Seeka provides amalgamation presentation

22 September 2021


Seeka provides amalgamation presentation

Seeka Limited (NZX:SEK) provides a copy of the presentation to be given at the Orangewood Limited
shareholders meeting to be held on Friday 1 October 2021 to consider the amalgamation proposal.

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Seeka Profile Presentation
Orangewood September 2021

Agenda
4
3
2
Supporting growers
1
Orcharding services and performance
Post harvest services and performance
About Seeka
2

Seeka connects landowners with their markets
Helping New Zealand orchard owners supply the world with safe, healthy produce
Orcharding, NZ
Growing kiwifruit, avocado and
kiwiberry
-Owned, leased, managed and
long term leased orchards
-Orchard development
-Large kiwifruit grower
Post harvest, NZ
Picking, packing, coolstoring
and produce dispatch
-9 modern facilities
-Delicious Nutritious Food
Company
-Innovation and maintenance
team
Retail services, NZ
Marketing produce in NZ,
Australiaand Asia
-Marketing and exporting
New Zealand produce
-Importing and ripening services
-Wholesale business in
Auckland and Christchurch
Seeka Australia
Own and lease orchards plus
own post harvest facilities
-Adding value
-Kiwifruit, nashi, European pears
-Largest kiwifruit grower
-Fully integrated business
of export kiwifruit
are grown by Seeka
10
%
of export kiwifruit
are packed by Seeka
25
%
Innovative services
and products from
our value chain
Growing and retailing
our Australian fruit
direct to the markets
3
APPROXAPPROX

Seeka is NZ’s
largest kiwifruit
grower on leased
&managed orchards
400ORCHARDS
From Northland to the
Coromandel, Bay of Plenty,
East Cape and Gisborne, with
1375 hectares in production &
150 hectares in development
44
19mTRAYS
Kiwifruit, avocado
and kiwiberry
SunGold
7.9m
Avocado and other
Hayward
10.1m
LEASED & MANAGED

5
We operate
9 modern packing
and coolstorage
facilities
55
Seeka Oakside
Peninsula
Kerikeri
Aongatete
Katikati
Huka Pak
Oakside
KKP
Transpack
OPAC

6
Handling 25%of NZ’s $2b
annual kiwifruit crop
We’re a
cornerstone
supplier to Zespri
And with your support, we’ll be
helping Zespri optimise returns
by supplying premium kiwifruit in
full, on time and to specification

7
Generating value
from your full crop with
Kiwi Crush
We make
innovative
products
We produce and sell Kiwi Crush to
healthcare professionals, operate a
wholesale produce market in Auckland,
and directly supply kiwifruit to New
Zealand and Australian supermarkets

We’re
connected
to our growers and
our shareholders
8
We’re an NZX-listed company with
close links to our supply chain
partners, including iwi orchard owners
and Asian produce handlers
Nearly all growers and key staff are
active investors, with Seeka operating
innovative loyalty share schemes
2475SHAREHOLDERS
Nearly all growers are shareholders

9
Growing a better
futurewith Seeka’s
regenerative
horticulture
We’re serious
about sustainability
The environment is pivotal to the
health of our crops and our business;
we’re transforming our operations and
reporting our performance as we
implement new carbon-reduction
initiatives across our supply and
production systems
LED
Hybrid vehicles
Worm farm
Solar energy
LED lighting
Waste audits
Regenerative
horticulture
Seeka worm farm

10
We’re serious
about safety
Serious harm injuries03
Lost time injuries3250
Restricted work00
Medical2540
First Aid6999
No Treatment10784
Total233273
2021 to date2020
We’re helping our growers stay safe
and comply with complex rules, and
we’re reporting our performance as we
roll out new technology to reduce risk

11
Post harvest
services and
performance

$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
Main pack
Kiwistart
Spotlight on Northland SunGold
12
OGR per tray –Harvest 2021 August forecast by maturity area
$10.75 average
$15.15 top OGR
per tray
AverageBottom OGRTop OGR
Seeka OGR per tray$10.75$7.68$15.15
SeekaOrangewood
Hectares131153
Trays1.58m2m
Trays per hectare12,07413,212

$0k
$50k
$100k
$150k
$200k
$250k
Main pack
Kiwistart
Spotlight on Northland SunGold
13
Seeka OGR per hectare –Harvest 2021 August forecast by maturity area
$130k average
$235k top OGR
per hectare

$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
Main pack
Kiwistart
$7.70 top OGR
per tray
Spotlight on Northland Hayward
14
Seeka OGR per tray –Harvest 2021 August forecast by maturity area
AverageBottom OGRTop OGR
Seeka OGR per tray$6.27$5.39$7.70
$6.27 average
SeekaOrangewood
Hectares2510
Trays142k66k
Trays per hectare5,6766,362

$0k
$10k
$20k
$30k
$40k
$50k
$60k
KiwistartMain pack
$57k top OGR
per hectare
Spotlight on Northland Hayward
15
Seeka OGR per hectare –Harvest 2021 August forecast by maturity area
$36k average

Industry SunGold inventory performance -to 19 August
16
OPAC

Industry Hayward inventory performance -to 19 August
17
OPAC

Seeka’s fruit loss is amongst the best in the industry
18
20162017201820192020
SunGold0.35%0.77%0.77%1.12%0.90%
Hayward2.69%1.19%3.73%1.56%1.26%

SunGold OGRs
2020 season final and 2021 August forecast
Seeka OrangewoodIndustrySeeka OrangewoodIndustry
Trays15.9m1.7m85.5m17.5m2.0m97.8m
Yield14,18113,87414,27614,65213,29215,309
Size29.6030.7029.7427.3826.5027.75
TZG---0.620.650.64
Fruit value$ 14.20$ 14.07$ 14.18$ 7.22$ 7.37$ 7.27
Taste---$ 5.56$ 5.58$ 5.81
Kiwistart$ 0.82$ 0.76$ 0.74$ 1.04$ 1.20$ 0.90
Sub total
$15.02$14.83$14.92$13.82$14.15$13.98
OGR$ 12.55$ 11.96$ 12.46$ 10.79$ 10.57$ 10.92
Per hectare$177,958$165,940$177,845$158,027$140,494$167,167
2021 August forecast2020 final
19

Hayward OGRs
2020 season final and 2021 August forecast
Seeka OrangewoodIndustrySeeka OrangewoodIndustry
Trays15.0m96k67.7m16.8m66k74.9m
Yield10,1278,91110,21411,9086,36211,921
Size33.5434.5033.8032.4930.3132.56
TZG--0.680.820.69
Fruit value$ 8.70$ 8.60$ 8.65$ 4.63$ 4.96$ 4.62
Taste---$ 3.08$ 3.72$ 3.19
Kiwistart$ 0.33-$ 0.26$ 0.63-$ 0.50
Sub total
$ 9.03$ 8.60$ 8.91$ 8.34$ 8.68$ 8.31
OGR$ 7.64$ 6.52$ 7.51$ 6.40$ 6.04$ 6.34
Per hectare$77,314$58,249$76,723$76,262$38,411$75,564
2021 August forecast2020 final
20

Northland OGRs
Orangewood compared to Seeka Northland
Orangewood
Seeka
Kiwistart
Seeka
Main pack
Orangewood
Seeka
Kiwistart
Seeka
Main pack
Trays2.0m
640k943k
66k
27k115k
Yield13,292
9,39714,969
6,362
6,6005,496
Size26.50
26.7628.87
30.31
31.7931.76
TZG0.65
0.610.61
0.82
0.660.76
Fruit value$ 7.37
$ 7.16$ 7.39
$ 4.96
$ 4.69$ 4.70
Taste$ 5.58
$ 5.51$ 5.33
$ 3.72
$ 2.98$ 3.39
Kiwistart$ 1.20
$ 2.97-
-
$ 1.81-
Sub total
$14.15
$15.64$12.72
$ 8.68
$ 9.48$ 8.09
OGR$ 10.57
$12.23$9.76
$ 6.04
$ 7.41$ 6.01
Per hectare$140,494
$114,896$146,036
$38,411
$48,877$33,007
Hayward 2021 F#1SunGold 2021 F#1
21

SunGold OGR comparison
22
2018 to 2021
$9.33
$11.01
$11.96
$10.57
$11.06
$12.13
$12.55
$10.79
OGR per tray
OrangewoodSeeka
2018201920202021 F#12018201920202021 F#1
Seeka$11.06$12.13$12.55$10.79$144,185$163,946$177,958$158,027
Orangewood$9.33$11.01$11.96$10.57$126,110$149,041$165,940$140,494
Industry$10.89$11.86$12.46$10.92$145,991$161,660$177,845$167,167
$126k
$149k
$166k
$140k
$144k
$164k
$178k
$158k
OGR per hectare

Hayward OGR comparison
23
2018 to 2021
2018201920202021 F#12018201920202021 F#1
Seeka
$5.38$7.02$7.64$6.40$63,401$72,082$77,314$76,262
Orangewood
$4.89$6.00$6.52$6.04$36,103$39,568$58,249$38,411
Industry
$5.45$6.67$7.51$6.34$63,622$67,295$76,723$75,564
$4.89
$6.00
$6.52
$6.04
$5.38
$7.02
$7.64
$6.40
OGR per tray
OrangewoodSeeka
$36k
$40k
$58k
$38k
$63k
$72k
$77k
$76k
OGR per hectare

Pooling options and grower representation
Select the best pooling mechanism for your fruit
1.Continue to operate separate Orangewood pools
2.Or, join the established Seeka Growers pools
−Northland
−Coromandel
−Main pack low risk 30:70 pool
−Main pack high risk 50:50 pool
All pools operate through Seeka Growers
−Provides you with oversight of your money
−Grower representation on Seeka Growers Council
−Independently audited end-of-season report
24
You get local representation on Seeka Growers Council
−Nominate your local councillor
−All councillors have equal voting rights
−Meetings are online
Current regional councillors include
−Louise Peters and Felix Scheibmairin Northland
−Andrew Hill in Coromandel
No need to change
−We will work with you for the best outcome
You will get more industry influence with Seeka Growers

Seeka’s development in Northland
Offered post harvest and orchard management services
from a leased Keripackfacility
Purchased T&G’s post harvest site and 288 hectares
of orchard land for $41m
Refurbished and on-sold kiwifruit orchards
−Added 20 hectares of SunGold licence
−Long-term supply commitment
Started redeveloping post harvest site
$20m invested in new packhouse and grader
New office build
$7m invested in new pre-coolers and coolstores
VLS laboratory delivers Northland maturity clearances
25
2013
2018
2020
2019
2021

26
Orchard
services and
performance

Our orcharding services
Lease
−3-year contract
−Growers paid profit share
Orchard management
−$3000 per hectare management fee
−Management incentive when exceeding
Seeka average OGR per hectare
−Rebate if yields below Seeka average
Vine management
−Similar structure, but $2600 per hectare management fee
Long term lease
−Orchard development and management
−Growers paid land rental plus profit share
27
Caring for more than 1450 hectares of Kiwifruit, Avocado and Kiwiberry
Long term lease
185 hectares
Leased
373 hectares
Managed
865 hectares
Seeka is currently developing 150 hectares of orchards
Orchard operations

Orchard operations kiwifruit production
28
Harvest 2021
TraysHectaresYield
SunGold5.43m37814,370
SunGold OB0.07m116,002
Hayward8.72m70912,306
Hayward OB0.15m265,855
Sweet Green0.02m211,940
OPAC SunGold2.42m14616,628
OPAC Hayward1.21m9912,233
Total18.03m1,371
Grew 18m trays of kiwifruit for orchard ownersIn Northland we grew 1m trays from 98 hectares
TraysHectaresYield
SunGold942,7018810,662
Hayward73,45597,798
Total1,016,15798
A high proportion of Northland orchards
yet to reach full production

Excludes OPAC operations
Orchard division performance
29
SunGold harvest 2021 –August forecast
Top
Top 10%Top 25%
AverageSeekaZespri
OGR per hectare
$279,292$242,803$222,954$153,856$158,027$167,167
Yield23,26220,69119,35514,37014,65214,995
OGR per tray$12.01$11.73$11.52$10.71$10.79$10.92
Hectares3.34358537811926523
Trays78k727k1.6m5.4m17.5m97.8m
$279k
$243k
$223k
$154k
$158k
$167k
Seeka orchard operations

Excludes OPAC operations
Orchard division performance
30
Hayward harvest 2021 –August forecast
Top
Top 10%Top 25%
AverageSeekaIndustry
OGR per hectare
$142,205$110,982$103,180$78,968$76,262$75,564
Yield20,86315,41814,96912,30611,90811,727
OGR per tray$6.82$7.20$6.89$6.42$6.40$6.34
Hectares0.527118470914086388
Trays11k1,099k2.8m8.7m16.8m74.9m
Seeka orchard operations
$142k
$111k
$103k
$79k
$76k
$76k

Managed orchards standard operating budget 2021/22
31
Base budget per hectare
−$49,060 SunGold
−$39,010 Hayward
Growers pay actual costs
−Costs reported against budget
−Monthly invoicing
Labour rate of $29.50 per hour
SunGoldHayward
Bees$2,000$2,000
Fertiliser and compost$2,500$2,500
Fertiliser spreading$500$500
General expenses$500$500
Girdling$1,200$1,200
HiCane$650$650
Pest monitoring$450$450
Management fees$3,000$3,000
Mowing$800$800
Mulching$400$400
Chemicals and pest control$2,000$2,000
Male pruning$3,200$3,000
Poles and stringing$4,000-
Summer pruning$4,200$5,000
Winter pruning$12,060$9,610
Shelter mulch$350$350
Shelter trim$550$550
Spray application$2,100$2,000
Thinning$5,000$4,000
Vine training$3,100-
Weed control$500$500
Total per hectare$49,060$39,010

32
Supporting
growers

Seeka Growers Limited and grower reporting
Seeka Growers Limited manages fruit value
−Grower-controlled supply entity
−Controls all payments and grower distributions
−Audited end-of-season report and annual meeting
−Your grower representatives will be co-opted on the Seeka Growers Council
Seeka app
−Instant online access
−Packout, coolstore and financial data, orchard maps and access, health and safety
Orchard performance reports –updated after each forecast
−Detailed analysis of your orchard’s performance
−Benchmarks your orchard against the region, pool and industry
After 5s –regular grower updates
−Grower roadshow covering season updates, pool performance, pricing and industry issues
33

Grower pools
Options to select a risk profile by maturity area
Kiwistart is 100% direct
As a main pack grower you have 3 options
−High risk 50:50 pool
−Seeka’s main 30:70 pool, or
−A regional 30:70 pool
A regional pool is your option to differentiate the storage performance of your region
−Requires 500,000 trays to efficiently manage risk
Pool selection must be finalised before the end of harvest
34
Sharing the risk and rewards
Kiwistart100% direct
High risk50% direct : 50% pooled
Main and Regional30% direct : 70% pooled

Labour
RSEs
Seeka has 458 RSEs
−210 Border Exemption RSEs to share
−87 Border Exemption shared to Seeka
−161 RSEs that stayed in New Zealand
RSEs worked in the packhouses and in the orchards
−Secures reliable labour to undertake on-orchard work
Cadet Program
−18 cadets in 2021 Cadet Scheme
−7 years in operation
−Graduates now in senior roles in the Company
Cost
Agent fees$50
Flights$640
Pressie card$215
MIQ$4,720
Wage topup$500
Airport transfers$65
Phones$20
Total cost per RSE$6,210
35

Please note: These slides are section dividers only. Please use the blue graphic slides for the first and last slides of the presentation
Question Time

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