest eucalyptus growing state (Minas Gerais) and
the most rapidly growing eucalyptus market (Mato Groso do Sul) in the country.

The fact we were able to achieve these results in the context of the challenging conditions in
which we operated speaks to the strength of ArborGen, its superior product portfolio and the
ArborGen team.

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I would like to take this opportunity to comment further on ArborGen’s industry leading
pipeline of advanced genetics.

As we have previously explained, our MCP seed, and related to this MCP seedling production, is
projected to grow exponentially as our extensive, younger and more advanced seed orchards
approach their optimum seed yielding years. This of course is the direct result of investments
made 5-10 years ago to expand our seed orchards with the best available genetics.

As you can see in the slide, the MCP process, from bagging flowers to selling seedlings to our
customers takes nearly three years. As a result, we have good visibility on upcoming MCP seed
production volumes. Subject to any uncontrollable factors, we are expecting a step change
increase in MCP seed harvest levels this fall (i.e. next month), which will be available for
seedling production in the 2021-2022 season. In addition, earlier this year, in March, we set a
record for MCP pollination activity, which all going to plan, supports another strong seed
harvest next year.

And beyond the next one to two years, we are projecting MCP seed production to continue to
grow significantly, approaching 300 million seedling equivalents by 2025.

While this volumetric growth in MCP seed supply is critical to our ability to increase sales of
MCP seedlings, and build much needed buffer inventory of this product to mitigate future
supply risks, our on-going investments in product development over the last several years, is
allowing us to also offer even more advanced products to our customers as we move them up
the MCP value chain.

Until recently, we had three broad performance categories of MCP products – MCP advanced,
MCP select and MCP-elite, with MCP-elite representing the best in class of our MCP offering to
customers. Added to this of course is our range of commercial and pre-commercial varietal
products.

I am excited to report, that we have successfully introduced a fourth category of MCP products
to the market with performance outcomes that are a further step change improvement over
our MCP-elite category. We have called this new category MCP 2.0 and have already pre-sold
over 2 million seedlings for the current year’s 2020-2021 season, representing all the
production available for this year.

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We continue to see validation from field performance data of our top MCP families and our
varietal products pushing the boundaries of what can be done with respect to loblolly tree
improvement. ArborGen is the only global developer and supplier of loblolly varietal products.
Varietals represent the pinnacle of genetics value, and beyond the value they create as
products themselves, we use varietals as parents to produce our best in class, proprietary OP
and MCP products – which no competitor can match.

The chart on this slide is a simple illustration of the substantial value created by our top MCP
products and varietal products relative to OP products. Bare land value or BLV is a specialized
Discounted Cash Flow technique used for timberland investments that calculates the value of
bare land in timber production. It is the Net Present Value of all revenues and costs associated
with growing timber on the land in perpetuity (not just those associated with one “rotation of
timber” or other time period).

As can been seen, ArborGen MCP and Varietals offer a compelling investment proposition for
our customers generating 44-74% more value over OP products.

These cash flow analyses provide our customers the financial metrics needed to transition their
perspective on seedlings from historically cost-driven purchases to value-based investments –
the Conversion part of our ABC sales strategy.

To conclude, we look forward to continuing to build on the significant investments made to
date, and shareholder value in the years to come.

Thankyou.

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ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 1
Annual Shareholders’ Meeting -2020
There are statements in this Report that are ‘forward looking statements.’ As these forward-
looking statements are predictive in nature, they are subject to a number of risks and
uncertainties relating to the Group, many of which are beyond our control.
In particular, ArborGen’soperations and results are significantly influenced by the general level
of economic activity in the various sectors of the economies in which it competes, particularly in
the United States, Brazil, New Zealand and Australia.
Fluctuations in industrial output and the impact that has on global demand for wood fibre and
hence harvest and reforestation levels, government environmental and regional development
policies, capital availability, relative exchange rates, interest rates, the profitability of our
customers, can each have a substantial impact on our operations and financial condition.
ArborGen-specific risks and uncertainties include (in addition to those broad economic factors
noted above) the global markets and geographies in which it operates, intellectual property
protection, regulatory approvals, public and customer acceptance of genetically engineered
products, the rate of customer adoption of advanced seedling products, the success of its
research and development activities, weather conditions, cone and seed inventory, biological
matters, and the fact that ArborGen’sannual crops and seed orchards are not the subject of
insurance cover.
As a result of the foregoing; actual results, conditions and conclusions may differ materially
from those expressed or implied by such statements.
All references to currencies in this document are in US dollars (US$) unless otherwise stated.

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 2
Welcome
Dave Knott
Chairman
Dave Knott
Chairman
Welcome
Virtual Meeting GuideMeeting Entry
Computershare Helpline
+64 9 4 888 777
Dave Knott
Chairman
Question icon

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 3
Dave Knott
Chairman
Ranjan TandonThomas AveryOzey Horton
Paul SmartGeorge Adams
Board and
Management
Andrew Baum
Dave Knott
Chairman
CEO’s Review
Chairman’s Comments
Shareholder Questions
Resolutions
Programme

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 4
Andrew Baum
CEO
Andrew Baum
CEO
CEO Review
Andrew Baum
CEO
+Effectively dealing with the impact of Covid-19 across all
business units:
–Implemented social distancing and other protocols to protect our
people
–Furloughed high risk employees
–Quarantining employees exposed to the virus
+Continuing usual production activities at all our facilities
Covid-19

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 5
Andrew Baum
CEO
+Last year was particularly challenging due to a combination of
factors and events from prior periods
+Despite these challenges the Group reported:
–A 16% increase in revenue to $56.9m, up from $49.1m in the prior
period
–An IFRS net loss of $2.7m (inclusive of $3.9m of abnormal items)
–After adjusting for abnormal items, an IFRS net profit result of $1.2
million, up from a loss of $0.6 million in the prior period
+US-GAAP underlying earnings result up 52% y-o-y to $9.3m
from $6.1m (after adjusting for abnormal items)
March 2020
YE Results
All figures in US$
Andrew Baum
CEO
+Total abnormal items of $3.9m were mostly non-cash and related
to prior year events
–Seed cost adjustment of $2.3m arose due to historical weather events
materially reducing harvested seed yields, impacting:
–Cost of goods of seedlings sold during the period by $1.1m
–Closing seed inventory at year end by $1.2m
+We also incurred ~ $1m in seedling credits to address seedling
survival issues experienced by some customers on 2018-2019 crop
–While we do not believe that our seedlings were a contributing factor,
we agreed in some limited instances to provide replacement seedlings
in 2019-2020, consistent with our competitors actions
–Sharing some of our customers’ pain will serve us in good stead going
forward, and further strengthen our relationships with them
Abnormal
Items
All figures in US$

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 6
Andrew Baum
CEO
+Additional abnormal items included
+$0.4m of yield losses relating to 2021 varietals
+$0.2m being the final ArborGen acquisition related costs
Abnormal
Items
... continued
All figures in US$
Andrew Baum
CEO
+We reported a 16% y-o-y increase in revenues as we delivered
a record level of seedlings during the year
+Total seedling units sold during the period were 437 million
seedlings including:
–333 million seedlings in the US, of which 300m were loblolly pine
(30% MCP & Varietal seedlings)
–39 million seedlings in Australasia
–65 million seedlings in Brazil
Global
Revenue

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 7
Andrew Baum
CEO
+US sales up 19% from the prior period driven by:
–Integration of the TexMarkTimber Treasury (TTT) nursery in Texas
–Increased sales from the Taylor nursery in South Carolina, adding to our
production capacity in 2018
–Continued progress in our sales and marketing efforts aimed at private
landowners
+MCP sales relatively flat due to seed constraints
+Demand for MCP was strong with seedlings sold out early in the
season
+Increased MCP seed supply should see significant lift in seedling
sales from 2022 onwards
United States
of America
Andrew Baum
CEO
+The NZ business had a very strong year
–Increased seedling unit sales by 80%
–Revenue growth of 51%
+Key contributor to seedling sales growth
–NZ government’s one billion trees programme
–Demand driven by maturation of forest estates planted in the early
1990s
+Although the government programme is not expected to be a
significant factor moving forward, we expect maturing of
forest estates planted in the early 1990s and the increased
importance of trees in carbon schemes will lead to continued
strong markets over the next few years
New Zealand

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 8
Andrew Baum
CEO
+Sales increased 30% over the prior year
–Brazilian reforestation rates increased; and
–Value of our proprietary products become increasingly clear
+Products licensed from Gerdau are showing exceptional
promise
+Sales bolstered by integration of the Minas Gerais nursery
leased last year
+We leased an additional nursery in the state of Mato Grosso
do Sul at the beginning of our current fiscal year
+Internal production capacity is now over 25 million seedlings
in the largest eucalyptus growing state and the most rapidly
growing eucalyptus market in the country
Brazil
Andrew Baum
CEO
Global
Revenue
These results, in the context
of the challenging conditions
in which we operated speaks
to the strength of ArborGen,
its superior product portfolio
and the ArborGen team.

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 9
Andrew Baum
CEO
+MCP seed production to grow exponentially as our younger
and more advanced seed orchards approach optimum yield
years
–A direct result of investments made 5-10 years ago to expand
seed orchards with the best genetics
Advanced
Genetics
Pipeline
Andrew Baum
CEO
Advanced
Genetics
Pipeline ... continued
MCP
bagging
Cone
Harvesting
Seed
sowing
Seedling
sales
Year 0Year 1Year 2
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Year 3
Production Timeline

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 10
Andrew Baum
CEO
+Expecting a step change increase in MCP seed harvest
levels next month which will be available for seedling
production in the 2021-2022 season
+In March we set a record for MCP pollination activity
supporting another strong seed harvest next year
+Beyond the next 1-2 years MCP seed production is
projected to continue to grow significantly, approaching
300 million seedling equivalents by 2025
Advanced
Genetics
Pipeline ... continued
Andrew Baum
CEO
+The growth in MCP seed supply is critical to increasing sales
of MCP seedlings and building much needed buffer inventory
+Ongoing investment in product development is allowing us to
offer even more advanced products to our customers as we
move them up the MCP value chain
–Until recently, we had three broad performance categories of MCP
products –MCP advanced, MCP select and MCP-elite (elite is the best
in class)
–A fourth category is MCP 2.0, recently introduced to the market
–Performance outcomes are a step improvement over MCP-elite
–We have already pre-sold our entire production of over 2m
seedlings of MCP 2.0 for the 2020-2021 season
Advanced
Genetics
Pipeline ... continued

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 11
Andrew Baum
CEO
+We continue to see validation from field performance data
of our top MCP and Varietal products pushing the
boundaries in loblolly improvement
+ArborGen is the only global developer and supplier of
loblolly Varietal products
+Varietals represent the pinnacle of genetics value and are
used as parents to produce our best in class, proprietary OP
and MCP products –which no competitor can match
Advanced
Genetics
Pipeline ... continued
Andrew Baum
CEO
Value Creation
Substantial value created by our top MCP and Varietals
5007009001,1001,3001,500
OP
MCP - Advanced
MCP - Select
MCP - Elite
Varietal
Bare Land Value (BLV) $ per acre
74% value
accretion

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 12
Dave Knott
Chairman
Dave Knott
Chairman
Dave Knott
Chairman
+Our primary focus is improving cash generation, especially
important with Covid-19
+The most critical driver of earnings and cash flow growth is
growth in MCP sales
+We have invested in developing best-in-class proprietary
genetics and deploying those genetics in our seed orchards
+We are increasing our MCP bagging and pollination activity to
increase future seed supply
Key Objectives

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 13
Dave Knott
Chairman
Seed Harvest
Life Cycle
MCP
bagging
Cone
Harvesting
Seed
sowing
Seedling sales
Year 0Year 1Year 2
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
Year 3
+Last year’s MCP seed supply from our orchards was adversely
affected by abnormal weather events and unusual biological
factors that occurred in calendar years 2017 and 2018
+The life cycle:
–Pollination begins in early spring of the first year
–Cones or seed are harvested in the fall of the following year (about
eighteen months later)
–Seed is then used or sown in our nurseries in the spring of the third year
to produce seedlings
Dave Knott
Chairman
+Based on latest inventory counts in ArborGen’s orchards, we
are projecting a significant increase in MCP seed to be
harvested next month
+In the high demand Coastal region, MCP seed harvest is
expected to be nearly triple last year’s harvest
+This allows us to materially increase MCP sales next year and
build critical buffer seed inventory
+The expected increase in MCP seed supports a significant
improvement in gross margins, earnings and cash flow
+Our key priority is getting through the harvest season,
achieving the yields and continuing to build on the demand-
side momentum for advanced genetics
Looking Ahead

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 14
Dave Knott
Chairman
+We continue to focus on:
–Reducing discretionary costs and capital expenditure
–Leveraging available Covid-19 government funding programmes
–Streamlining R&D spend
–Optimising our assets to improve cash flows
Immediate
Cash Flow
Initiatives
Dave Knott
Chairman
+We expect US-GAAP underlying earnings for year ending March 2021 to be
higher than the $9.3 million reported for the March 2020 fiscal year, subject
to any uncontrollable factors
+In New Zealand and Australia, sales expected to come in close to plan
+In our single largest market, the United States, where lifting commences in
December, we have confirmed sales orders for over 90% of our seedlings
–Advanced genetics sales expected to be flat on the prior year
–H-2B visa applicants working in forestry have recently been given an exemption
from the ban on additional visas to H-2B workers
+In Brazil, while pine sales have been solid, eucalyptus sales to date have
been affected by the impact of Covid-19 in the region
–We continue to grow our customer base by leveraging the expanded advanced
genetics portfolio, and reduce expenditure
Earnings

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 15
Dave Knott
Chairman
Conclusion
+We continue to believe the foundation is firmly in place to offer
significant value to shareholders
+The best way to achieve this is via share price performance
driven by earnings and cash generation
+Our share price performance is disappointing, however we are
confident as we continue to demonstrate improved earnings and
cash flow this year and next year, the gap between underlying
value and the share price will close
Dave Knott
Chairman
Questions

ArborGen Holdings Limited | ASM Presentation 2020
26 August 2020
Page 16
Dave Knott
Chairman
Resolution 1
To re-elect Ranjan Tandon as a Director
Resolution 2
To re-elect Paul Smart as a Director
Resolution 3
To authorise the Directors to fix
Deloitte’s fees and expenses as the
Company’s Auditor for the year ended
31 March 2021
Resolutions
Voting icon