AFC Group (NZX: AFC) Annual Meeting Presentations

AFC VirtualShareholders Meeting
16 September 2022

Hao (Howard) Long
CFO and Chairman of the Meeting

Yang Xia
Chairman
John Li
Independent
Director
Charles Cao
Non-Executive
Director
Jacky Wang
Independent
Director
JingweiMa
Non-Executive
Director
Board of Directors

Proxy Count
Proxy votes to date: 3,179 million

Dear Shareholders and Guests,
Good Afternoon and welcome to you all.
The spread of COVID-19 has severely impacted many
local economies around the globe. In New Zealand,
businesses are being forced to cease or limit operations
for long or indefinite periods of time. Measures taken to
contain the spread of the virus, including travel bans,
quarantines, social distancing, and closures of non-
essential services have triggered significant
disruptions to businesses, resulting in an economic
slowdown.

The fiscal year 2022 has beena challenging year for AFC Group
Holdings Limited and its subsidiaries ("AFC"), But with the
relaxation of control measures, it is believed that the situation will
improve. Meanwhile, ACF has been actively and continuously
taking various measures to deal with various challenges.
AFC Group Holdings Limited
1. Independent directors of AFC will continue to take a 30%
reduction in remuneration. Other directors will voluntarily
receive no director fees.
2. AFC is cutting its costs through office space integration.
3. AFC attended the 4th China International Import Expo (CIIE) to
promote the group and products.

4.AFCemployedmoreseniorpersonnelwhocanbringsalesandprofit
tothegroup.
5.AFCishelpingandprovidingmoreopportunitiesforNewZealand
smallandmediumenterprisestoentertheChinesemarket,AFCGroup
hasactivelyparticipatedintheChina(Anhui)5GInternationalFoodCity
andthe"EFOODLINE”globale-commerceplatform.
AFCLongviewLimited(“AFCLV”and“LongviewEstate”)
1. AFCLV continues to maintain its pricing strategy and marketing
campaign. The pricing strategy and marketing campaign is allowing
more people to gain access to the White Diamond Wine.

2. Longview Estate actively participated in different wine exhibitions,
such as Winetopia and NZ WINE Roadshows, to promote wine and
increase sales.
3. AFCLV is committed to developing export markets through launching
of marketing campaigns and increase of online sales channels in China.
4. Longview Estate has taken actions to cut costs, such as better work
schedules organisation and people management.
5. Longview Estate intends to revaluate its land. It will be a change of
accounting policies from historical value to fair value.
AFC Biotechnology Manufacture Co Ltd (“AFCBIO”)
1. AFCBIO outsources its inventory storage to a third party. This will cut
down the rental fee of warehouse and other ancillary costs, such as
electricity and monitoring fee.

2. AFCBIO will increase the use of online distribution channels in 2023
fiscal year, which include continuously using the shoppertainmentto
promote masks, Jingdong, Wei Pin Hui and Staff Live Stream on Tmall.
3. The re-opening of borders will bring more customers to AFCBIO, thus
generate more sales.
In summary, by taking various measures to increase sales and save
costs, the AFC Group will continue to work hard to enable future
revenue growth and return value to our shareholders in the 2023 fiscal
year. While the company is developing itself, it will also be a good
messenger of investment and trade between New Zealand and China.

Resolutions
Resolution 1: Annual Report
To receive and consider the Annual
Report, including the audit report and
financial statements, for the year ended
31 March 2022.
“That the Annual Report be received.”

Resolutions
Resolution 2: Appointment of Auditor
TorecordthattheCompany’sAuditorsWilliamBuckis
reappointedasauditorspursuanttosection200ofthe
CompaniesAct1993andtoconsider,andifthoughtfit,to
passthefollowingordinaryresolution
“ShareholderapprovalissoughttoreappointtheCompany’s
AuditorsWilliamBuckasauditors.”

Resolutions
Resolution 3: Fixing the Fees and Expenses of the
auditor
Torecordthatshareholders,authorizethedirectorstofix
thefeesandexpensesoftheauditorforthefinancialyear
ending31March2023pursuanttosection200ofthe
CompaniesAct1993andtoconsider,andifthoughtfit,to
passthefollowingordinaryresolution
”That the directors of the Company be authorised to fix the
remuneration of the auditors of the Company for the ensuing year.”

Resolutions
Resolution 4: Re-election of Director
To consider and, if thought fit, to
pass the following ordinary
resolution pursuant to NZX Listing
Rule 3.3.6:
“That Yang Xia, who retires by rotation and
is eligible for re-election, be elected as a
non-executive director of the Company.”

Resolutions
Resolution 5: Re-election of Director
To consider and, if thought fit, to
pass the following ordinary
resolution pursuant to NZX Listing
Rule 3.3.6:
“That Bo Xian (Charles) Cao, who retires by
rotation and is eligible for re-election, be
elected as a director of the Company.”

Resolutions
Resolution 6: Re-election of Director
To consider and, if thought fit, to
pass the following ordinary
resolution pursuant to NZX Listing
Rule 3.3.6:
“That Jingwei(Karen) Ma, who retires by
rotation and is eligible for re-election, be
elected as an executive director of the
Company.”

Resolutions
Resolution 7: Appointment of Director
To consider and, if thought fit, to pass
the following ordinary resolution:
“That Shuang (Simon) Xia be appointed as a
non-executive director of the Company.”

Thank you for attending
AFC Group Holdings Limited
VirtualAnnual Meeting

---

AFC Group Holdings Limited AGM– 16 September 2022


1.0 Introduction

Good Afternoon

My name is Howard Long. I am a CFO of AFC Group Holdings Limited.

It is my pleasure to Chair the Virtual Annual General Meeting of AFC Group Holdings
Limited. AFC has considered the impact of Covid-19 and decided not to offer the
Annual Shareholders’ Meeting in person this year. Therefore, shareholders can attend
the Meeting through a Zoom meeting only.


It is 2:00 pm, and it is time to start the Meeting.

- I am advised that:
o The correct notice has been given.
o We have a quorum online present, and hence we have a correctly
constituted meeting.

2.0 Welcome

I would like to welcome you all to our Virtual Annual Meeting of AFC.

The minutes of the Annual Meeting held on 16 September 2022 have been approved
by the Directors and are available for inspection.

I would like to introduce:
My fellow Directors
Yang Xia
John Li
Charles Cao
Karen Ma
Jacky Wang

The Deputy General Manager of AFC Group Holdings Limited, Kelly Hu.

I advise that we have received 26 proxies representing 3,179,597,329 shares which
86.77% of the total valid securities voted.

I confirm that this is a meeting of shareholders of AFC Group Holdings Limited.
Shareholders have the right to attend and vote.

We have other persons here, and we note that the Chair has the option of accepting
questions or comments from non-shareholders at their absolute discretion.

I ask all shareholders to ensure that If you wish to vote on the date, you need to email
your Shareholder details CSN/Security Holder Number, your registered name and
address and your voting intentions for each Resolution or scan your proxy/voting form

to accounts@afcnz.com by 3:00 pm on Friday 16 September 2022. You also need to
have a form in case of a poll being called.

Finally, I ask that all mobile phones be turned off or to silent.

3.0 Apologies

Do we have any other apology?

There are no other apologies


4.0 Chairman’s letter

Now, I will read the following chairman’s letter.

Dear Shareholders and Guests,

Good afternoon and welcome to you all. The spread of COVID-19 has severely
impacted many local economies around the globe. In New Zealand, businesses are
being forced to cease or limit operations for long or indefinite periods of time. Measures
taken to contain the spread of the virus, including travel bans, quarantines, social
distancing, and closures of nonessential services have triggered significant disruptions
to businesses, resulting in an economic slowdown.

The fiscal year 2022 has been a challenging year for AFC Group Holdings Limited and
its subsidiaries ("AFC"), But with the relaxation of control measures, it is believed that
the situation will improve. Meanwhile, ACF has been actively and continuously taking
various measures to deal with various challenges.

AFC Group Holdings Limited
1. Independent directors of AFC will continue to take a 30% reduction in
remuneration. Other directors will voluntarily receive no director fees.
2. AFC is cutting its costs through office space integration.
3. AFC attended the 4th China International Import Expo (CIIE) to promote the
group and products.
4. AFC employed more senior personnel who can bring sales and profit to the
group.
5. AFC is helping and providing more opportunities for New Zealand small and
medium enterprises to enter the Chinese market, AFC Group has actively
participated in the China (Anhui) 5G International Food City and the
"EFOODLINE” global e-commerce platform.

AFC Longview Limited (“AFCLV” and “Longview Estate”)
1. AFCLV continues to maintain its pricing strategy and marketing campaign. The
pricing strategy and marketing campaign is allowing more people to gain
access to the White Diamond Wine.
2. Longview Estate actively participated in different wine exhibitions, such as
Winetopia and NZ WINE Roadshows, to promote wine and increase sales.
3. 3. AFCLV is committed to developing export markets through launching of
marketing campaigns and increase of online sales channels in China.
4. Longview Estate has taken actions to cut costs, such as better work schedules
organisation and people management.

5. Longview Estate intends to revaluate its land. It will be a change of accounting
policies from historical value to fair value.

AFC Biotechnology Manufacture Co Ltd (“AFCBIO”)
1. AFCBIO outsources its inventory storage to a third party. This will cut down the
rental fee of warehouse and other ancillary costs, such as electricity and
monitoring fee.
2. AFCBIO will increase the use of online distribution channels in 2023 fiscal year,
which include continuously using the shoppertainment to promote masks,
Jingdong, Wei Pin Hui and Staff Live Stream on Tmall.
3. The re-opening of borders will bring more customers to AFCBIO, thus generate
more sales.

In summary, by taking various measures to increase sales and save costs, the AFC
Group will continue to work hard to enable future revenue growth and return value to
our shareholders in the 2023 fiscal year. While the company is developing itself, it will
also be a good messenger of investment and trade between New Zealand and China.

5.0 Meeting Agenda

Moving on to the business of the Meeting.

The business of this Annual Meeting is set out in the Notice of Meeting sent to
Shareholders along with the explanatory notes.

The Directors have previously advised all shareholders to read the document carefully
before making any decisions.

Resolution 1: Annual Report
To receive and consider the Annual Report, including the audit report and financial
statements, for the year ended 31 March 2022.
“That the Annual Report be received.”
I move the resolution. Do we have a seconder? Thank you ______________

Is there any discussion?

I now put the resolution.

All in favour, please say Aye

Those against please say no

I declare the motion ______________


Resolution 2: Appointment of Auditor
To record that the Company’s Auditors William Buck is reappointed as auditors
pursuant to section 200 of the Companies Act 1993 and to consider, and if thought fit,
to pass the following ordinary resolution

”That the Company’s Auditors William Buck is reappointed as auditors.”


I move the resolution. Do we have a seconder? Thank you _______________

Is there any discussion?

I now put the resolution.

All in favour, please say Aye

Those against please say no

I declare the motion ______________

Resolution 3: Fixing the Fees and Expenses of the auditor
To record that shareholders authorise the directors to fix the fees and expenses of the
auditor for the financial year ending 31 March 2023 pursuant to section 200 of the
Companies Act 1993 and to consider, and if thought fit, to pass the following ordinary
resolution
”That the directors of the Company be authorised to fix the remuneration of the
auditors of the Company for the ensuing year.”

I move the resolution. Do we have a seconder? Thank you _______________

Is there any discussion?

I now put the resolution.

All in favour, please say Aye

Those against please say no

I declare the motion ______________

Resolution 4: Re-election of Director
To consider and, if thought fit, to pass the following ordinary resolution pursuant to
NZX Listing Rule 3.3.6:

“That Yang Xia, who retires by rotation and is eligible for re-election, be elected
as a non-executive director of the Company.”

I move the resolution. Do we have a seconder? Thank you _________________.

Is there any discussion?

I now put the resolution.

All in favour, please say Aye

Those against please say no

I declare the motion ____________


Resolution 5: Re-election of Director
To consider and, if thought fit, to pass the following ordinary resolution pursuant to
NZX Listing Rule 3.3.6:

“That Bo Xian (Charles) Cao, who retires by rotation and is eligible for re-
election, be elected as an independent director of the Company.”

I move the resolution. Do we have a seconder? Thank You _____________

Is there any discussion?

I now put the resolution.

All in favour, please say Aye

Those against please say no

I declare the motion ___________


Resolution 6: Re-election of Director
To consider and, if thought fit, to pass the following ordinary resolution pursuant to
NZX Listing Rule 3.3.6:

“That Jingwei (Karen) Ma, who retires by rotation and is eligible for re-election,
be elected as an executive director of the Company.”

I move the resolution. Do we have a seconder? Thank You _____________

Is there any discussion?

I now put the resolution.

All in favour, please say Aye

Those against please say no

I declare the motion ___________

Resolution 7: Appointment of Director
To consider and, if thought fit, to pass the following ordinary resolution:

“That Shuang (Simon) Xia be appointed as a non-executive director of the
Company.”

I move the resolution. Do we have a seconder? Thank You Mr _____________

Is there any discussion?

I now put the resolution.

All in favour, please say Aye

Those against please say no

I declare the motion ___________


General Business

Is there any business anyone would like to raise?


Final Comment

Ladies and Gentlemen, thank you for your attendance today.
We look forward to enjoying future developments with you.
I declare the meeting closed at ____________pm
End