2021 Annual Meeting of Shareholders

ANNUAL
SHAREHOLDER
MEETING
21 July 2021
2021

Attendees Question and Voting Process.
The voting boxQuestion box

Meeting
Agenda.
Business of the Meeting
Chairperson’s Address
• Tony Offen
Chief Executive Officer’s Address
• Brian Watson
Ordinary Resolutions
• Re-election of Geoff Plunket as a director
•
R
e-election of Barry Richardson as a director
•
Dir
ectors authorised to fix the auditors remuneration
Other Business

Board of
Directors.
Geoffrey Plunket
Independent non-executive director
Chair of Audit and Risk Committee
Anthony (Tony) Offen
Chair, Independent
non-executive director
Dr Alison Stewart
Independent non-executive director
Chair of Remuneration Committee
Antony (Tony) Balfour
Independent
non-executive director
Dr Barry Richardson
Independent non-executive director
Member of Audit Committee

Information
The information in this presentation is an overview and
does not contain all information necessary to make
an investment decision. It is intended to constitute
a summary of certain information relating to the
performance of Blis Technologies Limited (“Company”
or “Blis”). The information in this presentation is of a
general nature and does not purport to be complete.
This presentation should be read in conjunction with the
Company’s other periodic and continuous disclosure
announcements, which are available at nzx.com.
Not financial product advice
This presentation is for information purposes only and is
not financial or investment advice or a recommendation
to acquire Blis securities, and has been prepared without
taking into account the objectives, financial situation
or needs of individuals. The Company, its directors and
employees do not give or make any recommendation or
opinion in relation to acquiring or disposing of shares.
In making an investment decision, investors must rely
on their own examination of the Company, including the
merits and risks involved. Investors should consult with
their own legal, tax, business and/or financial advisors in
connection with any acquisition of securities.
Future performance
This presentation may contain certain ‘forward-looking
statements’, for example statements concerning the
development and commercialisation of new products,
regulatory approvals, customer adoption and results of
future clinical studies. Forward-looking statements can
generally be identified by the use of forward-looking
words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘could’,
‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’,
‘estimate’, ‘target’, ‘outlook’, ‘guidance’ and other similar
expressions. The forward-looking statements contained
in this presentation are not guarantees or predictions of
future performance and involve known and unknown
risks and uncertainties and other factors, many of
which are beyond the control of the Company and may
involve significant elements of subjective judgement
and assumptions as to future events which may or may
not be correct. There can be no assurance that actual
outcomes will not materially differ from these forward-
looking statements. A number of important factors could
cause actual results or performance to differ materially
from the forward-looking statements. The forward-
looking statements are based on information available
to the Company as at the date of this presentation.
Except as required by law or regulation (including the
NZX Main Board Listing Rules), the Company undertakes
no obligation to provide any additional or updated
information whether as a result of new information, future
events or results or otherwise.
No representation
This presentation may contain information from
third-parties believed to be reliable, however, no
representations or warranties are made as to the accuracy
or completeness of such information.
Disclaimer.

Results FY 21.
Revenue (NZ$m)EBITDA (NZ$m)
F Y18F Y17F Y18F Y17
$12.0
$9.0
$6.0
$3.0
$
$4.0
$2.0
$
-$2.0
F Y19F Y19FY20FY20FY21FY21
$
8.2m
$
0.9m
$
0.6m
$
5.3m
$
6.5m
-$
0.4m
$
10.6m
$
2 .1m
$
10.6m
$
1.0m

CONFIDENTIAL
ONLY TO USE FOR LIVEBAC!!!
Probi
July ,2021
CONFIDENTIAL
ONLY TO USE FOR LIVEBAC!!!
Probi
July ,2021
Probi.
Jul y, 2021

Brian Watson
Chief Executive Officer (CEO)
CEO
Address.

The BLIS
Leadership
Te am.
Brian Watson
Chief Executive Officer (CEO)
Richard Wingham
Chief Financial Officer (CFO)
Julie Curphey
Chief Marketing Officer (CMO)
Dr John Hale
Chief Technology Officer (CTO)
Frank Spiewack
Commercial Director
Laura Grant
e-Commerce Director

Revenue (NZ$m)EBITDA (NZ$m)FY21 Revenue (NZ$m)
FY18F Y17FY18F Y17
$12.0
$9.0
$6.0
$3.0
$
$4.0
$2.0
$
-$2.0
FY19FY19FY20FY20FY21FY21
$
8.2m
$
0.9m
$
0.6m
$
5.3m
$
6.5m
-$
0.4m
$
10.6m
$
2.1m
$
10.6m
$
1.0m
FY Revenue
Asia Pacific
Europe, Middle East, Africa
North America
$
5 .1m
$
3.2m
$
2.4m
FY21 summary.

New market
developments:
»Canada launch
»CBEC Tmall Flagship
store launch
New probiotic strain and new
product launch
»Commercial release of BLIS
Q24™
»Launch of Unconditional
Skincare Co. brand and the
Live Probiotic Hydration
Serum
Regulatory approvals
»Finalised Health Canada
approvals for BLIS® finished
products, with strong
health benefit claims
»BLIS K12™ and BLIS M18™
approval in India
Capability build and key new hires
»E-commerce, Marketing, Sales
FY21 summary.

Q1 update.
Outlook.
»We remain confident of delivering revenue growth in the current financial year
»Meaningful longer-term growth and value creation requires ongoing investment upfront
»The additional opportunities r
epresented by our Probi partnership will be assessed in the next few months.
Unaudited results for the quarter ending 30 June 2021 (Q1 FY22)
Total revenue for the quarterEBITDA loss
$
1.8m
$
1.2m
Revenue and EBITDA are in-line with our expectations

Our purpose.
Developing
breakthrough
probiotic solutions
for the health and
wellbeing of global
consumers.
Core branded
revenue streams
Innovation
through R&D

Strategic focus and
growth agenda.
Strategic priorities:
Build our branded finished product e-commerce sales presence.
»Priority markets: Australasia, USA, China Cross-Border e-commerce
(CBEC), Canada
»Support
ed by retail in NZ, Australia, Canada
Three health and wellness targets
»ENT/ Immunity
»Dent
al Health
»Skinc
are
Targeted ingredient activity to drive scale
»Prioritised markets: USA, Japan, China
»Br
oad market penetration through the Probi relationship
Invest in our pipeline
»Strong investment in R&D, new product development and IP protection

Addressable markets.
Source: Euromonitor International – IPA Global Probiotics Annual Market Report
COSMETIC
SKINCARE
• Global premium skincare market was
valued at US$140 billion in 2019
1
• Global “microbiome modulators”
skincare market was valued at
US$0.5 billion market in
2019
and is anticipated to grow to
US$3.0 billion by 2030
2

1. Passport - World Market for Beauty and Personal Care, September 2020: Euromonitor International
2. Global Skin Microbiome Modulators Market: Focus on Products, Applications, Distribution Channels, Country Data (14 Countries), and
Competitive Landscape - Analysis and Forecast, 2019-2030: Research and Markets
Global Probiotic Supplements
Market Revenue
US$ Billion
2018
$8.0
$7. 5
$7. 0
$6.5
$6.0
$5.5
$5.0
201920202024
+7
%
+8
%
+12
%

Additional growth pathway
Establishment of a licence and supply agreement to drive increased revenue
»Blis grants Probi the right to manufacture and sell BLIS K12™, BLIS M18™ as ingredients and
finished products and the opportunity to collaborate on future products.
Collaboration in R&D to leverage joint strengths in probiotic innovation
Strategic investment by Probi of $9.18m enhancing the Blis capital position
»Providing Blis with capital to support revenue growth initiatives
Probi strategic partnership.

2 PROBI ANNUAL REPORT 2020
PROBI IN BRIEF
One of the largest, leading probiotic
companies in the world
Probi was founded by researchers in Lund in 1991.
Today we are one of the largest and leading global
probiotic companies with a total of four units in the
USA, Sweden and Singapore. Probi has a strong
and broad product portfolio, primarily in the areas
of digestive health and the immune system.
Own fermentation and production
Probi has its own capacity for fermentation, formu-
lation and production, which are conducted in GMP
certified facilities. Probi develops, manufactures,
markets and sells probiotics in the form of powder,
capsules, tablets or food in close collaboration with
leading health, pharmaceutical and food
companies.
Commercial research
Probi is a leader in innovation and development
and invests large resources in commercially-based
and structured research and development. All pro­
jects are based on customer needs. In recent years,
Probi has presented a number of studies with find-
ings that are important for Probi’s future develop-
ment. Probi has over 400 patents worldwide.
Probiotics
Probiotics for us at Probi are different types of bacterial
strains with beneficial effects on health and which sup-
port the good bacteria that are found naturally in the gut
and intestinal tract. Today, it is well­established to use
probiotics to restore and maintain the balance in the
gut flora.
There are millions of different bacterial strains and each
of them has a specific effect; to prevent flatulence, colds,
and so on.
It is an extensive job to find the right bacteria among all
strains. In addition, the bacteria must be able to survive
in the acidic gastric environment and be suitable for
various products, such as food with a certain pH value.
Scientific tests and documentation are required to com-
municate health benefits of a product to consumers.
Probi AB is a Swedish listed
biotechnology company.
Probi in brief
Our vision
Probi aspires to be the innova-
tive frontrunner within pro-
biotics. Our ambition is to
improve the well- being of
people worldwide. This is what
drives and inspires us.
Our mission
Providing probiotics for
healthier lives worldwide.
Millions of people suffer from
health issues that can benefit
from careful addition of pro-
biotics. At Probi, our mission is
to provide high-quality pro-
biotics, backed by science,
grown with care and manu-
factured into novel forms. This
is how we make life healthier
for consumers worldwide.

PROBI ANNUAL REPORT 2020 3
PROBI IN BRIEF
A broad product portfolio
Probi LiveBac
®

Probi LiveBac
®
offers Pro-
bi’s widest range of active
probiotic strains for use in
dietary supplements and
food products. Probi Live-
Bac
®
offers pure bacterial
cultures, mixtures and fin-
ished products, available
in a variety of applications.
Probi ClinBac™
Probi ClinBac™ offers Pro-
bi’s exclusive, patented
health concepts with clini-
cally well-documented
probiotic strains. Within
Probi ClinBac™ are Probi
Defendum
®
, Probi Diges-
tis
®
, Probi Ferrosorb
®
and
Probi
®
Osteo.
Digestive health
Immune health
Bone health
Iron absorption
Women’s health
Senior health
Children’s health
Probi has one of the market’s most
comprehensive portfolios of probiotic
products in the following areas:
176
At the end of 2020
Probi had 176
employees.
Probi has over 400
patent worldwide.
+400
A leading global probiotic company
>40
Probis products are
sold in i over 40
countries and more
countries are contin-
ually being added.
REDMOND
Fermentation
LAFAYETTE
Manufacturing
and packaging
LUND
Head office, R&D
SINGAPORE
Sales office
EMEA
Region
15%
of net sales
2020
APAC
Region
6%
of net sales
2020
Americas
Region
79%
of net sales
2020
PROBI ANNUAL REPORT 2020 3
PROBI IN BRIEF
A broad product portfolio
Probi LiveBac
®

Probi LiveBac
®
offers Pro-
bi’s widest range of active
probiotic strains for use in
dietary supplements and
food products. Probi Live-
Bac
®
offers pure bacterial
cultures, mixtures and fin-
ished products, available
in a variety of applications.
Probi ClinBac™
Probi ClinBac™ offers Pro-
bi’s exclusive, patented
health concepts with clini-
cally well-documented
probiotic strains. Within
Probi ClinBac™ are Probi
Defendum
®
, Probi Diges-
tis
®
, Probi Ferrosorb
®
and
Probi
®
Osteo.
Digestive health
Immune health
Bone health
Iron absorption
Women’s health
Senior health
Children’s health
Probi has one of the market’s most
comprehensive portfolios of probiotic
products in the following areas:
176
At the end of 2020
Probi had 176
employees.
Probi has over 400
patent worldwide.
+400
A leading global probiotic company
>40
Probis products are
sold in i over 40
countries and more
countries are contin-
ually being added.
REDMOND
Fermentation
LAFAYETTE
Manufacturing
and packaging
LUND
Head office, R&D
SINGAPORE
Sales office
EMEA
Region
15%
of net sales
2020
APAC
Region
6%
of net sales
2020
Americas
Region
79%
of net sales
2020

CONFIDENTIAL
ONLY TO USE FOR LIVEBAC!!!
Probi
July ,2021
CONFIDENTIAL
ONLY TO USE FOR LIVEBAC!!!
Probi
July ,2021
Probi.
A word from Probi CEO,
Tom Rönnlund

Probi
»An expanded
portfolio to sell
to a strong existing
customer base
Broader opportunities:
• R&D – shared expertise to develop innovative
probiotic solutions
•

Scientific and clinic
al validation of probiotic
health benefits
•
Contr
act manufacture – both fermentation
and finished product manufacture providing
operational synergies
•

Opportunities f
or cross licensing of Probi strains
to expand the Blis finished product portfolio
Primary opportunities:
Blis
»Substantial revenue
growth and increased
market penetration
»Capit
al funds of
$9.18m for investment
in growth initiatives
Scope of collaboration
– delivering significant value.

Pipeline investment
• New product development
acceleration.
•
Ne
w strain development
Internal capability
investment
• Marketing and e-commerce
focus
Use of the capital funds.
Accelerate our
growth priorities
• Skincare launch activity
•
D2C e
-commerce investment:
USA, CBEC, Australasia, Canada
•

Canada launch ac
tivity

New market and product initiatives.
CBECCANADASKINCARE

Skincare
product
l
aunch.

Breakthrough innovation.
1. Global Skin Microbiome Modulators Market: Focus on Products,
Applications, Distribution Channels, Country Data (14 Countries),
and Competitive Landscape - Analysis and Forecast, 2019-2030:
Research and Markets
From the Skin for the Skin
The unique patented probiotic originates
from the skin microbiome so colonises
harmoniously with your skin
No nasty chemicals, no animal testing –
just friendly naturally occurring bacteria
Strengthens your skin’s barrier
preventing future breakouts
Clearer and healthier skin noticed in just
10 days
Hydrates the skin
Live probiotic actively works to
inhibit bad bacteria and balance your
microbiome
Global skin
microbiome
modulators
market to reach
US$2.97 billion
by 2030
1
Blis’ Addressable Market:
Premium Skincare
C
ompetitive advantage:
Breakthrough innovation
The skincare market: high
engagement, and consumers are
willing to pay for breakthrough
innovation.

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HYDRATION HEROES
Remix, New Zealand
Influencer
engagement.

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82 | Woman
Skincare
superstars
These new saviour products don’t just pamper and
nourish, they put in the work to treat, strengthen
and drastically improve your skin.
Although it doesn’t feel like
it, oily and combination skin
needs moisture too, as too little
actually encourages more oil to
form. This cooling, light-weight
hydrator also contains BHA and
LHA to help detoxify and reduce
the look of pores.
Ole Henriksen Cold Plunge Pore
Remedy Moisturiser, $73
Made in New Zealand,
this serum is enriched
with a powerful live
ˣ˥ˢ˕ ̃ˢ˧ ̃˖ϝ˧ ̨ ̆Ѓ˥˦˧ ̆˩ ̆˥
in skincare – to balance
your skin’s microbiome
and ensure its at its
healthiest, glowing
best, no matter what
your concerns.
Unconditional Live
Probiotic Hydration
Serum, $95
This next-gen smart serum
delivers what your skin
needs, when it needs it.
It contains four smart
actives which, when
triggered, hydrate, brighten,
soothe, and address the
˔ˣˣ ̆˔˥˔ˡ˖ ̆ˢ ̇Ѓˡ ̆˟ ̃ˡ ̆˦
and wrinkles, in direct
response to skin’s ever -
changing needs.
Dermalogica Smart
Response Serum, $255
As good as the
iconic original
Bio -Oil is at reducing
the appearance
of scars and
stretchmarks, this
version is made
entirely from natural
ingredients.
Bio-Oil Skincare
Oil Natural,
$19.99
Beauty Editor
AMY HOULIHAN
BEAUTY.indd 82BEAUTY indd 8229/06/21 1:44 PM29/06/21 1:44 PM
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PAGE: 82 PRINTED SIZE: 1467.00cm² REGION: NZ MARKET: New Zealand ASR: N/A WORDS: 444
ITEM ID: 1467514583
Page 1 of 2
05 JUL, 2021
Skincare superstars
Woman (NZ), Auckland
Customer reviews.

Canada.
Represents an important new
market with significant and
attractive claim opportunities
Omni channel focus
• e-commerce sales activity
•
R
etail sales activity with Purity Life

CBEC.
BLIS PROBIOTICS™ Tmall Flagship store
launched Jan 2021
Heavy focus on building our brand
presence through digital marketing
social media and influencer activity
Reseller / Daigou activity remains a
contributor but not a primary focus
based on challenges in this segment

NPD
• Dental: Late-stage probiotic toothpaste development
•
Skinc
are: Additional skincare and personal care targets
•

ENT
/ Immunity: Kids focus
•
Blis r
ange extension utilising Probi innovation
New strain development
• Unlock the vault (Blis strain library) – rapid screening and
characterisation
New IP generated
Probi collaboration
• Combining innovation strengths
•
E
xtended use of Blis strains
into new areas including
combinations
•

Scientific and clinic
al validation
of probiotic health benefits
R&D and NPD pipeline investment.

People and Performance.
Key new hires
Process
•Refreshed company values
•
Ex
ecution focus - Faster and Smarter
•
Sust
ainability focus
•
Digital s
trategy and knowledge management
•
Cyber security enhanc
ements
e-commerce
Director
People and
Culture Manager
Category Manager
ENT/ Immunity
Category
Manager Skin
Global Ingredients
and Private Label
Account Manager
Product
Technical Lead
Operations and
Supply Chain
Manager

Our Sustainability priorities are linked to the UN Sustainability Goals
Advance Health
& Wellbeing
• Access products
•
F
ocus on quality
•
S
taff wellbeing
•

E
conomic contribution
•
Support of charities and sponsor
ship
•
S
taff policies: living wage, diversity, development
•

Under
standing of footprint
•
Ar
eas of greatest relevance - supply chain, packaging
•

L
eading behaviour change
•

World le
ading science
•

R
esearch and academic support
•

Inno
vative product export earnings
Contribution to
Society
Environmental
Impact
Contribute to an

innovation economy
Sustainability.

Green lab certification.
Topics Covered
Our green lab certification program covers 14 topics related to energy, water, waste, chemistry/materials and engagement.
Blis is proud to be the first NZ based lab to complete this international certification
achieving the highest level of certification.
Congratulations
on achieving your
green lab certification!!
The lab did an incredible job
and should be very proud of
their accomplishment. I have
attached your feedback report,
the lab scored an 86% overall
and achieved the highest
certification level!
Feedback from Green Lab

Summary.
LONG TERM
STRATEGIC
PARTNERSHIP
FOR GROWTH
TRACK
RECORD OF
PROBIOTIC
INNOVATION
CLEAR
GROWTH
PRIORITIES
ATTRACTIVE
ADDRESSABLE
GLOBAL
MARKETS

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
Questions.

Attendees Question Process.
The voting boxQuestion box

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
Resolutions.

Attendees Voting Process.
The voting boxQuestion box

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
That Mr Geoffrey Plunket be elected
as a director of the Company.
Resolution 1.

Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.
That Dr Barry Richardson be elected
as a director of the Company.
Resolution 2.

That the Directors be authorised to fix the
remuneration of the auditors for the ensuing year.
Resolution 3.
Wait for the microphone
State your name and whether you are
a shareholder or proxy holder.

General
Business.

---

1


Blis Technologies Limited
Annual Shareholders Meeting,
Friday, 11am Wednesday 21
st
July 2021
Art Gallery, Dunedin.




Good morning, and welcome everyone to the Blis Technologies Limited
Annual Shareholder Meeting for 2021. My name is Tony Offen, and I am
Chair of the Board for Blis Technologies.
On behalf of my fellow directors, our Chief Executive, Mr Brian Watson
and all the Blis team it is my pleasure to welcome you all here today in
person and to those of you attending online.


This is the second year that we have provided an online option for
shareholders, and it is pleasing once again to have so many shareholders
join us online today.
When it comes to voting: For our shareholders in attendance here you may
vote as usual on the voting card provided to you at the registration desk
when you arrived. For shareholders online, you will be able to cast your
vote online by pressing the “Get a voting card” button and validating
yourself using your shareholder or proxy number. Please note that only
shareholders, proxy holders or shareholder company representatives may
vote.
Please refer to our virtual meeting online portal guide or contact the team
at Link on 0800 200 220 if you require any assistance.
Shareholders online will also be able to ask questions by clicking the “ask
a Question” button. I encourage shareholders who have questions relating
to the business of the meeting, to send their questions through as soon as
possible.
I am pleased to say that the meeting has been properly called and there is
a quorum present.

Slide 1: Chair – ASM welcome
Slide 2: Chair – Voting and Asking Questions

2


We will be using some slides during the meeting. For those of you online
you will be able to see these and follow along. They have also been posted
to the NZX and are available on the Blis website.

As you know health and safety is a priority for Blis, and so for those of you
here with us, in the unlikely event of an emergency during the meeting we
want to ensure everyone’s safety. If the building needs to be evacuated for
any reason, please evacuate via the emergency exit doorways indicated
and follow the signs to the main staircase and out to the front entrance by
the nearest assembly point.





The agenda for this morning will include an overview from myself of the
company’s performance for the year to 31 March 2021, and of course I will
comment on the recently announced Probi partnership and the placement
of shares to them. Brian Watson, our CEO, will then provide you with a
deeper review of the results, progress against our objectives and will
expand on the exciting new relationship with Probi and what that means
for the company.

There will then be an opportunity for shareholders to ask questions. We
will first take questions from those in attendance here today and then any
questions posted online that have not already been covered by responses
to previous answers.

Following this we will then move to the formal business of the meeting. At
that point I will outline the process for the discussion and voting on the
resolutions set out in the agenda.

And of course, at the meeting’s conclusion, for those of you here with us
you are invited to join directors and the Blis team for light refreshments
and further discussions.




Slide 3: Chair - Agenda
Slide 4: Chair – Board Introductions

3



Before reviewing the company’s performance, I would first like to introduce
your Board. Their profiles are available online as part of the governance
page on the company’s website and are also included within the annual
report. You will have received the Annual Report for the year ended 31
March 2021, either by post or electronically, depending on your choice,
and there are additional hard copies available in the room here today if you
would like one.

Geoff Plunket. Geoff joined the board early in 2018. Geoff is current
deputy chair and is chair of the audit & risk committee. Geoff brings a
strong commercial focus and experience in leading a large organisation
with expertise in logistics, supply chain, human resource, health & safety
and risk management. Geoff had a long career with Port Otago Limited,
including as CFO culminating in his appointment as CEO from 2004 until
his retirement in 2017.
Dr Barry Richardson. Barry joined the board in 2018 and sits on audit
and risk committee. Barry has a science background and brings both Blis
specific and international biotechnology and nutritional dairy industry
experience to the board. Barry was formerly CEO of Blis between 2007 –
2016 leading the company’s transition from predominately research based
to being commercially focused.
Dr Alison Stewart. Alison joined the board in September 2018. Alison is
chair of the remuneration committee and brings to the board substantial
experience as an research and innovation leader. Alison has a very clear
understanding of the drivers for successful commercialisation of biotech
lead research internationally and strategic IP management and
development as well as the vital importance of having credible science that
can be communicated to consumers effectively. Alison is currently CEO of
the Foundation for Arable Research.
Tony Balfour. Tony joined the board in April 2020 and is a member of the
remuneration committee. Tony brings to the board strong governance
experience following a successful executive career as an international
marketing and brand management leader. Tony has a diverse background
of experience building consumer goods businesses globally and driving
FMCG through retail channels and e-commerce from his leadership roles,

4


including with Nike Inc, Icebreaker and Seek.com. Tony holds current
directorships with The Warehouse, Les Mills International and Wayfare Ltd
(trading as Real Journeys).


And in terms of myself, I have been a director and shareholder since 2009
and chair since August 2017. I am currently on the audit and risk and
remuneration committees. Previously I have served as deputy chair, chair
of audit and risk and, also for a short time as an executive director for the
company. I have an accounting, finance and business investment
background and since 2009 through the various roles have gained a good
understanding across all aspects of the Company. My current 3-year term
ends in July 2022 at which point I intend to step down from the board. With
this transition in mind, I will be standing down as board chair at the end of
today’s meeting with Geoff Plunket then taking on the chair role.

We are now of course delighted to have Probi on board, both as a long-
term strategic growth partner and as a cornerstone shareholder. This is an
exciting opportunity and a significant endorsement of Blis and its growth
aspirations. Probi provides us extensive industry experience and
international relationships which will drive collaboration opportunities and
revenue growth.

Tom Rönnlund, CEO for Probi will be appointed to the board following
today’s ASM and then will be invited to stand for election by shareholders
at next year’s ASM. Tom himself has international healthcare and
biopharmaceutical industry business development experience. He has for
more than 20 years worked in these industries holding serval positions in
sales, marketing and general management. Tom will bring valuable
capability to the board.

During Brian’s presentation, there will be a short introductory video clip
from Tom providing Probi’s perspective.

Tom’s appointment will take the total number of board members to six,
which we believe is now the optimal number of directors for the company,
up from 5.

5


It is worth highlighting here that each year as part of the board’s annual
review process, the capability mix of the board is assessed against the
Company’s future growth plan aspirations. With Probi as a key partner both
the board’s capability and growth aspirations are significantly enhanced.
When the Board does anticipate an upcoming vacancy or if further director
capability has been identified, then professional search services are
engaged to assist the Board in identifying suitable candidates for
nomination.








As we now move to an overview of the results, including some forward-
looking comments, it is important to highlight the disclaimer included in the
presentation which is now displayed.

It is my pleasure to present you with an overview of the company’s
performance.

Performance Overview.
I am delighted to report to you on behalf of the board on a year of significant
investment into growth opportunities.

The year was accentuated by the challenges and disruptions caused by
the COVID-19 pandemic. At the beginning of the year, the safety and
wellbeing of people under these changed conditions was a priority and the
board would like to acknowledge and thank Brian and all the Blis team for
their responsiveness in quickly adapting to that changing work
environment. Thank you.

Despite these disruptions the company remained committed to increasing
investment into new markets and product growth initiatives. We are
particularly pleased to have continued with the investment into and launch
Slide 6: Chair – Results Overview
Slide 5: Chair – Disclaimer

6


of BLIS Q24™, our third probiotic strain and our first skincare product. We
were also able to maintain revenues at $10.6m, similar to last year and
recorded an EBITDA of $1.0m after $0.9m of market and product
development costs.

The changes in market conditions and consumer behaviours did provide
us with a new lens to view strategy through. This last year has seen us
shifting focus and resource toward building e-commerce and direct-to-
consumer capabilities that provide platforms to directly grow the
company’s branded finished goods business.

Our immediate focus is to invest into areas that will generate sales growth.
We are resourcing for this growth, with staff numbers increasing to 29 over
the year with an expectation that on hitting our sales targets staff numbers
could potentially double within next 2-3 years.

The company is very well placed for attractive growth. And whilst being
domiciled in New Zealand has advantages, to achieve fully meaningful
scale internationally, your board recognised the importance of having
collaborations with established companies capable of leveraging Blis’
breakthrough technologies.





We are delighted to now count Probi as a significant partner who together
with collaborating on pipeline development is committed to taking Blis’
products into their international networks, thereby unlocking pathways for
accelerating our growth.

As part of this growth partnership Probi invested c$9.2m into Blis for a 13%
shareholding. This provides Blis with sufficient funds to deliver an
accelerated growth plan. We will maintain our policy of full reinvestment
into growth initiatives and pipeline development and therefore we confirm
there is no plan in the near term to declare a dividend.

The placement of shares to Probi takes total shares on issue to over 1.2
billion shares. Now that the company has sufficient funds and has
Slide 7: Chair – Probi

7


completed a key collaborating agreement with Probi, consolidating the
number of shares on issue will now be considered.

In line with the company’s policy of attracting and retaining key personnel,
the directors during the year approved a Performance Rights Share
scheme (PRS) as part of the company’s remuneration policy. This long-
term incentive (LTI) scheme provides an employee the potential to
exercise a share right if over a three year term the company achieves
minimum growth rates for both profits and share price. The three year
minimum compound annual growth rate is currently 15% per annum, and
the scheme is reviewed annually by the board. Full details of the LTI are
set out in the annual report.

Brian will now highlight for you the areas of achievement that we are proud
of and the challenges that we faced during the year along with a particular
focus on the opportunities that the Probi partnership provides for the
company.

On behalf of the board, management and the all of the Blis team I would
like to thank you our shareholders for your continued support and ongoing
interest in the company.

Thank You.

I will now pass over the Brian for his address, after which there will be an
opportunity to ask questions before we then move to the formal part of the
meeting. Brian, over to you.



Thank you Tony.
On behalf of the management team I would like to welcome the
shareholders in the room here in Dunedin and those online and thank you
for your interest and support of the company.
Slide 8 - CEO Address
d hh ld

8





It is my pleasure to introduce the Blis leadership team. Detailed profiles
of the team are available on our company website and have been
included within the annual report.

Laura Grant e-Commerce Director
Rather than introduce the full team I would like to welcome our newest
team member Laura Grant who joined us in May this year as e-
Commerce Director. Laura has taken charge of our digital marketing and
e-commerce sales channel. Laura joins us having cosiderable
experience and success driving digital marketing and e-commerce sales
both locally and overseas. She currently leads a small team of two
individuals heavily supported by marketing and over time we invisige the
team expanding given the focus and investment we will be undertaking to
drive sales in the e-commerce channel.




To kick off my presentation today I’m pleased to provide a summary of our
FY21 results.
FY21 was a year of investment for the future, with significant allocation of
resources and funds toward longer term growth opportunities.
Despite volatile market conditions arising from the COVID-19 pandemic,
Blis achieved a further profitable year while also establishing future growth
initiatives.
Company revenue of $10.6 m was similar to last year with an EBITDA
$1.0m after approximately $0.9 m one-off market and product
development costs. Although not covered in this slide we also reported a
net profit of $0.6m.
Slide 10 – FY21 summary: Financial
results
Slide 9 – The Blis leadership team

9


The overall revenue result was impacted by challenging market conditions
in the retail pharmacy channel impacting both our ingredient and retail
sales in several markets.
Based on COVID lockdowns, reduced foot traffic in retail and particularly
mild cold and flu seasons globally we saw decline in this segment of our
business after initial strong start early in the pandemic based on panic
buying in several markets.
Softness in the retail sector was offset by strong ingredient sales to the
customer base focused on e-commerce, so overall ingredients grew by
12%. We also saw 22% growth in our BLIS PROBIOTICS™ branded
finished product sales in the e-commerce channel.
Looking at the split of sales across the regions the standout performer was
North America where our customer base has a strong e-commerce focus.
We see this region continuing to perform well with Canada also
contributing this financial year. This region is also a strength of Probi who
have a strong customer base in this market.
Europe was heavily impacted by extended COVID-19 lockdowns resulting
in a soft retail pharmacy market. We have moved our long-standing
distributor relationship with BlueStone Pharma to non- exclusive which has
opened the opportunity to further penetrate this region through other
initiatives including working with Probi who have a strong network in the
region.
In Asia Pacific our Australasia retail business was impacted by reduced
foot traffic. This year we will have a greater focus on D2C e-commerce
sales in region, along with driving growth in ingredient sales, with Japan
continuing to be an important market and work with Probi to open
opportunities across the region.



We are particularly proud of the progress and momentum we were able to
make operationally.
Slide 11 – FY21 summary: operational
achievements

10


We continue to establish strong foundations for future year growth with
pleasing progress in new market launches.
Key progress included launches into the Canadian market and the China
Cross Border e-Commerce Channel (CBEC) sales channel.
The release of our 3
rd
commercial probiotic strain BLIS Q24™ and the
launch of our breakthrough live probiotic hydration serum into the NZ
skincare market.
New regulatory approvals included the finalisation of Health Canada
approvals for our Canadian product portfolio. And the approval of BLIS
K12™ and BLIS M18™ in India.




Turning to our first quarter performance and outlook.
Revenue for the quarter was largely in line with Blis’ expectations. Total
revenue was $1.8 m, down 38% on the same quarter last year.
It is worth noting that the same period last year can be considered an
abnormal comparator as significant ingredient and retail sales were
brought forward based on panic buying ahead of worldwide COVID
restrictions.
It was pleasing to see the impact of our direct to consumer (D2C)
investment which has delivered growth of 119% over the same period last
year.
The first quarter EBITDA deficit of $1.2 m reflects the significant upfront
investment across our new market and product launch activity.

Our forward outlook:
Blis expects to deliver overall revenue growth for the current year.
Slide 12 – Q1 Performance and outlook

11


Our commitment to meaningful longer-term revenue growth and value
creation requires ongoing upfront investment.
Additional opportunities represented by our Probi partnership will be
assessed more fully in the next few months.



As a business we have a clear purpose “Developing breakthrough
probiotic solutions for the health and wellbeing of global consumers” and
we are proud of our achievements to date and can see an even brighter
future ahead.
In line with this purpose we have 3 key revenue streams and a focus on
building compelling brands recognised for innovation.
BLIS ingredients, is currently our largest revenue stream and we continue
to see ongoing growth potential both through our own activity and in
collaboration with Probi.
The BLIS PROBIOTICS™ brand represents our branded finished goods
and is the area we see exciting growth potential particularly driven by the
e-commerce channel, over the longer term we expect to see this as the
largest contributor to our overall revenue.
We have launched the Unconditional Skincare Co.
®
as a compelling brand
powered by BLIS probiotic expertise and developed specifically for the
premium cosmetic skincare market.
To underpin our long-term endeavor across these brands we have an
ongoing commitment and investment focus to drive a strong innovation
pipeline delivering breakthrough probiotic solutions.




Slide 13 – Our purpose
Slide 14 – Strategic focus and growth
agenda

12


We have identified significant and attractive growth targets as our
priorities.
In line with consumer trends toward online purchasing and the fit of this
channel with the selling of dietary supplements globally we are prioritizing
building our branded finished products presence in e-commerce channels
supported by a retail presence in specific markets.
With the launch of our first skincare offer we now have a portfolio which is
focused on 3 attractive health and wellbeing targets.
Today and into the future we continue to grow our ingredient business
which delivers scale in the larger markets. Our specific activity is focused
the USA, Japan and China. Our partnership with Probi will drive further
penetration of global markets leveraging Probi’s established customer
base and securing a significant and attractive licence royalty revenue.
In support of our ongoing leadership aspirations, we will continue to invest
in our pipeline across discovery, and new product development. The Probi
strategic partnership will provide the opportunity to leverage each others
strengths.



We remain enthusiastic about the potential of the markets we have chosen
to focus on. COVID has heightened interest in health and wellness and
probiotics are well placed to deliver on a range of needs aligned with this.
The global market for probiotic dietary supplements is one of the fasted
growing sub-categories of dietary supplements and it is forecast to
continue to grow significantly.
Along with this we have entered the hugely attractive premium skincare
market and the emerging sub-category of microbiome modulators is
forecast to rapidly grow to USD$3 b as innovative product offers such as
ours enter the market.
Slide 15 – Addressable markets

13





Next I will share further information on the long term strategic partnership
with Probi and how it will deliver a range of benefits to Blis.
The partnership represents a major growth initiative for Blis along with a
range of attractive collaboration opportunities leveraging both companies’
strengths.
At the core of the partnership we have established a licence and supply
agreement to drive increased revenue for Blis. We will actively support
Probi to increase penetration of the global market, delivering an attractive
licence royalty from these sales.
Importantly the partnership also opens the opportunity for active
collaboration on R&D projects to leverage joint strengths in probiotic
innovation.
These elements represent a standalone compelling growth partnership.
In addition Probi has made a significant investment of $9.18m, which
enhances the Blis capital position. That investment is based on the issue
of new shares, which results in a 13% shareholding. It provides Blis with
additional capital to support major growth initiatives.



For context I will share some background information on Probi and how
the company vision is closely aligned with our endeavour.
Probi’s vision is to be “...the innovative frontrunner within probiotics” this
is closely aligned to our purpose and focus on probiotics innovation.
Rather than being a competitor to Blis, Probi’s innovative product portfolio
has a different mix of health and wellbeing targets. There primary focus is
in digestive health and immunity. However they also provide probiotic
Slide 16 – Probi strategic partnership
Slide 17 – Probi background

14


solutions for iron absorption, bone health, women's health, and stress and
mental health.
Probi is a vertically integrated company providing high quality probiotic
fermentation and finished good manufacture.
Like Blis, Probi have a deep heritage in science and a commitment to
delivering probiotic innovation to global consumers.



Probi has an extensive global presence, with operations and offices in the
US, Sweden and Singapore.
Probi products are sold in over 40 markets highlighting the attractive
customer network they have established.
Along with this they hold more than 400 patents globally.



At this point I’m pleased to share a brief video introduction from Tom
Rönnlund the CEO of Probi.



Beyond the primary opportunities for both companies, we see significant
opportunities to collaborate across our vertically integrated businesses.
Both companies have a proud focus on probiotic R&D, and there are
exciting opportunities to leverage each other’s strengths as probiotic
innovators.
Probi is an organisation that like us has focused on strong evidence based
probiotic solutions. With our joint strengths and commitment in this area
Slide 18 – Probi background continued
Slide 20 – The scope of collaboration
Slide 19 – Probi CEO video

15


we see the opportunity to collaborate on broadening the scientific and
clinical validation of our probiotic offers.
Probi is also recognised as a high-quality contract manufacturer, providing
both fermentation of probiotics, and finished product manufacturing
capability. Given our geographic distance from the major northern
hemisphere markets we see the opportunity to streamline our supply chain
utilising Probi’s capability.
We are also excited to evaluate the Probi product range within our portfolio
extension plans.



Through the share placement to Probi we now have over $9 million in
capital funds to underwrite our growth priorities.
Our focus for those funds will be investing in accelerating our growth
priorities.
These include investment in:
The skincare launch.
D2C e-commerce activity
And our Canada launch
Capital will also be utilised to accelerate our pipeline output including new
product and new strain development.




Next, I’m pleased to share brief updates on 3 of our latest growth initiatives
covering both new market and product opportunities.
Slide 21 – Use of capital funds
Slide 22 – Key new market and product
initiatives

16





It’s my pleasure to share some background on our first push into the
attractive cosmetic skincare market with a product offer under the
Unconditional Skincare Co.
®
brand.



Our breakthrough live probiotic hydration serum has provided the
opportunity for us to target a consumer base that are highly engaged and
are willing to pay for breakthrough innovation.
The product is powered by BLIS Q24™ our own unique proprietary
probiotic strain developed for topical skin application.
However, our innovation hasn’t stop at a strain level, what further
differentiates this product is the unique formulation and packaging solution
we have developed to deliver a live probiotic for cosmetic skin application.



Our goal is to disrupt this market by delivering our breakthrough new
technology. To do this we are focusing on influencer activity as a key
element of introducing our innovation. The response to date has been
positive providing us with valuable exposure to a highly engaged influencer
audience.



Slide 23 – Skincare product launch
Slide 24 – Breakthrough innovation
Slide 25 – Influencer engagement
Slide 26 – Customer reviews

17


But ultimately, it’s the consumer response that we are focused on, and we
are seeing excellent reviews from our early consumer base and some
great coverage from the media base here in NZ.
At this stage we are only active in the NZ market via our own website and
it is still early days of the launch. We are using our experiences here in
New Zealand to refine our go to market strategy for the next phases of our
launch activity into other markets including the US.



Moving on from skincare a further new growth initiative was our launch into
Canada late March.
This is a market we had prioritised some time ago, based on the
significant and attractive claim opportunities in this market.
Based on the COVID pandemic we were delayed in finalizing the full
product approvals with Health Canada but late in FY21 we were able to
launch on Amazon in Canada and soon after launch into the retail channel
with our distribution partner Purity Life who are the largest distributor of
natural health products in the Canadian market.




Cross Border e-Commerce is our current focus to access the Chinese
consumer market, essentially taking our NZ product range to consumers
via established e-commerce platforms.
In January 2021 we launched our BLIS PROBIOTICS™ Tmall flagship
store which gives us a strong reference site for other digital, reseller and
social media activity to target the Chinese consumer.
Slide 27 – Canada
Slide 28 – CBEC

18


To support our growth plans in the channel we have partnered with a
specialist agency and logistics partner, RooLife, who are based in
Australia and China supporting international brands such as us.
Much has been said about the challenges in the Reseller/ Daigou market
following the COVID-19 pandemic and the drop in tourism. It is worth
noting that to date we haven’t been heavily present in this segment so
haven’t experienced disruption. We are however building a presence with
domestic resellers who have connections to China which although not our
primary focus will be a contributor over the longer term.




In line with our purpose of developing breakthrough probiotic solutions we
continue to invest in a strong and innovative pipeline.
Our new product development is focused on innovative product formats
that meet consumer needs utilising our strengths in probiotic technology.
We have exciting pipeline of initiatives across all of our health and wellness
targets.
In the dental space we are particularly excited by the probiotic toothpaste
we have in later stage development. This proposition would again
represent a breakthrough innovation aligning well with natural health
solutions for everyday dental care needs.
In skincare and personal care, we are progressing a portfolio of offers
powered by our unique probiotic strain BLIS Q24™ for topical skin
application.
Related to ENT and immune health we see a further opportunity to deliver
on specific needs of children who are particularly vulnerable to respiratory
illness.
Along with this our partner Probi has a portfolio of product offers that can
be drawn upon to enhance on our finished product range. These will be
assessed alongside our own internal innovation.
Slide 29 – R & D and NPD pipeline
investment

19


Following on from the launch of our 3
rd
Probiotic strain BLIS Q24™ we will
continue to screen our extensive strain library and bring forward attractive
new targets.
The Probi collaboration represents a range of new opportunity from
combining our innovation strengths, combinations of both companies’
strains for existing and new areas of use and building our evidence base.



We are excited in the internal capability development we have progressed
and will continue to build.
Last year we initiated a recruitment drive focused on filling specific skills to
support our growth aspirations.
Along with this we have continued to build and redefine internal processes
including a focus on values, an execution focus, establishing a cross
functional sustainability team, digital strategy and cyber security initiatives.
I’m pleased to cover our focus on sustainability in more detail.



In FY21 we formalised a Sustainability Committee with membership
across the company to identify what sustainability meant to us and our
stakeholders and establish some meaningful targets for our business.
We have committed to building plans across 4 areas:
Advancing health and wellbeing – which is directly aligned to our company
purpose.
Being a valuable contributor to society and our community.
Understanding and reducing our carbon footprint.
And contributing to the NZ innovation economy.
Slide 30 – People and performance
Slide 31 – Sustainability

20


We will continue to target delivering meaningful change across these
priorities.



An area we are particularly proud of is being the first NZ based lab to
complete My Green Lab certification which is considered the global
standard for laboratory sustainability best practices.
Blis has attained the highest certification level of Green, recognising our
team's commitment to adopting sustainability best practices.




To conclude my presentation I would like to leave you with this summary.
• Our addressable markets are underpinned by strong growth trends
o Growth in Probiotic supplements market.
o Attractive growth prospects in Probiotic skincare.
o e-Commerce growth
• As a company we have clear growth priorities to leverage these
trends.
• We have a track record of delivering breakthrough probiotic
innovation and have a pipeline to continue to do this.
• We have established a positive long term growth partnership with
Probi which will deliver a broad range of benefits and speed up our
penetration of the global market.
With that I will hand over to Tony for who will facilitate the questions section
of the meeting.
Thankyou.

Slide 32 – My Green Lab certification
Slide 33 – Summary and investment
case

21


Thank you, Brian.

We now have an opportunity to take questions on the company’s financial
statements and reports for the year ended 31 March 2021, and the
presentations you have heard from Brian and myself.
[update for virtual component]
Before asking your question, could you state your name and if you are a
shareholder, proxy holder or shareholder representative.
Thank you, ladies and gentlemen. I now move to the formal part of the
meeting, the resolutions. If you do not have a pen or a voting paper and
would like one, please raise your hand and Link Market Services will help
you.


Director Election Resolutions

Ordinary Resolution 1 proposes:

That Geoff Plunket, who is eligible for election, be elected as a director of
the company. Geoff retiring by rotation is offering himself for re-election in
accordance with the NZX Listing Rules and the Company’s constitution.

The Board has determined Geoff is standing as an independent, non-
executive director.

The Board recommends Geoff to you as a director of Blis Technologies
Limited and unanimously supports his re-election.

I now invite Geoff to address the meeting.
Is there any discussion on this resolution?
There appears to be no further discussion.
I now put to the vote the ordinary resolution: That Geoff Plunket, who is
eligible for election, be elected as a director of the company.
Please take a moment to mark your proxy voting form in relation to
Resolution 1.

22




Ordinary Resolution 2 proposes:
That Dr Barry Richardson, who is eligible for election, be elected as a
director of the company. Barry retiring by rotation is offering himself for re-
election in accordance with the NZX Listing Rules and the Company’s
constitution.

The Board has determined Barry is standing as an independent, non-
executive director.

The Board recommends Barry to you as a director of Blis Technologies
Limited and unanimously supports his re-election.

I now invite Barry to address the meeting.
Is there any discussion on this resolution?
There appears to be no further discussion.
I now put to the vote the ordinary resolution: That Barry Richardson, who
is eligible for election, be elected as a director of the company.
Please take a moment to mark your proxy voting form in relation to
Resolution 2.


Ordinary Resolution 3 proposes:
That the Directors be authorized to fix the remuneration of the auditors for
the ensuing year.
Is there any discussion on this resolution?
There appears to be no further discussion.
I now put to the vote the ordinary resolution: That the Directors be
authorized to fix the remuneration of the auditors for the ensuing year.
Please take a moment to mark your proxy voting form in relation to
Resolution 3.

23



Other Business
That brings us to any other business.
Is there any other business a shareholder wishes raise?

Close
That brings us to the end of the meeting, as mentioned earlier, you are all
invited to join us for further discussion and questions over some light
refreshments.

Thank you all, I now declare the meeting closed.