Annual Meeting Presentation

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Presented by: Tony Carter (Chair) and Kevin Bowler (CEO)
To:My Food Bag Group Limited Investors
Date: 19 August 2022
Subject:Annual Meeting
[Slide 1]
Chair
Mōrena and welcome to the annual shareholder meeting for My Food Bag. I am My Food
Bag’s independent chair, Tony Carter.
Today’s meeting is being conducted in person and online - we are very pleased to welcome
those of you participating online through the virtual meeting platform. I’ll provide you with
further instructions as we progress through the meeting, but for those of you attending
virtually if you encounter any technical issues, please refer to the virtual meeting online
portal guide or you can phone the helpline on 0800 200 220.
[Slide 2]
Before we formally begin, I would like to start by acknowledging Board members, Jon
Macdonald (Chair of the Nomination and Remuneration Committee), Jen Bunbury (Chair of
the Audit and Risk Committee), and Sarah Hindle.
Then, last but not least, I’d like to welcome Chris Marshall and acknowledge that this is
Chris's last annual meeting as a Director of My Food Bag. We would like to thank Chris for
serving on the Board of My Food Bag since 2016 and for his enormous contribution to the
company as an investor, supporter, and Board director. Throughout his involvement, Chris
has shown a tireless commitment and passion for the My Food Bag business, and we are
extremely grateful for his guidance and wish him well.
Following Chris's resignation, the Board immediately commenced a process to find a
suitably qualified replacement and to assess generally the composition of the Board. While
the Board is still actively considering increasing the size of the Board to six Directors in the
near future, the immediate decision made by the Board following Chris's resignation was to
re-engage with one of the founders of My Food Bag, Cecilia Robinson, and to nominate her
for election to the Board of My Food Bag.
I would therefore also like to welcome Cecilia Robinson, one of the co-founders of My Food
Bag and a former co-CEO and Director. We are delighted to have Cecilia standing for
election today, and we will speak more about that later in the meeting.
We also have members of the My Food Bag Leadership team in attendance, including:
-Kevin Bowler, Chief Executive Officer,
-Mark Winter, Chief Financial Officer, and
-Amanda Davies, Financial Controller, who will assist with Q&A later in the meeting.

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We also have our auditors, EY, in attendance, represented by Brent Penrose. Mr Penrose
will be available to address any questions regarding the conduct of the audit. Finally, you
will of course notice that we are in the offices of our share registrar, Link Market Services,
and members of their team are available today to help conduct the vote and act as our
scrutineer.
I have had it confirmed to me that the Notice of Meeting has been sent to shareholders and
other persons entitled to receive it and I have been advised that we have a quorum present.
On that basis, I am pleased to formally declare the meeting open.
As always, shareholders were given the opportunity to attend the meeting and vote, or to
appoint a proxy to vote on their behalf. Proxies have been appointed for the purpose of this
meeting in respect of approximately 107 million shares, representing about 44% of our total
share capital. My fellow directors and I intend to vote all discretionary proxies we have
received in favour of the 3 resolutions set out in the Notice of Meeting.
[Slide 3]
Turning to the agenda for today. Following my address, My Food Bag’s CEO, Kevin Bowler
will provide a business update before we move on to the more formal agenda items
regarding the acceptance of the FY22 financial statements and our three ordinary
resolutions regarding my re-election, the appointment of Cecilia Robinson and the auditor’s
remuneration.
There will then be an opportunity for general Q&A. As always, I encourage shareholders to
exercise their right to vote and ask questions. You can send through your questions at any
time through the online portal, and I encourage you to do so as early as possible as this will
allow us to answer these questions at the appropriate time during the meeting.
[Slide 4, then 5]
As we look back on FY22, I am pleased to be in the position to confirm that My Food Bag
achieved the earnings forecast for FY22 set out in the product disclosure statement prior to
listing, being $34.2m pro-forma EBITDA, while exceeding its deliveries and revenue forecast
for the period. This earnings performance was 18% up on the prior comparative period.
Off the back of this performance, My Food Bag declared a fully-imputed dividend of 4.0
cents per share, taking the total dividends in respect of FY22 to 7.0 cents per share.
Despite a strong performance in FY22, we are also mindful of the performance of our share
price during our first full year of trading. We would like to acknowledge those who
participated in the IPO and have stuck with us and continue to recognise the value in this
business, particularly having seen it deliver an on-forecast improvement in FY22 earnings.
We assure you that the Board and management remain focussed on executing the business
strategy and the performance of the business. In the long run, we are confident that the

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market will judge the business against its performance and potential. And on both counts,
our Board remains firmly confident.
I can also confirm that the Board intends to pay an interim dividend of 3.0 cents per share in
line with last year, which we will confirm at half year results.
Turning now to My Food Bag’s trading across FY22. At the outset of the year, management
foreshadowed plans to extend recipe choice to more customers, the introduction of a
platform to go beyond meal kits, and the building of a new production facility to be leased in
Christchurch. These activities have all been completed and are generating value for the
business.
As we all know, the FY22 year was not without its challenges. Arguably until August 2021
New Zealand was normalising from the effects of the pandemic. What followed of course
was the arrival of the Delta variant resulting in a national lockdown, followed by an
Auckland and partial Waikato lockdown that extended into early December.
We then had a fairly short period back to something resembling normal before the Omicron
variant appeared in January and was with us through the remainder of the fiscal year.
Alongside the direct effects of the pandemic, there have been sharp cost increases across
our key cost areas of ingredients, freight, and labour. These continue to present challenges.
Whilst there were demand-side benefits from lockdowns in the FY22 result, the most
material impacts on the year from the pandemic were felt on the supply-side, particularly in
quarter four.
Levels of supply-side uncertainty and cost pressures, well beyond expectations, put a lot of
pressure on the business through its final quarter of the year, underscoring the trading
strength in its first three periods.
FY22 was a successful year commercially and I’d like to acknowledge and thank all our team
for working so hard in challenging and uncertain times throughout the year dealing with the
effects of COVID-19 and keeping one another and their wider whānau safe and healthy.
I will now invite the CEO, Kevin Bowler, to address you.
CEO
[Slide 6, then slide 7]
Tēnā Koutou and welcome.
And Thanks Tony.

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FY22 was a milestone year for My Food Bag. As Aotearoa New Zealand’s longest standing
subscription-based meal kit and now food solutions provider, we performed strongly during
our first full year as an NZX and ASX listed company, and delivered results in line with the
PFI forecasts, provided prior to listing in 2021.
[Slide 8]
The My Food Bag team achieved another record revenue of $194.0 million in FY22, up $7.6
million on our PFI forecast and up 1.7% FY21 revenue.
We also achieved a Pro forma EBITDA of $34.2 million, up 18.1% on FY21, and NPAT of $20.0
million, up from $2.4 million in FY21.
We’re very satisfied with the 18.1% year-on-year Pro forma EBITDA increase, off a 1.7%
increase in revenue during the FY22 year, compared to the previous year.
During the year, by capturing the benefits of our procurement optimisation programme, we
grew contribution margin to 27.2%. We also achieved an average order value of $126.60, up
$2.23 compared to FY21.
[Slide 9]
Alongside the financial performance of the business, during FY22 we also delivered against
our innovation strategy, positioning the business to expand further into Aotearoa’s $37
billion retail food sector.
We launched recipe choice across our portfolio of brands, improved our product offering
and enhanced functionality for customers.
We also leveraged our e-commerce platform, with the launch of the My Food Bag Kitchen
pilot in July 2021. This was our first significant step beyond weeknight dinners, giving
customers access to a curated collection of food solutions for different meal occasions.
This offers My Food Bag a clear growth path for the future.
During FY22, we also successfully built and transitioned to a new South Island factory, on
time and on budget.
Then, we also continued to make progress in terms of sustainability and established a soft-
plastics recycling scheme to divert waste from landfill during FY22.
[Slide 10 working through COVID & Strengthen leadership & Culture ]

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The second half of FY22 was marred by the impact of the Delta and Omicron COVID-19
outbreaks.
The outbreaks presented ongoing challenges to operating procedures, productivity, front
line staff availability and increased health and safety costs. In tandem, we also had to
manage strong inflationary pressures affecting virtually all input costs.
Throughout this period the business’s highest priority was, and still is, keeping its people
and suppliers’ teams safe, while also being mindful of ongoing business continuity risks
posed by the pandemic.
The cumulative result of a challenging period in Q4 FY22 dampened financial performance,
offset by micro-management of largely cost and supply issues as our processes adapted.
It’s important at this point to thank the whole My Food Bag team, as well as our partners in
the food, packaging, transport and services sectors. Their combined commitment to My
Food Bag helps us navigate the ongoing challenges COVID-19 presents and enables us to
continue to play an important role delivering food to Kiwis each week.
During the year, growing our company culture and our leadership capabilities was also a
focus.
We strengthened the My Food Bag executive team with the addition of Cassie Ormand
leading People and Culture, Joanne Mitchell leading Marketing and Customer Love and Paul
Kelly leading Operations as Chief Supply Chain Officer.
We're delighted by these additions to the team, and we know we are well set with the right
capability to continue to enhance this business and deliver on its strategy.
[Slide 11 -Packaging and environment & Healthier communities]
During the year, My Food Bag’s sustainability strategy helped us bring to life our vision of
creating a better way for people to shop and eat.
We are focused on improving packaging with an emphasis on reduction, recyclable or
compostable material and supporting our customers to thoughtfully dispose of their
packaging waste.
At the very end of FY21 we launched a Soft-Plastics Recycling Programme, in partnership
with the NZ Packaging Forum and Future Post, and established it throughout FY22. Through
this programme customers sent away 19,400 bags of soft-plastics during FY22, meaning
more than 13 tonnes of soft plastic waste was redirected from landfill.

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Alongside environmental sustainability, we also passionately believe that cooking and eating
together can help build stronger, healthier families and communities. So, we were pleased
to introduce a partnership with the Heart Foundation making it easier for Kiwis to choose to
eat for a healthier heart.
During FY22, we also helped raise more than $50,000 for Garden to Table, a charitable trust
empowering kids to grow, harvest, prepare, and share great food
[Slide 12. Enhancing customisation across brands & Expanding beyond meals]
In July 2021, we launched the My Food Bag Kitchen, to tempt customers to purchase more
of their weekly shop from My Food Bag.
It is one of the drivers behind the uplift in overall average order value during FY22 compared
to FY21.
More than 200 different products, with a weekly range of more than 80 items, across ten
broad categories were offered during the FY22 pilot.
Alongside Kitchen, during the year, we also added recipe choices to all Bargain Box and
Fresh Start bags, and there was an increase in the number of recipes offered in our My Food
Bag branded range.
We also invested in web and the iOS app to improve our customers’ experience, offering
more flexibility and ease of adding more meals and/or upgrading to premium, gourmet
recipes.
[Slide 13Our growth strategy]
Underpinned by macro societal trends and the nature of the New Zealand market, we have
significant market opportunities to grow into and have a strategy to expand our share of the
broad retail food sector.
Underpinned by our nationwide brand love, we will keep growing the business by:
1. Winning in meals
2. Expanding our horizons
3. Enhancing our strong foundations
[Slide 14 Our growth strategy. Focused on growth and improvement ]
Our first growth strategy is to win in meals. We are inspiring more Kiwis to dine in more
often, with continued innovation, and commitment to quality & delicious meal kit solutions.
This includes having a clear portfolio of differentiated brands, each with a clear mission.

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We also keep improving our personalisation and customisation options to add more value,
and we have a relentless focus on improving customer experience across the Development
Kitchen, Digital, Operations and Customer Love teams.
To win in meals, we are also focused on leading the modernisation of the ready-made meal
market through quality, innovation and convenience.
Our second growth strategy is to ‘expand our horizons’. The launch of the My Food Bag
Kitchen is a big part of this, but this is also about extending into new categories.
We continue to assess M&A opportunities with businesses where we can add value. But we
are also seeing collaboration with complementary players in other categories perform well
for us with customers. So we continue to assess opportunities in this way too.
In terms of growth for The Kitchen, one of the biggest opportunities we have is to extend
the range, which needs to be fuelled by the introduction of better picking technology.
[Slide 15 – Enhancing our strong foundations]
So our final growth strategy is to enhance our strong foundations.
We are looking across the business to deliver system and operational step changes. This
includes introducing picking technology to transform our operating model and assure the
scalability of the operation for future customer and business requirements. I’ll talk more
about this in a moment.
This strategy also encompasses active management of key business risks, such as cyber
security and operational processes, as well as continued investment in food safety systems
and processes.
Then, our integrated ESG ambitions are key to meeting growing customer expectations from
businesses they deal with. Our culture & capability revitalisation following two years of
lockdowns is important as we attract, retain and engage the right talent across the business.
[Slide 16 Supply Chain improvement / operating footprint]
We opened our new South Island facility in mid-April 2022, with four pick lines and capacity
for a wider Kitchen range.
The design layout allows for more productive operational flow than we previously had in the
South Island and the footprint supports our growth needs, including scaling of the My Food
Bag Kitchen.

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[Slide 17 Greater choice and flexibility for our customers]
More than 85% of our customers now shop with us via one of our recipe choice options.
Looking ahead, we are now focused on a series of customisation features to grow average
order value.
Customisation includes things like buying a Gourmet Meal Upgrade.
It also includes ‘weekly flex’ to enable customers to upweight the number of meals they
order on a one off basis to better meet their weekly needs, and we now also offer double
meals to allow customers to purchase their favourite meals twice in a week.
We have seen up to 15% uptake on these early life customisation initiatives across all of our
brands.
Looking ahead we are also building a more personalised experience for our customers which
changes the way we communicate and gives customers the ability to select meal
preferences that better meet their dietary needs, protein and recipe style preferences
[Slide 18 Beyond weeknight dinners... The Kitchen]
After overcoming Omicron disruptions, we have been focused on growing The Kitchen.
We’ve offered more than 380 SKUs to date and have more than 150 items available each
week. The range is now also available across our full meal kit portfolio.
During Q1 of FY23 our average order value has been more than $22 and weekly attachment
has continued between 10-15%.
Customer experience improvements, like moving from one step to two steps in the kitchen
to plan your week, have driven an increase in kitchen attachment, and we continue to look
for ways to optimise this experience further.
[Slide 19Supply Chain improvement / ingredient level picking]
Let me share a little more on our commitment to operational transformation and what it
will mean for the business and our customers.
At the full year results we signalled that we had commenced a vendor selection process in
relation to our assembly pick technology.
We are pleased to announce that we have engaged a European vendor with extensive
experience implementing ingredient level pick technology in the global meal kit industry.

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Detailed work is well underway and will further unlock growth across our portfolio,
including expanding the My Food Bag Kitchen.
The investment will allow us to significantly simplify our operating processes, reducing our
dependency on temporary labour and making the job of picking easier, thereby reducing
errors.
As well as delivering improved operational productivity and quality outcomes, and I’d argue,
more importantly, the technology will give us the ability to vastly extend recipe choice, as
well as offer greater personalisation and customisation benefits to customers. Ultimately it
will be a far superior customer experience.
We expect the gains of this technology investment, about $5m, to be realised in FY24 and
beyond.
[Slide 20 Trading conditions and outlook]
It’s fair to say that a lighter focus on acquisition and reactivation during Q4 FY22, due to
supply chain uncertainty arising from Omicron, led to a slower start to FY23.
However, we worked hard on correcting this through early trading in FY23 and active
customer numbers were slightly ahead of Q1 FY22 at the end of Q1 FY23. We continue to
work on demand initiatives including a series of loyalty and rewards campaigns and new
products to improve reactivation and retention.
Looking at the remainder of FY23; we continue to navigate the continued uncertainty in the
wider environment, including inflation, labour availability and supply chain pressures.
Our portfolio of brands, across My Food Bag, Bargain Box and Fresh Start, gives us flexibility
to meet changes in the trading environment.
Our supply chain improvements along with staged price increases are helping to counter
inflationary pressures to this point.
And as Tony mentioned, the Board intends to pay an interim dividend of 3.0 cents per share,
to be confirmed at half year.
I will now hand back over to Tony to address the remaining agenda items before we take
any questions.
Thank you.

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* EBITDA is a non-GAAP measure. It has been calculated on a consistent basis to the EBITDA measure presented in the FY22 Prospective Financial Information (PFI). A reconciliation from GAAP NPAT to non-GAAP EBITDA can be found
on page 8 of the Annual Report.
** Pro forma NPAT is a non-GAAP measure that includes pro forma adjustments. These adjustments include adding incremental costs associated with running a listed company and removing the one-off transaction costs associated with
the offer. A reconciliation from GAAP NPAT to non-GAAP pro forma EBITDA and pro forma NPAT can be found in the appendices.
*** High value active customers are defined as customers who have taken at least 20 deliveries in the previous 12 months.
REVENUE
EBITDA*
NPAT
DIVIDENDSPAID
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Number of SKUs
SKU growth in the Kitchen has been a priority following the disruption of
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Deliveries are unaudited and have been normalised for the difference in trading weeks between the current FY23 financial yearand the previous FY22 financial year to make two periods comparable.
EBITDA is unaudited. The Revenue and EBITDA figures have been normalised for the difference in trading weeks between the currentFY23 financial year and the previous FY22 financial year to make two periods comparable.

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ResolutionForAgainstProxy discretion
Re-election of Tony Carter105,777,61929,181851,094
Election of Cecilia Robinson105,766,61140,850851,094
Auditors' remuneration105,639,679162,511856,054

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