ArborGen Holdings Annual Shareholder Meeting

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Annual Shareholders’ Meeting
24 August 2022
Chairman’s Address

SLIDE - Welcome
Dave Knott – Chairman’s address

Good morning Ladies and Gentlemen. Welcome to the Annual Meeting of Shareholders of ArborGen
Holdings Limited.
I am Dave Knott and I am the Chairman of the Board of ArborGen.
Thank you for your attendance today.
After three long years, I am very happy to be back in New Zealand, and importantly, to be able to
attend today’s meeting in person.
I am pleased to advise that a quorum is present and that this Meeting is duly constituted.
The Notice of Meeting sent to shareholders last month, sets out the formal agenda for today’s
meeting.
We are conducting our meeting this year both here in person at the Ellerslie Event Centre in Auckland,
and online, through the Computershare Online Meetings platform, meetnow. All shareholders have
the ability to ask questions and vote.
SLIDE - online questions
For those of you joining us online, if you would like to ask a question, please select the Q&A tab on
the right half of your screen anytime. Type your question into the field and press send. It will then be
sent through for us to answer. If you require any assistance, refer to the Virtual Meeting Guide that
was sent to shareholders or use the chat function by typing your query and one of the Computershare
team will assist. Alternatively, you can call Computershare on 0800-650-034.
I would encourage you to submit questions as early as possible, as that will allow us to answer at the
appropriate time of the meeting. Please also note that your questions may be moderated or if we
receive multiple questions on one topic, amalgamated together.
SLIDE - voting
Voting today will be conducted by way of a poll on all items of business. In order to provide all online
attendees with enough time to vote, I will shortly open the online voting for all resolutions.
At that time, if you are eligible to vote at this meeting, you will be able to cast your vote under the
Vote tab. Once the voting has opened, the system will allow votes to be submitted. To vote, simply
select your voting direction from the options shown on the screen. You can vote for all resolutions at
once or by each resolution. Your vote has been cast when the tick appears.

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To change your vote, simply select ‘Change Your Vote’. You have the ability to change your vote, up
until the time I declare voting closed.

I now declare voting open on all items of business. The resolutions will now be open on the vote tab,
please submit your votes at any time. I will give you a warning before I move to close voting.

SLIDE - Board photos
I would like to introduce the members of your Board and Management to you. Present with me today
are our two New Zealand based directors, Paul Smart and George Adams, and from the US, we have
directors Tom Avery, and Ozey Horton attending virtually.
From management, we have ArborGen’s Chief Executive Officer, Andrew Baum, our Company
Secretary and Performance Improvement Director, Sharon Ludher-Chandra, our CFO, Alex Brown and
our communications contact, Pam Wardenburg.
SLIDE - programme
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.
SLIDE – CEO’s Review intro
[Andrew Baum Talks]
CHAIR’S ADDRESS
SLIDE – Chair’s address intro
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 Strategic Review, the refocusing of the business, and the current fiscal year ending
March 2023.
SLIDE – Strategic Review
In June, we announced the completion of the Strategic Review that the Board undertook to consider
all options to unlock value for the benefit of all shareholders, ranging from further investment in the
business, the possibility of a US listing, a full sale of the Company, or a sale of some of the assets of
the Company. As you know, the process resulted in the sale of the Australia and New Zealand business
in November of last year for NZ$22.25 million, freeing up significant capital and allowing us to refocus
ArborGen on its growth businesses in the US South and Brazil, as well as on new and emerging carbon
markets. The Board concluded that this was the best path for maximizing value for shareholders longer
term.
As mentioned in our Annual Report the Board did consider the possibility of a US listing but concluded
that at the current point of time, the expected costs of a US listing outweighed the potential benefits.

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Slide – Growth and Strategic Initiatives
Since ArborGen’s formation in 2000, the Company has been committed to meeting the human need
for wood, fibre and fuel while protecting the world’s native forests.
In line with this, we are strategically focused on –
▪ Our core traditional US South forestry markets, where our competitive positioning is
unparalleled. ArborGen is now realising the gains from decades of investment in tree
improvement, with proven performance at commercial scale and increased market
acceptance of our advanced genetics products. Added to this is our increasing supply of MCP
products benefitting from major orchard expansion investments over a decade ago.

▪ Our traditional high growth Brazil markets, where ArborGen has grown to become one of the
largest commercial suppliers of eucalyptus and loblolly pine seedlings. We are the only
company providing superior, proprietary genetics to Brazilian pine and eucalyptus growers,
including to large integrated forestry companies with their own genetics programs; and

▪ Leveraging our unique capabilities in emerging global carbon markets which represent new
opportunities for ArborGen. Our advanced genetics and strong channels to forest landowners
in the US uniquely position us to exploit this opportunity. As Andrew mentioned, we are very
pleased to partner with two credible parties in the carbon space, and continue to engage with
other prospective parties.

With the foundations now laid, ArborGen’s focus will be on the continued conversion of customers to
higher value seedlings as they increasingly see the commercial potential of our advanced genetics
products.
Slide – Investments
The sale of our more mature business in New Zealand and Australia has strengthened our balance
sheet, giving us greater flexibility to pursue high return on investment opportunities in our targeted
growth markets. That said, we do want to assure shareholders that we are being very selective and
careful with any spend. To date we have committed to –
▪ The expansion of ArborGen’s in-house container capacity across two existing owned sites,
which increases our in-house container seedling production from 10 to 16 million
containerised seedlings per annum. The cost of the expansion is expected to be less than US$1
million as we are able to cost effectively leverage existing infrastructure at our nurseries in
Belville, Georgia and Bullard, Texas. The expected payback is less than 2 years with benefits
comprising cost savings from increased production efficiencies, and incremental margins from
additional containerised seedling sales. This expansion is expected to be in place for the FY24
seedling sales’ year,

▪ The acquisition of a 10 million capacity pine nursery located in Canoinhas, Santa Catarina,
Brazil for less than US$1 million, which was completed in February, and

▪ Our intention to lease a third eucalyptus nursery in Brazil later this year which will increase
our internal capacity to nearly 50 million eucalyptus seedlings per year.

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Slide – FY2023 and beyond
Turning to our current fiscal year, due to the pandemic, inflation and certain temporary customer
specific demand matters, we are projecting sales’ volumes and the proportion of advanced genetics
sales in the US to not be materially different to FY22 levels. Pleasingly, to date, we have sold over 95%
of all seedlings we have available in the US, including 99% of all MCP seedlings available, which will be
lifted and dispatched from December onwards.
Beyond the current fiscal year however, and subject to uncontrollable factors, ArborGen projects solid
growth in advanced genetics sales in FY24 with both our large US National Account customers and
private landowner customers. This will involve managing MCP seed availability against demand
growth in the Eastern regions over the next two years, while also driving advanced genetics adoption
in the Western regions, where we expect to have good levels of seed inventory on hand.
Longer term, the US housing market is supported by strong underlying demand fundamentals, in
particular, favorable population demographics as a large proportion of the population enter the house
buying phase. This, combined with timber supply issues in Canada and Europe, should drive solid
growth in demand for wood products produced in the US South in the medium to longer term.
Supporting this view, is the significant expansion in sawmill capacity in the US South (either announced
or already underway).
Slide – FY2023 and beyond (cont)
In Brazil, the underlying market drivers are very strong, with new pulp mills and strong charcoal
markets driving domestic demand for eucalyptus and softwood. As a result of this growth in demand,
combined with much stronger projected pricing and margins for ArborGen’s eucalyptus and pine
seedlings, our Brazilian earnings are projected to be over US$1 million, materially higher than the
breakeven result recorded in FY22.
Taking these factors into account, as well as the temporary gross margin contraction in the US Andrew
mentioned earlier due to historic seed costs being expensed, and the implementation of a short term
incentive and retention plan that the Board has approved given extremely tight labor market
conditions, we expect US GAAP EBITDA in the current fiscal 2023 year to be approximately 10% below
the $10.1 million Adjusted US GAAP recorded in FY22. That said, cash flows from operations are
projected to be materially higher than prior year, which subject to any further approved expansionary
capital expenditure, should result in net debt dropping by 30 – 40% by fiscal year end.
Slide – FY2023 and beyond (cont)
Looking ahead, reiterating Andrew’s comments, increased MCP seed supply, lower MCP seed costs,
and projected seedling sales growth in our core US forestry markets as well as in the carbon space,
are projected to drive solid earnings growth in FY24 and beyond.
Outside of growth opportunities that we will continue to evaluate, the Strategic Review process has
identified a number of operational improvement opportunities. To ensure we realize these gains, we
have initiated an organisation wide effort comprising multiple project teams to systematically
evaluate and implement agreed initiatives, which should in turn drive improved earnings and cash
flow performance in future periods. We will update you later in the year on progress made.

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Before I move on to the business of the meeting, I would like to reiterate that the Board and
management are very excited about ArborGen’s future. We have refined the business, significantly
strengthened ArborGen’s balance sheet, and are now well positioned to grow in our core and
emerging new markets. In order to ensure we deliver on the Company’s growth potential in these
areas, the Board is committed to increasing resources, as needed.
On behalf of the Board and management, I would like to take this opportunity to recognise the
significant contribution that Ranjan Tandon has made to ArborGen during his Board tenure. Ranjan
has invested considerable time and emotional energy to support the Company, and we wish him the
best for the future.
I would also like to acknowledge and thank the ArborGen teams in the US, Brazil and New Zealand
who have worked tirelessly in challenging conditions to deliver a strong result for shareholders.
Finally, I would like to thank all of our shareholders for your continued support, for which we are very
grateful.

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Annual Shareholders’ Meeting
24 August 2022
CEO’s Address

Andrew Baum – CEO’s address

Slide – CEO review
Thank you, David and welcome to our shareholders joining us today. As always, it is a pleasure speaking
to you again, and I am very happy to be able to do so in person after three long years.

Slide – Our Strategic Focus
With the completion of the Strategic Review, we have refined the business to focus on our core high
growth markets in the US South and Brazil, where our key strategic objective continues to be the
transformation of forest productivity as the leading commercial provider of advanced genetics. Our
superior competitive positioning stems from decades of proprietary R&D investment, strong production
capability and supply pipeline, and excellent sales and marketing capability. We have never been in a
better position to execute this strategy, with a strong balance sheet now allowing us to take advantage of
growth opportunities in our core traditional forestry markets, as well as in new and emerging carbon
markets.

Slide – March 2022 YE Results
Turning to our results for the fiscal year ending 31 March 2022, while the global pandemic and supply
chain challenges continued to impact overall sales in the United States and Brazil during the year, we were
able to continue to execute the Company’s advanced genetics strategy, recording our highest level of
sales of Mass Control Pollinated (MCP) products in the US.
Slide – March 2022 YE Results (cont)
In summary, the Group reported (in USD) –
▪ Revenue from continuing operations of $47.6 million, up 11% on the prior period, comprising sales
of $39.9 million in the US, and $7.7 million in Brazil
▪ Gross margin from continuing operations of $17.8 million, up from $15.6 million in FY21
▪ Operating earnings from continuing operations (before other significant items) of $2.7 million, up
from $1.0 million in the prior year
Slide – March 2022 YE Results (cont)
▪ Net earnings from continuing operations of $1.7 million, up from $1.5 million in the prior period
▪ Adjusted US-GAAP EBITDA
1
result of $10.1 million (excluding public company costs of $1 million
and Other Significant Items) – 36% higher than the prior period
▪ Net cash from operating activities of $7.5 million, down from $9.9 million in the prior period which
included Covid grants received.

1
Adjusted US-GAAP EBITDA is US-GAAP Earnings Before Interest, Tax, Depreciation and Amortisation.

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Slide – March 2022 YE Results (cont)
Other Significant Items during the period was an expense of $4 million, compared to a gain of $1.9 million
in the prior period, and comprised –
▪ $0.9 million of government grant income ($4.3 million was received in the prior period from the
US Small Business Administration, of which $3.4 million was recognised in the prior period)
▪ $1.6 million relating to the impact of COVID resulting in the write-off of unsold seedlings
▪ $1.5m relating to a freeze event that damaged flowers in our Eastern orchards during the critical
pollination period this year, and
▪ $1.6 million of strategic review costs, and $0.2 million of other costs. Approximately $0.6 million
of the strategic review costs related to transaction costs incurred, and the balance related to
financial, tax and legal advice from the wider strategic review.

As you know, ArborGen sold its businesses in New Zealand and Australia during the period resulting in net
debt reducing substantially to $11.5 million, down from $27.4 million in the prior period. The sale
proceeds were used to repay $2.9 million of sub-ordinated debt raised in 2019 to fund the acquisition of
ArborGen’s headquarters in Ridgeville, South Carolina, and reduce ArborGen’s Synovus working capital
facility by $5.5 million, collectively resulting in annual cash interest cost savings of approximately $0.5
million.

Slide – FY22 Seedling Sales

ArborGen’s continuing operations in the US and Brazil sold 362 million seedling units in FY22, up slightly
on the prior period sales of 359 million units. Specifically –
▪ 284 million seedlings were sold in the US, including 258 million loblolly pine seedlings of which
42% were advanced genetics seedlings, and
▪ 78 million seedlings were sold in Brazil.

In the US, unit seedling sales decreased slightly to 284 million units, from 294 million seedling units in the
prior period, as the emergence of the Delta and Omicron variants continued to cause significant
disruptions in the sawmill industry impacting log harvests, and in turn, seedling demand in the period.
However, despite these headwinds, advanced genetics seedling sales were up from 81 million seedling
units in FY21 to 107 million in FY22 driven primarily by increased MCP sales to the private landowner
segment, which were up almost 60% on the prior year, and increased supply. While our larger National
Accounts (primarily REITs and TIMOs
2
) accounted for the majority of ArborGen’s advanced genetics
volume, sales to the private landowner segment now represent around 35% of advanced genetics volume
sold, and represent the largest growth segment.
In Brazil, sales of 78 million seedlings were 20% higher on the prior year. While the pandemic continued
to cause disruptions in the period, ArborGen was able to lift both eucalyptus and pine seedling sales,
benefitting from the increasing recognition of the value of our proprietary advanced genetic pine and
eucalyptus products.

2
Real Estate Investment Trusts and Timber Investment Management Organisations

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Slide – Advanced Genetics Adoption
As mentioned earlier, integral to the success of our strategy in the US is moving the market to advanced
genetics, primarily MCP products.

Slide – Our Product Portfolio
This next slide shows our Product Portfolio, ranging from Open Pollinated products to our advanced
genetics’ products, in particular –
▪ Our Mass Control Pollinated (or MCP) products which are seedlings produced from crossing
selected mothers and fathers to produce the best MCP hybrids seedlings, and
▪ Our Varietal products which are essentially identical copies of our best MCP seedlings

Slide – Our Product Portfolio (cont)
Importantly, ArborGen, has the most advanced, and broadly adapted pipeline in the industry.

This next slide shows the five loblolly deployment zones in the US South – spanning the Coastal, Piedmont,
and Northern regions (or collectively the Eastern regions), and the Arkansas and Texas regions (i.e. the
Western regions). As can be seen in this table, our advanced products are in all regions, with additional
products in the pipeline.

Slide – Value Proposition
The value proposition of our advanced genetics is very compelling, with the key benefits being
▪ Faster growth rates
▪ Higher yields of wood per acre
▪ 30 – 40% more high value sawtimber which typically sells for 2-4 times more than pulpwood
▪ Improved resistance to disease and stress
▪ Better straightness, reduced forking and better branch morphology

With over 2 million acres now planted across the US South, the evidence is undeniable.

Slide – Market Leader
By any metric we are the leader with respect to MCP – we have historically sold over 80% of all MCP
products to the market, we are the only seedling provider offering products adapted to all the growing
regions in our market, and our portfolio is unmatched in terms of depth and quality. We can also produce
substantially more MCP products than any other supplier, benefitting from the orchards we planted over
a decade ago in 2011 and 2012, which are now coming into full production.

In addition, we continue to invest in our pine tree improvement program, allowing us to continue to widen
the gap between ourselves and the rest of the market. In recent years we have launched the next
generation of MCP products (MCP 2.0) for some provenances and MCP 3.0 is already in development.

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In short we are the market leader, and continue to make the investments that will maintain and improve
our market position.

Slide –Sales and Marketing Capability
An integral part of converting new and existing customers to advanced genetics are our sales and
marketing efforts.
With most of our industrial customers already committed to MCP, we continue to focus our sales and
marketing efforts on private landowners who represent over half of our market.
Customer acquisition and conversion to advanced genetics is achieved through a multitude of financial,
multi-channel marketing and direct customer interaction initiatives. These include –
▪ The use of proprietary seedling revenue calculators, and financial cash flow models, to
demonstrate the financial returns to the forest owner from planting different types of genetics
on varying sites
▪ Conducting field tours of maturing MCP stands
▪ Webinars focused on the value of advanced genetics
▪ Customer testimonials
▪ Our website, a wide array of social media and publications like TreeLines which supply technical
information to our customers.

We can say with confidence that none of our competitors are conducting a more significant or
comprehensive program. The success of our efforts is evidenced by the increase in sales to the private
landowner segment mentioned earlier.

Slide – Advanced genetics MCP seed supply
On the supply front, our extensive younger seed producing orchards represent approximately 70% of our
overall orchard footprint. These orchards have only recently become productive, with productivity
expected to increase steeply over coming years.
Our goal is to build at least 2 years of advanced genetics MCP seed inventory across all provenances to
minimise reliance on single year cone harvests as a key risk mitigation strategy. While we have
approximately 1-2 years of MCP seed inventory on hand for the Western regions, MCP seed supply is still
tight in the larger Eastern region.
On a positive note though, ArborGen is projecting to harvest MCP seed equivalent to over 200 million
seedlings late this calendar year. This is seed that will be available for next fiscal year (FY24’s) sales,
projected to be in excess of seed required for forecast MCP seedling sales, which will help us build
essential MCP seed inventory in our Eastern regions for future periods.

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Slide – Advanced genetics MCP seed supply (cont)
As previously reported, a freeze event, combined with very high winds during the MCP pollination period
in February 2022, caused damage to pine flowers at ArborGen’s Eastern orchards which will impact cones
and seed to be harvested in November 2023 (i.e. for FY25 seedling sales). This was an isolated event that
did not cause long term damage to the orchards themselves, which will be at full productive capacity again
next pollination season (in February 2023). ArborGen’s Western orchards were not impacted. Pleasingly
though, our most recent comprehensive cone inventory count, indicates that our projected calendar 2023
harvest from our Eastern orchards could be higher than originally estimated, especially in the supply
constrained Eastern provenances. We will continue to refine our estimates as we get closer to the 2023
cone harvest.
ArborGen has several years of Open Pollinated (OP) seed in inventory, and will maximize seed harvested
in November 2022 from targeted orchards.

Slide – Brazil
Our investments in the development of our Brazilian business are beginning to bear fruit. Strong end use
markets, combined with our expanding nursery footprints and increasing recognition of the value of our
advanced genetic products, allow us to generate improving profitability this year and in the years to come.

Slide – Brazil - Pine
In pine, we have already sold out for the current 2023 fiscal year and are now negotiating sales for next
fiscal year. Sales prices are increasing well ahead of inflation and our margins are increasing as a result.
Sales from our newly acquired pine nursery in Canohinas are occurring ahead of schedule at costs lower
than projected. In addition, sales of proprietary product in FY 2023 are projected to represent over 95%
of total unit volume, validating our belief that the market will adopt advanced genetics as they have in
the United States.

Slide – Brazil - Eucalyptus
The situation is similar in eucalyptus. Ongoing and announced expansions in pulp production by Suzano,
Arauco, Bracell and others are leading to increased eucalyptus seedling demand in Mato Grosso do Sul
and Sao Paulo states, and increased charcoal production to support the booming pig iron and steel sector
is driving markets in Minas Gerais. As a result, we are already sold out in FY 2023 and, as with pine, are
already negotiating sales for next year. Prices and margins are also increasing. While we sell a greater
proportion of non-proprietary eucalyptus products than pine, sales of proprietary products are increasing
rapidly as they demonstrate superior performance in commercial production.
Moving forward we are exploring opportunities to expand our internal production capacity for both pine
and eucalyptus, and hope to make announcements in this regard.

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Slide – Carbon markets
The use of forests to sequester carbon will be an important element of global efforts to address global
warming, and represent a potentially significant opportunity for ArborGen. In our US market we are
beginning to see active programs to afforest (plant new forests) on pasture land or farmland. We have
been in discussions with several companies in this space, and we have executed agreements with two
well-funded, experienced companies to supply them pine (including MCP) and hardwoods for this season,
and are negotiating longer term supply agreements with both of them.

Both of these companies have ambitious scale-up plans for the next few years, and while there is no
guarantee they will execute those plans, if they are successful they will represent new sales opportunities
that are incremental to our existing markets in future years.

Slide – Summary
To conclude, although strong sales and earnings growth is projected in Brazil this fiscal year, in the US we
are expecting sales to be affected by ongoing pandemic factors, geopolitical tensions, and temporary
customer specific demand matters with some of our large National Accounts. As seedlings are planted in
late April / May in the US, we had also not planned for the additional sales this year from the recently
executed multi-year carbon contracts which has meant some supply constraints. As a result, FY23 unit
seedling sales, including the proportion of advanced genetics sold, in the US are not expected to be
materially different to FY22 sales. Added to this, higher historic MCP seed costs related to pollination
activity two years ago (when production from our younger orchards were less than optimal due to
maturity) combined with inflationary pressures, are expected to adversely impact gross margins in the US
this fiscal year.

Slide – Summary (continued)
Looking ahead however, increased MCP seed supply (from this year’s harvest) and, related to this, lower
MCP seed costs, and projected sales growth in our core US forestry markets, as well as incremental sales
from new seedling supply contracts with players in the carbon space, are projected to drive solid earnings
growth in FY24 and beyond.

We have the organization, people, products and strategy to leverage these fundamentals to continue to
drive the value of ArborGen for our shareholders. Thanks again for your commitment and confidence.

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24 August 2022
1
Annual Shareholders’ Meeting 2022
Welcome
Dave Knott
Chair of the Board

24 August 2022
2
Online Questions
Q & A
•To submit a question during the meeting
−Select the Q&A tab on the right of your screen
at anytime
−Type your question into the field and press
send
•For help
−Refer to the virtual meeting guide
−Use the chat function; or
−Call Computershare helpline 0800-650-034
Voting
Vote
1
•When voting has opened
−Click on the Vote tab
−Select your voting direction from the options
shown on the screen
−You can vote for all resolutions at once or by
each resolution
−Your vote has been cast when the tick
appears
−To change your vote, select ‘Change Your
Vote’

24 August 2022
3
Introduction
Paul Smart
Thomas Avery
George Adams
Ozey Horton
Andrew Baum
Sharon
Ludher-Chandra
Alex Brown
Pam
Wardenburg
Programme
•Chief Executive’s review
•Chair’s address
•Shareholders’ questions
•Formal resolutions

24 August 2022
4
CEO’s Review
Our Strategic Focus
•Core high-growth markets in the US South and Brazil
•Transformation of forest productivity with advanced genetics
•Our competitive positioning is supported by:
−decades of proprietary R&D investment
−strong production capability and supply pipeline
−excellent sales and marketing capability
•Never been in a better position to execute this strategy with a strong balance sheet

24 August 2022
5
March 2022 YE Results
Despite ongoing pandemic and
supply chain challenges, we
executed the Company’s
advanced genetics strategy and
recorded our highest level of sales
of Mass Control Pollinated
(MCP®) products in the US
March 2022 YE Results continued
•Revenue from continuing operations of
$47.6m
−up 11% on the prior period
−$39.9 m sales in the US
−$7.7 m sales in Brazil
•Gross margin from continuing operations of
$17.8m
−up from $15.6m in FY21
•Operating earnings from continuing operations
(before other significant items) of $2.7m
−up from $1.0m in the prior period
All references to currencies in this presentation are in US$ unless otherwise stated

24 August 2022
6
March 2022 YE Results continued
•Net earnings from continuing operations of $1.7m
−up from $1.5m in the prior period
•Adjusted US-GAAP EBITDA result of $10.1m
(excluding public company costs of $1m and Other Significant Items)
−36% higher than the prior period
•Net cash from operating activities of $7.5m
−down from $9.9 m in the prior period which included Covid grants
March 2022 YE Results continued
•Other Significant Items during the period was an expense of $4m, compared to a
gain of $1.9m in the prior period
−$0.9m of government grant income
−$1.6m write-off of unsold seedlings due to Covid impact
−$1.5m relating to a freeze event that damaged flowers (Eastern orchards)
−$1.6m of strategic review costs (~$0.6m related to ANZ transaction)
−$0.2m of other costs
•Net debt reduction from $27.4m to $11.5m
−ANZ sale proceeds used to repay $2.9m of sub-debt and reduce working capital facility by $5.5m
−Cash interest cost savings of ~$0.5m p.a.

24 August 2022
7
FY22 Seedling Sales
•Sales in the US and Brazil
−362m units, up 3m
−284m sold in the US
•258m pine
•42% of these were advanced genetics
−78m sold in Brazil
•US sales down 10m due to disruptions caused by
Covid-19
−Advanced genetics sales up 26m
−Advanced genetics sales to private landowners up almost 60%
US Advanced Genetics
Sales Volumes
Private landowner
National accounts
•Brazil sales of 78m units up 20%
−Higher eucalyptus and pine sales
Advanced Genetics Adoption
Integral to the success of our strategy
in the US is moving the market to
advanced genetics (primarily MCP)

24 August 2022
8
Our Product Portfolio
We are advancing genetics through breeding
Open Pollinated: OP Advanced, Select and Elite
Produced from best mother and fertilized with pollen
of an unknown father tree
Elite Genetics Products
MCP®: Advanced, Select, Elite, 2.0
Seedlings produced from crossing selected mothers
and fathers to produce the best MCP hybrid seedlings
Varietals
Identical copies of best MCP seedlings, selected from
extensive trials
Our Product Portfoliocontinued
Our Advanced Products are in all
regions of the US South
Arkansas
Coastal
Piedmont
Northern
Texas
Western region
Eastern region
We have the most advanced and broadly adapted pipeline in the industry
Region
MCP
-A
MCP
-S
MCP
-E
MCP
2.0
Var1Var2
MCP
RR
Coastal2022
Piedmont2024
Texas2024
Arkansas
Northern

24 August 2022
9
Value Proposition
•Advanced genetics offer compelling benefits
including
−faster growth rates
−higher yields of wood per acre
−30 -40% more high value sawtimber which typically
sells for 2-4 times more than pulpwood
−improved resistance to disease and stress
−better straightness, reduced forking and better branch
morphology
•With over 2 million acres now planted across the
US South, the evidence is undeniable
Market Leader
•Historically sold over 80% of MCP seedlings to
the market
−only provider offering products adapted to all regions
−portfolio is unmatched in depth and quality
•Substantially more production than any other
supplier as decade-old orchards come into full
production
•Continued investment in our pine tree
improvement programme
−next generation of products already in development

24 August 2022
10
Sales and Marketing Capability
•Sales and marketing efforts are integral to customer
conversion
−Most industrial customers are committed to MCP
−Focus is on private landowners
•Customer acquisition and conversion initiatives
include
−financial models
−field tours of mature stands
−webinars
−customer testimonials
−website and publications
•None of our competitors are conducting a more
significant or comprehensive programme
Advanced Genetics MCP Seed Supply
•Younger orchards represent ~70% of footprint
•Productivity expected to increase steeply
•Goal is to build at least 2 years of advanced
genetics MCP seed inventory to minimise risk
−currently 1-2 years inventory for Western regions
−supply tight in larger Eastern region
•Projected harvest of seed for calendar ’22
equivalent to over 200m seedlings
−seed will be in excess of that required for FY24 sales
−will help build inventory in the Eastern region

24 August 2022
11
Advanced Genetics MCP Seed Supplycontinued
•Freeze event combined with high winds during
pollination caused damage to flowers in Eastern
orchards
−this impacts cones and seed to be harvested in late
calendar 2023 (for FY25 seedling sales)
−isolated event with no damage to the orchards
−Western orchards not affected
−pleasingly recent cone inventory count for calendar
2023 indicates projected harvest could be higher than
originally estimated
•We have several years of OP seed inventory
Brazil
•Investments in developing Brazil business now
bearing fruit
−strong end-use markets
−expanding nursery footprints
−increasing recognition of our advanced genetics
products
This allows us to generate improving
profitability this year and beyond

24 August 2022
12
Brazil -Pine
•Pine sold out for 2023 fiscal year
•Sales negotiations for 2024 fiscal year
underway
•Prices are increasing well ahead of inflation
and margins are increasing
•New Canohinasnursery sales are ahead of
projections
•Sales of proprietary product in fiscal 23 to
represent over 95% of total volume
•We believe the Brazillianmarket will adopt
advanced genetics as in the US
Brazil -Eucalyptus
•Expansion in pulp production is leading to
increased seedling demand in Mato Grosso do
Sul and Sao Paulo states
•Increased charcoal production driving markets
in Minas Gerais
•Eucalyptus sold out for 2023 fiscal year
•Sales negotiations for 2024 fiscal year
underway
•Sales of proprietary products are rapidly
increasing

24 August 2022
13
Carbon Markets
•Use of forestry to sequester carbon is an
important element in addressing global
warming
•In the US, new forests are being planted on
pasture and farmland
•We have executed agreements with two
well-funded, experienced companies to
supply them with pine (including MCP) and
hardwoods
•If successful, they will represent new sales
opportunities
Summary
•Strong sales and earnings growth is projected
in Brazil
•US sales will be affected by ongoing
pandemic factors, geopolitical tensions and
customer specific demands
•FY23 unit seedling sales are not expected to
be materially different to FY22
•Higher historic MCP seed costs combined
with inflationary pressures are expected to
adversely impact gross margins
FY23

24 August 2022
14
Summarycontinued
FY24 and Beyond
•Looking ahead
−increased MCP seed supply
−lower MCP seed cost
−projected sales growth in US forestry markets
−new carbon seedling supply contracts
Projected to drive solid earnings growth
•We have the organisation, people, products
and strategy to build our business
•Management is intensely focused on
executing our business plan
•We have an exciting future
Chair’s Address

24 August 2022
15
Strategic Review
•Review considered all options to unlock value
•further investment in the business
•possibility of a US listing
•full sale of the company
•asset sales
•The process resulted in the sale of the Australia
and New Zealand businesses for NZ$22.25m
•Freed up capital to focus on
•growth businesses in the US South and Brazil
•emerging carbon markets
Growth and Strategic Initiatives
•Strategic focus is on
−core traditional US South forestry markets
−traditional high-growth Brazil markets
−emerging global carbon markets
•Foundations are now laid, we will continue
converting customers to higher-value
seedlings as they see the commercial
potential

24 August 2022
16
Investments
•Sale of Australasian business has strengthened our
balance sheet
•Greater flexibility to pursue investments in targeted
growth markets
•We are being very selective and careful with spend
•Commitment made to
−expand in-house container capacity across 2 sites from 10
to 16m seedlings
•cost expected to be less than US$1m
•payback less than 2 years
•in place for FY24 seedling sales’ year
−acquire 10m capacity pine nursery in Brazil
•cost for under US$1m
−lease of a third eucalyptus nursery in Brazil later this year
FY2023 and Beyond
•FY23
−Sales volumes and mix are expected to be relatively flat on FY22
levels due to market dynamics and constrained MCP supply
−We have sold over 95% of all seedlings, including 99% of MCP that
will be despatched from December onwards
•Solid growth in advanced genetics sales are projected in
FY24 onwards
•Longer-term, strong underlying demand fundamentals
support US housing, with a large proportion of the
population entering the house-buying phase
•Timber supply issues in Canada and Europe
... should drive demand for wood products produced in the
US South
•Expansion in sawmill capacity in US South supports growth
in demand
United States

24 August 2022
17
FY2023 and Beyondcontinued
•Underlying markets are very strong
•New pulp mills and charcoal markets driving domestic
demand for eucalyptus and softwood
•Brazil’s earnings are projected to be well over $1m
Brazil
FY23 US GAAP EBITDA
•We expect US GAAP EBITDA in the current fiscal 2023
year to be approximately 10% below the $10.1* million
adjusted US GAAP recorded in FY22
•Cash flows from operations are projected to be
materially higher than prior year, which subject to any
further approved expansionary capital expenditure,
should result in net debt dropping by 30 –40% by fiscal
year-end
* US-GAAP EBITDA excludes NZ public company costs and Other Significant Items
FY2023 and Beyondcontinued
•Increased MCP seed supply, lower MCP seed costs
and projected seedling sales growth are projected to
drive solid earnings growth in FY24 and beyond
•A number of operational improvement opportunities
have been identified
−organisation-wide evaluation of initiatives has
commenced
−these should drive improved earnings and cash flow in
future periods
•The board and management are excited about the
future
•We are well positioned to grow
•Commitment made to increasing resources as
needed

24 August 2022
18
Questions
Please raise your hand and wait for
the microphone
State your name and whether you are
a shareholder or proxy holder
Resolutions

24 August 2022
19
Resolutions
Resolution 1
To re-elect George Adams as a Director
Resolution 2
To authorise the Directors to fix Deloitte’s
fees and expenses as the Company’s Auditor
for the year ended 31 March 2023