2023 Annual Shareholders’ Meeting Presentations

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Annual Shareholders’ Meeting
7 June 2023
SCALES CORPORATION – 2023 ANNUAL SHAREHOLDERS’ MEETING
The attached presentation will be given at the hybrid (virtual and in person) Annual Shareholders’ Meeting of Scales
Corporation Limited starting at 3.30pm today, at The Piano, 156 Armagh Street, Christchurch, and also online via the
Computershare Online Meetings platform.
1. 2023 Scales Corporation Limited Annual Shareholders’ Meeting – Chair and Managing Director’s Addresses
2. 2023 Scales Corporation Limited Annual Shareholders’ Meeting – Presentation

ENDS


Contacts
Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975 999,
email: andy.borland@scalescorporation.co.nz

About Scales Corporation
Scales Corporation is a diversified agribusiness group. It comprises three operating divisions: Global Proteins,
Horticulture and Logistics. The company’s diverse spread of activities gives Scales broad exposure to New Zealand’s
agribusiness sector. Scales Corporation was founded in 1897 as a shipping business by George Herbert Scales. Today
it has operations across New Zealand, Australia and the United States. Find out more at www.scalescorporation.co.nz.

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Annual Shareholders’ Meeting
7 June 2023
Address by the Chair: Mike Petersen
[SLIDE 2: AGENDA]
Good afternoon, I’m Mike Petersen, Chair of Scales, and it’s my pleasure to welcome you all to this, the one hundred
and eleventh annual meeting of the company, the ninth since we became a listed company and my first as Chair.
Once again we’re holding a hybrid annual meeting and, whether you’re here in person or joining us online, I’d like to
thank you and welcome you all.
As you may recall from last year, shareholders, proxies and guests attending the meeting virtually will be able to hear
and see a live webcast. In addition, shareholders and proxies have the ability to ask questions and vote on resolutions.
I’ll provide further details on those matters shortly.
Some housekeeping matters for those of you who have joined us in person. First, I’d like to remind you, as a matter of
courtesy, to turn your mobile phones to silent. Also, if there’s an emergency and we need to leave, please do so
through the marked exits. Staff will be available to help us.
I’m pleased to confirm that we have a quorum and therefore declare the 2023 Annual Shareholders’ Meeting of Scales
Corporation Limited open.
The items of business for this meeting and the resolutions to be considered by shareholders are contained in the
Notice of Meeting which was sent to shareholders on the 3rd of May.
Our order of proceedings is as shown on the current slide – I’ll briefly comment on the highlights of the last 12 months,
followed by a review by Scales’ Managing Director, Andy Borland. We’ll then attend to the resolutions, where we’ll
cover each resolution in turn and invite questions specific to those items. I’ll shortly open the online voting and explain
the voting process. Following that I’ll explain the process for asking questions.
Once the meeting is complete, we hope that those of you present will join us for refreshments. It’ll also be an
opportunity to meet the Directors and senior management of the company, and raise any questions you may have, on
an informal basis.
[SLIDE 3: VOTING PROCESS]
With regard to the online voting process, if you’re eligible to vote, you’ll be able to cast your vote under the Vote tab
as shown on screen. Once the voting has opened, the resolutions will allow votes to be submitted. To vote, simply
select your voting direction from the options shown. You can vote for all resolutions at once or by each resolution
separately. Your vote has been cast when the tick appears. 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.
You may submit questions on each resolution being put to shareholders using the question process.

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For those of you who have joined us in person, those Shareholders who are entitled to vote and proxies who have
discretion as to how they vote, should have received a Voting or Proxy Form when they registered upon arrival at the
meeting. If you completed a postal vote, you don’t need to complete another Voting or Proxy form.
If you haven’t received a Voting or Proxy form, at the time of voting, please go to the Computershare desk in the foyer
where their representatives will be able to assist you. After voting, you should place your Voting or Proxy form in one
of the ballot boxes which will be passed around the room. I’ll invite you to vote after all the resolutions have been
introduced to the meeting.
I now declare voting open on all items of business. For those of you attending via the Computershare Online Meetings
platform, the resolutions will now be open in the Vote tab, please submit your votes at any time. I’ll give you a warning
before I move to close voting.
[SLIDE 4: QUESTION PROCESS]
I’d now like to quickly summarise the process for asking questions.
Online questions can be submitted at any time. If you have a question to submit during the meeting, please select the
Q&A tab on the right half of your screen anytime, as currently shown. Type your question into the field and press
send. Your question will be immediately submitted. Should you require assistance of any sort, you can type your
query and one of the Computershare team will assist using the chat function. Alternatively, you can call
Computershare on 0800-650-034.
Please note that while you can submit questions from now on, I won’t address them until the relevant time in the
meeting. Please also note that your questions may be moderated or, if we receive multiple questions on one topic,
amalgamated together.
Finally, due to time constraints and to ensure all shareholders have a chance to ask a question, I ask that you limit
yourself to asking two questions. We may run out of time to answer all your questions but, if this happens, we’ll
answer them in due course via email.
For those of you present, we’ll offer you an opportunity to ask questions on, or speak to, each resolution being put to
shareholders at the appropriate time. As I indicated there will also be an opportunity to ask questions of individual
Directors informally after the meeting.
[SLIDE 5: WELCOME AND CHAIR’S REVIEW]
[cover slide]
[SLIDE 6: WELCOME]
I’m delighted to host my first Scales ASM as Chair, following my appointment in April this year. I’m excited to have
joined Scales and look forward to contributing to the ongoing success of the Company alongside the very capable
Board and management team.

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I’d now like to introduce my fellow Directors who are in attendance, either in person or online. They are:
 Andy Borland, Managing Director
 Miranda Burdon, an Independent Director
 Nick Harris, an Independent Director
 Mark Hutton, Chair of Scales’ Nominations and Remuneration Committee, Chair of Scales’ Finance and
Treasury Committee and also an Independent Director
 Alan Isaac, Chair of Scales’ Audit and Risk Management Committee and also an Independent Director
 Nadine Tunley, Chair of the Health & Safety and Sustainability Committee and an Independent Director and
 Qi Xin, Director, who is attending online.
I’d also like to note that members of Scales’ management and staff are in attendance as well as our external auditors,
Deloitte, and our lawyers, Anthony Harper.
Before we go further, I’d like to recognise the leadership and support of Tim Goodacre. Tim was involved with Scales
for 11 years, having been appointed as a Director of Mr Apple in 2012. He joined Scales’ Board in 2014 and was
appointed as only the 9th Chair of Scales in 2017. Tim brought a wealth of knowledge and experience to the Group,
with a particular focus on Scales’ unique culture, its marketing and its branding.
I’d also like to thank Mark Hutton, who retires from the Board at the end of this meeting. Mark was elected to the
Board in 2011, was an active member of a number of the Board sub-committees and brought valued insight and
contribution from his Private Equity background.
On behalf of the Board, thank you, Tim and Mark, for your considerable contributions and support.
[SLIDE 7: CHAIR’S REVIEW]
Moving on to the Group’s 2022 performance.
We were pleased to report a strong result in 2022, driven by record results in both Global Proteins and Logistics. Whilst
Horticulture was unfortunately adversely affected by a number of factors, the overall Group financial performance
was towards the top end of the 2022 profit Guidance. Dividends of 19 cents per share were declared for the 2022
financial year, representing 98% of Underlying Net Profit Attributable to Shareholders
We believe our global investment strategy will continue to ensure that Scales meets its future business earnings
ambitions and look forward to the ongoing growth and development of the Group.
[SLIDE 8: OUR TEAMS]
Since commencing my role as Chair, I’ve noted the priority that is given to the welfare, health and safety of Scales’
team members. This was exemplified by the steps taken by the Hawke’s Bay-based businesses in the unfortunate
aftermath of Cyclone Gabrielle, and Andy will touch on this further in his address.

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It’s also important to remember that 2022 was not without its difficulties as Scales, like many other businesses, battled
adverse weather and the ongoing impacts of COVID-19. I also feel that it’s essential to reiterate the importance of
our RSE workers, who travel from overseas away from their family and communities, and whose skills and commitment
are vital to the operations of our businesses.
Accordingly, the Board would like to extend a heartfelt thank you to all our team members – their responsiveness,
innovation, collaboration and support helped deliver the financial and operating results of the Group.
Health and safety continues to be top priority for the Group and is the first item on our Board agendas. There was
also a strong focus on both physical and mental wellbeing in 2022 with facilitated workshops and one-to-one
counselling. Pleasingly there was a significant 39% reduction in Mr Apple’s Lost Time Injury rate from 2021, with this
being at its lowest since 2018.
The Group also built, partnered with or re-engaged a number of employee engagement activities to support the wide
range of staff members in our employment, and we look forward to building on these in future periods.
[SLIDE 9: GOVERNANCE]
We’re pleased to have progressed Scales’ Board succession process over the last year, with the appointment of myself
and Miranda Burdon. Miranda was welcomed to the Board in August last year, whilst I joined in April.
You’ll have the opportunity to hear directly from Miranda and myself later in the meeting, but we hope that we’ll bring
valuable experience, strong international knowledge, diverse qualifications and a diversity of thought around the
Board table.
[Pause]
I’d now like to hand you over to Andy, who’ll update you further on last year’s results and activities, as well as providing
a trading update and outlook for the Group. Following Andy’s presentation, we’ll move to the formal business of the
meeting. As always, we welcome feedback on any of the matters raised during today’s presentation or other general
matters in relation to the Group.
Address by the Managing Director: Andy Borland
[SLIDE 10: MANAGING DIRECTOR’S REVIEW]
[Cover slide]
[SLIDE 11: MANAGING DIRECTOR’S REVIEW - AGENDA]
Thanks Mike, and good afternoon, ladies and gentlemen. The current slide summarises the topics that I’ll cover in my
presentation today, which includes:
 A review of 2022
 A sustainability update
 Individual business updates
 A trading update and outlook.

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[SLIDE 12: YEAR IN REVIEW]
I’d like to start with an update on the effects of Cyclone Gabrielle, before I quickly recap some of the financial and
operational highlights of 2022.
[SLIDE 13: CYCLONE GABRIELLE - UPDATE]
First, and most importantly, following the Cyclone, we were extremely pleased that all our team members were safe
and well. It was an extremely challenging period for many people and a large number experienced significant loss or
disruption.
The Hawke’s Bay community, its people and its culture, are an integral part of Scales and, accordingly, we’re
committed to making $250,000 of donations to the recovery. We’ve also provided tailored assistance to those staff
members who were particularly affected, and will continue to support them as appropriate.
As we previously advised, 3 of our orchards (Brookfields, Kinross and Pakowhai) were extensively damaged, with the
Pilos orchard sustaining moderate damage. Luckily, our other orchards didn’t sustain any material damage.
As a result, our current indications are that the 2023 crop will be down around 25% on our initial forecast and around
12% to 15% down on last year. We also estimate that our total tree losses will be around 5% of our total planted
orchard area but, due to expiring leases, less than 50% of this will need to be replaced.
Whilst the effects of the Cyclone were extremely unfortunate, this does provide Mr Apple with the opportunity to
further increase its focus on the production and supply of Premium apples to the Asia and Middle East markets, and
to realign our orchards to these varieties and volumes.
We’ll continue to update you through the year as appropriate.
[SLIDE 14: 2022 IN NUMBERS]
Moving on to a summary of last year. This slide shows some of our financial and volumetric measurements for 2022,
a few of which I’ll go into in more detail later. One figure of note was our revenue of $619.2 million, a record level for
the Group.
[SLIDE 15: TRENDS IN GROUP FINANCIAL PERFORMANCE]
This next slide illustrates our earnings over the last 5 years, and shows strong growth in both Underlying EBITDA and
revenue.
[SLIDE 16: GROUP FINANCIAL PERFORMANCE]
Moving on to some more detail in respect of our 2022 results.
Reported NPAT attributable to shareholders was $19.4 million, with Underlying NPAT attributable to shareholders of
$27.6 million. This result was towards the top end of our earnings Guidance range.
Underlying EBITDA increased 6% compared to 2021, and revenue was up 20%. These results were primarily due to
growth in the Global Proteins division, both organically and by acquisition.

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[SLIDE 17: DIVISIONAL SUMMARY]
This next slide summarises some of the divisional highlights for 2022.
Global Proteins produced an outstanding performance, with record results for both revenue and profitability. This
was due to strong market conditions and new product development, which led to improved volumes, mix and margin
together with a contribution from Fayman following our investment in the Australian businesses.
Horticulture generated a solid result in a year where there was significant market disruption. There was a pleasing
increase in the weighted average price of Premium varieties as well as an increase in the proportion of Premium
volumes sold.
Logistics also produced an exceptional result with excellent increases in revenue and earnings, delivering record
earnings despite a testing market environment. The strategic value of the division was, once again, demonstrated
with the team ensuring product was delivered worldwide for all its customers.
[SLIDE 18: TRENDS IN DIVISIONAL UNDERLYING EBITDA]
This slide shows the movements in divisional earnings over the last 5 years, and highlights the exceptional growth in
Global Proteins over the last few years.
[SLIDE 19: BALANCE SHEET]
Moving on to our balance sheet, which continues to show a strong financial position.
The movement in capital employed mainly reflects our investment in Fayman, an increase in working capital, capex at
Mr Apple’s Whakatu packhouse and revaluation of Mr Apple’s land and buildings.
Our net cash position at 31 December decreased to $27 million, due primarily to the Fayman investments and
movements in working capital. Total cash dividends for the 2022 financial year were 98% of Underlying Net Profit
Attributable to Shareholders. From the 2023 financial year onwards, our dividend policy will revert to 50% - 75% of
Underlying Net Profit After Tax Attributable to Shareholders.
We’re pleased to report that Group Return on Capital Employed, or ROCE, continues to be above our target %.
[SLIDE 20: SUSTAINABILITY UPDATE]
The next section I’d like to cover is sustainability.
[SLIDE 21: SUSTAINABILITY STRATEGY]
Sustainability has always been important to Scales. Our business is based on production that comes from the land and
we understand that looking after our environment is critical to our long-term success. Whilst this has always been a
core value of Scales, we have only started to report on our initiatives and environmental impacts in more recent years.
We’re employing additional resources to this area and you’ll see continued improvements in our reporting going
forward. We’re pleased to report our inaugural Group-wide baseline calculations for water, carbon and soil as part of
our regenerative orchard trials.

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[SLIDE 22: SUSTAINABILITY HIGHLIGHTS]
This slide summarises the progress that we’ve made on some of our Sustainability initiatives. As ever, people are our
key focus as, without them, we wouldn’t be the business that we are. Mr Apple has built a value proposition
programme and also 2 leadership programmes to help develop our employees and leaders.
We’ve also re-engaged the Ethical Voice platform, an online survey targeted at our RSE workers, so that we can keep
informed about their overall wellbeing. We’re pleased to note that Mr Apple has consistently scored ‘excellent’ and
improved across all 2019 baselines.
Touching on a few other initiatives, we’ve:
• Completed a decarbonisation road-map, outlining key initiatives, capex and reduction targets
• Supported New Zealand Apple & Pears Smart and Sustainable programme to investigate the minimisation of
sprays
• Set Group-wide climate scenarios and
• Established sustainability committees across our divisions.
We cover this, and more, in additional detail in the Sustainability section of our Annual Report, which I encourage you
to read.
[SLIDE 23: OUR PEOPLE]
A quick summary of some of our workplace statistics – although I’d like to point out that we never treat our staff as
just numbers. We’re proud of the culture that we strive to maintain, are eager to develop talent and seek to embrace
inclusiveness in every aspect of our business.
[SLIDE 24: BUSINESS UPDATE]
Moving on to an update of our divisional businesses, starting with Global Proteins.
[SLIDE 25: GLOBAL PROTEINS – PERFORMANCE]
The division generated an exceptional performance for the year – revenue increased 46% with Underlying EBITDA
increasing 80%. The increase in profitability was due to a number of factors, as summarised on screen, including:
• Operational efficiencies
• New product development
• A strong leadership team with long term customer relationships
• Changes in product, customer and market mix and
• Profit contribution from Fayman.
Volumes increased 6%, from around 149,000MT to around 159,000MT. Given the primarily edible nature of its
product, we haven’t incorporated Fayman’s volumes into the volume of petfood sold by Meateor and Shelby.
However, over 9,000MT of product was sold by Fayman during November and December.

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[SLIDE 26: GLOBAL PROTEINS – WHAT WE LIKE ABOUT THE GLOBAL PROTEINS INDUSTRY]
I’d now like to touch on the future of the Global Proteins division, as we’re very optimistic about its prospects.
We’ve summarised the attributes of the division on the current slide, which includes resiliency against market cycles
as well as above-average returns on investment. The worldwide nature of the opportunities also allows us to leverage
our existing networks, with our current focus being towards North America.
The industry is supported by many macro tailwinds including the global growth of the middle class and its associated
demand for protein. We see no abatement in the demand for protein for the foreseeable future.
Our petfood customers are also particularly optimistic about the future, and are investing substantial sums to meet
future demand.
Supply chains and sourcing of raw materials have been identified as the biggest future production challenges for
petfood manufacturers. Meateor and Shelby have a very experienced and well-connected leadership team and have
developed deep relationships with customers over 25 years, which gives us confidence we will participate alongside
our customers in this growth.
[SLIDE 27: GLOBAL AMBITIONS]
As a result of the opportunities I’ve just described, we have global ambitions for the division.
As shown on this slide, we already have significant operations in New Zealand, Australia and North America. North
America is the world’s largest petfood market, with Europe being the second largest. As many of our existing customers
operate in Europe, we’re continually looking for ways to extend our operations there. As a result, discussions regarding
potential opportunities are currently taking place.
[SLIDE 28: OUR EXPANSION MODEL]
The structure that we have in place today is a result of careful planning. We specifically target existing in-market
players with strong existing relationships and find a way to partner with them. We’ll continue to adopt this strategy
for growth.
Once we’ve invested, we’ll leverage our existing experience and relationships to achieve win-win synergies and growth
across the expanded Group. Our current investment parameters will ensure that potential opportunities have strong
earnings and cashflows, which allow a significant portion to flow to the parent company.
[SLIDE 29: HORTICULTURE – PERFORMANCE]
Moving onto the Horticulture division.
2022 was a difficult year for Horticulture with a number of challenges presented to the business as mentioned earlier.
Notwithstanding this, the division produced a solid result – revenue was only down 6% on 2021, with Underlying
EBITDA of around $17 million.

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We saw pleasing growth in some of our Premium volumes, including Dazzle
TM
and Prince
TM
. Our overall crop of 3.3
million cartons was 9% down on 2021, consistent with industry performance.
Good progress was made on our strategic objectives to develop volumes of higher-value Premium varieties and
increase our market penetration into Asia; the proportion of Premium apples increased over 2021, as did the
percentage of sales to Asia & Middle East. In addition, many Premium prices were in line with, or slightly above, 2021.
As mentioned earlier, our intention is to continue to focus on the premiumisation of our orchards, and build demand
for our Premium varieties in the Asia and Middle East markets.
[SLIDE 30: LOGISTICS – PERFORMANCE AND UPDATE]
Last, but certainly not least, is Logistics.
The Logistics division produced an outstanding full year result despite continued global supply chain sector difficulties,
with a 51% increase in revenue and a 33% increase in Underlying EBITDA.
Whilst there was a 9% decrease in ocean freight volumes managed, airfreight volumes increased by 52%. Once again,
the skill and expertise of the Logistics team has been in evidence in 2022, and we believe this is a key advantage for
Scales’ internal divisions as well as Logistics’ external freight customers.
[SLIDE 31: OUTLOOK]
Moving on to the outlook for the current year.
[SLIDE 32: 2023 OUTLOOK]
Due to the impacts of Cyclone Gabrielle, we revised our earnings Guidance in early April. Underlying NPAT Attributable
to Shareholders is now expected to be in the range $14 million to $19 million, compared to our original Guidance of
$23.5 million to $28.5 million.
Global Proteins has commenced the year well, with Shelby trading in line with 2022. The construction of the Meateor
Australia processing facility is on track to be commissioned during 2023, albeit slightly later than initially anticipated,
with some potential disruption to earnings anticipated in the second half of the year, rather than the first half as
initially advised, as we transition processing to this facility.
As you can imagine, it was a difficult start to the year for Horticulture as a result of Cyclone Gabrielle. The Horticulture
team once again showed its resilience, re-commencing picking and packing operations as soon as it was safe to do so.
Prudent management of our capital resources continues to be of high importance and, as previously mentioned, our
dividend policy will revert to 50% - 75% of Underlying Net Profit After Tax Attributable to Shareholders from FY23
onwards.
[SLIDE 33: TRADING UPDATE]
Moving on to a trading update for each of the divisions.

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As mentioned, Global Proteins has started the year well and continues to take advantage of the strong and growing
global petfood market. We’re also continuing to investigate opportunities to develop our investments, through
Fayman, in the edible proteins by-product market.
The harvest is complete with total pick of around 3.9m TCEs. We anticipate that the packout rate will be lower than
average this year due to storm-related damage, resulting in an export crop that is currently estimated to be between
12% and 15% down on 2022. Early pricing indications are in line with forecast and, with a shortage of apples due to
the Cyclone, we’re cautiously optimistic for the second half of 2023.
Logistics has also had a positive start to the year and continues to provide invaluable support to its customers.
[Pause]
And that concludes my presentation.
We’ll answer questions following the resolutions but, in the meantime, I’ll pass back to Mike to cover the formal part
of today’s meeting.
Address by the Chair: Mike Petersen
[SLIDE 34: ORDINARY RESOLUTIONS]
Thanks, Andy.
We’ll now move to the business of the meeting. All items of business are ordinary resolutions and are required to be
passed by a simple majority of votes.
Current best practice for Shareholder voting is by way of poll. Accordingly, a poll will be held for each of the
resolutions.
I and my fellow directors hold the following undirected proxies:
 With respect to Resolution 1, authorisation for the Directors to fix the auditor’s remuneration for the coming
year: 467,123 shares
 With respect to Resolution 2, re-election of Nick Harris as Non-Executive Independent Director: 476,446 shares
 With respect to Resolution 3, election of Miranda Burdon as Non-Executive Independent Director: 474,736
shares
 With respect to Resolution 4, election of myself, Mike Petersen, as Non-Executive Independent Director:
474,736 shares
Your Board supports these resolutions and we intend to vote all these shares in favour of these resolutions.

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[SLIDE 35: RESOLUTION 1]
I’ll now move onto each of the resolutions.
Resolution 1 relates to the remuneration of auditors. This proposed ordinary resolution is to authorise the Directors
to fix the auditor’s remuneration for the coming year. In accordance with the Companies Act, Deloitte has
automatically been reappointed as Scales’ auditor. As is usual with audit fees, due to the complexity and changing
nature of the company’s affairs, it is not possible to fix the remuneration at the beginning of the year.
I now move, as an ordinary resolution, that the Board is authorised to fix the auditor’s remuneration for the coming
year.
Are there any questions on this resolution?
[Q&A discussion on resolution 1, if any]
Thank you. We’ll now move to the next resolution.
[SLIDE 36: RESOLUTION 2]
Resolutions 2 relates to the re-election of a Director. The NZX Listing Rules state that Directors must not hold office
(without re-election) past the third annual meeting following the Director’s appointment, or 3 years, whichever is
longer. Accordingly, Nick Harris is required to retire at this meeting.
Nick was first appointed to the Board in 2014 and a brief biography for him was included in the Notice of Meeting.
Nick, being eligible, offers himself for re-election, and the Board unanimously supports his re-election and
recommends that shareholders vote in favour of Resolution 2.
I now invite Nick to briefly address the meeting on his proposed re-election.
Over to you Nick.
[Personal remarks from Nick]
Thanks Nick.
I now move, as an ordinary resolution, having retired by rotation, that Nick Harris be re-elected as a Non-Executive
Independent Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 2, if any]
Thank you. We’ll now move to the next resolution.

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[SLIDE 37: RESOLUTION 3]
Resolutions 3 and 4 relate to the election of Directors appointed since the last Annual Meeting. The NZX Listing Rules
state Directors appointed by the Board must not hold office (without re-election) past the next annual meeting
following the Director’s appointment.
Resolution 3 relates to the re-election of Miranda Burdon.
Miranda was appointed to the Board in August 2022 and a brief biography for her was included in the Notice of
Meeting.
Miranda, being eligible, offers herself for re-election, and the Board unanimously supports her re-election and
recommends that shareholders vote in favour of Resolution 3.
I now invite Miranda to briefly address the meeting on her proposed re-election.
Over to you Miranda.
[Personal remarks from Miranda]
Thanks Miranda.
I now move, as an ordinary resolution, having retired by rotation, that Miranda Burdon be re-elected as a Non-
Executive Independent Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 3, if any]
Thank you. We’ll now move to the next resolution, which I’ll ask Alan Isaac to introduce.
[SLIDE 38: RESOLUTION 4]
Address by Alan Isaac
Thanks Mike.
Resolution 4 relates to the election of Mike Petersen.
Mike was appointed to the Board in April this year and a brief biography for him was included in the Notice of Meeting.
Mike, being eligible, offers himself for re-election, and the Board unanimously supports his re-election and
recommends that shareholders vote in favour of Resolution 4.
I now invite Mike to briefly address the meeting on his proposed re-election.
Over to you Mike.
[Personal remarks from Mike]
Thanks Mike.

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I now move, as an ordinary resolution, having retired by rotation, that Mike Petersen be re-elected as Independent
Non-Executive Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 4, if any]
Thank you.
I’ll now pass you back to Mike.
Address by the Chair: Mike Petersen
Thanks Alan. We’ll now move to finalise the voting and will answer general questions.
[SLIDE 39: VOTING & QUESTIONS]
Once all the votes have been cast, they will be counted by the Company’s share registrar, Computershare, and
scrutinised by the Company’s auditor. The results of today’s meeting will be released to the NZX on the completion
of verification of voting.
If you have not already done so, please cast your votes now, and give your voting forms to Computershare, while we
take questions.
[SLIDE 40: QUESTION PROCESS – REMINDER]
If there are any questions on the financial results, the business update or any other matters you would like to raise,
for those online, please do so through the Computershare Online Meetings platform. A reminder of the process is
shown on screen.
For those of you present, I’ll open the floor to any questions. I want to remind everyone that if we run out of time to
answer all question now, we will respond to any additional questions in writing following the meeting.
[Q&A from shareholders present, if any]
Are there any questions from those online?
[Q&A from shareholders online, if any][After the Q&A process]
[SLIDE 41: COVER SLIDE]
Ladies and gentlemen that concludes our discussion on the items of business.
Shortly I’ll close the voting system. Please ensure that you have cast your vote on all resolutions. I’ll now pause to
allow you time to finalise those votes.
[wait for 60 seconds]
Voting is now closed.
The results of all votes will be released to the NZX later today.

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Ladies and gentlemen, there does not appear to be any further business for discussion, so that brings us to the end of
formal business for Scales Corporation’s 2023 Annual Shareholders’ Meeting. I would like to thank you all for taking
the time to connect with us today, be it online or in person.
I now declare the meeting closed. I invite those present to stay on for light refreshments and the opportunity to have
informal discussions with Directors. Thank you.
[ENDS]

---

SCALES CORPORATION LIMITED
Bringing Nutrition to the World
7 June 2023
2023 Annual Shareholders’ Meeting

2
Scales –2023 Annual Shareholders’ Meeting
1.Welcome and Chair’s Review
2.Managing Director’s Review
a)Year in Review
b)Sustainability Update
c)Business Update
d)Outlook
3.Ordinary Resolutions
4.Voting and Questions

3
Scales –2023 Annual Shareholders’ Meeting
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Shareholder and proxyholder voting

4
Scales –2023 Annual Shareholders’ Meeting
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1. Welcome and Chair’s Review

6
Scales –2023 Annual Shareholders’ Meeting
•Welcome to all shareholders and stakeholders, both in person and online
•Delighted to host my first Scales ASM as Chair following my appointment at the end of April
•Would like to recognise the leadership and support of Tim Goodacre:
•Appointed as Director of Mr Apple in 2012, joined Scales’ Board in 2014 and appointed as only the 9
th
Chair
of Scales in 2017
•Brought wealth of knowledge and experience from over 40 years of involvement in agribusiness
•Particular focus on the unique culture of the Scales teams as well as branding and development
•Also like to acknowledge the contribution of Mark Hutton, who retires from the Board at the end of
this ASM:
•Elected to the Board in 2011
•Chair of Scales’ Nominations and Remuneration Committee, Chair of Scales’ Finance and Treasury
Committee and a member of Scales’ Audit and Risk Management Committee
•Brought valued insight and contribution from his Private Equity background
•Thanks to both Tim and Mark for their generous time and unwavering support over the years
Tim Goodacre
Mark Hutton

7
Scales –2023 Annual Shareholders’ Meeting
✓Employees continue to be top priority, with several employee engagement platforms and activities developed or re-engaged
✓Further outperformance from Global Proteins complemented by strategic investments made in Australia
✓Solid results from Horticulture despite adverse market impacts
✓Excellent Logistics performance, continuing its growth trajectory and providing vital support to both internal and external customers
✓Financial performance was towards the top end of 2022 Guidance, dividends of 19.0 cents per share declared
✓Believe our global investment strategy will continue to ensure that Scales meets its future business earnings ambitions
Strong 2022 Group performance driven by record Global Proteins and Logistics results

8
Scales –2023 Annual Shareholders’ Meeting
•We would like to recognise the responsiveness, innovation, collaboration and support from our teams
throughout 2022 and the start of 2023
•We would also like to reiterate the importance of our RSEworkers within our teams, whose remarkable
skills and commitment play a vital part in the operations of our businesses
•Our health and safety culture is at the heart of our everyday operations:
•Strong focus on wellbeing, including preventative and recovery measures, and mental fitness through facilitated
workshops and one-to-one counselling
•Reduction in Mr Apple’s Lost Time Injury rate by 39% from the prior year, at its lowest since 2018
•Employee engagement activities enhanced:
•Employee Value Proposition built and communicated at Mr Apple
•Partnered with Māori Wardens and Land Based Training to provide pre-employment training and pastoral care
•Built 2 leadership programmes
•Re-engaged our 'Ethical Voice' worker wellbeing platform, an independent online survey aimed at assessing our
employees’ wellbeing and working environment, which has consistently generated scores in the ‘excellent’ range
Indebted to our teams for their efforts

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Scales –2023 Annual Shareholders’ Meeting
•Initial phase of programme completed with the appointment of 2 new Directors to replace the retiring
Tim Goodacre and Mark Hutton
•Miranda Burdon appointed as Independent Non-Executive Director:
▪Effective 31 August 2022
▪Brings extensive commercial experience focused on marketing and brand management
•Mike Petersen appointed as Independent Non-Executive Director and Chair:
▪Effective 28 April 2023
▪Brings a strong farming and agribusiness background together with strategic planning skills
•Miranda and Mike add valuable experience, strong international knowledge, diverse qualifications and
a diversity of thought around the Board table
Progress on the Board refreshment and succession programme

2. Managing Director’s Review

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Scales –2023 Annual Shareholders’ Meeting
a)Year in Review
b)Sustainability Update
c)Business Update
d)Outlook

a) Year in Review

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Scales –2023 Annual Shareholders’ Meeting
Many people experienced significant loss or disruption as a result of this event.
The Hawke’s Bay community, its people and its culture, are an integral part of Scales.
•Commitment of $250,000 in donations to the recovery
•Tailored assistance provided to staff members who were particularly affected
A significant amount of work continues to go into the clean-up and remediation of our
affected orchards –we are indebted to our teams for this effort. We also appreciate the
cyclone recovery funding provided by the government to assist in this work.
•3 orchards extensively damaged (Brookfields, Kinross and Pakowhai)
•1 orchard moderately affected (Pilos)
•No significant damage to the remaining orchards
•Indications are the 2023 export crop will be down ~25% on our initial forecast and
~12% to 15% on last year
•Estimated total tree losses of ~5% of our total planted orchard area
•Due to expiring leases, less than 50% of this will need to be replaced
•Opportunity to further increase our focus on supply of Premium apples to the Asia and
Middle East markets and thus realign varieties and volumes to this strategy
Extensively damaged
Moderately damaged
No significant damage

14
Scales –2023 Annual Shareholders’ Meeting
2
Leadership programmes
custom built
* Includes 100% of volumes from Meateor NZ; i.e. total volumes controlled directly and indirectly by the Meateor Group. Excludes protein volumessold by Fayman.
** Mr Apple, outside growers and Fern Ridge Fresh
First
Group-wide carbon
footprint completed
4,580,000
TCEs of apples exported
**
(2021: 4,983,000)
3,324,000
TCEs of own-grown
apples exported
(2021: 3,651,000)
27,580 TEUs
of ocean freight managed
(2021: 30,313 TEUs)
$27.0m
net cash
(2021: $82.1m)
19.0 cents
dividends declared per
share in respect of FY22
158,595 MT
petfood ingredients sold
*
(2021: 149,207 MT)
13.5%
ROCE
(2021: 13.8%)
5.7mlitres
of juice sold
(2021: 6.5m litres)
$619.2m
record revenue
(2021: $514.6m)

15
Scales –2023 Annual Shareholders’ Meeting
Underlying EBITDA
Underlying NPAT
Attributable to Shareholders
Revenue
Historic results are unadjusted for businesses that have been sold or acquired. 2018 results have not been restated for the effects of NZ IFRS 16 Leases.

16
Scales –2023 Annual Shareholders’ Meeting
Excellent results, particularly from Global Proteins and Logistics
•Reported NPATAttributable to Shareholders of $19.4m, down 28% (2021: $26.9m)
•Underlying NPATAttributable to Shareholders of $27.6m, down 7% (2021: $29.8m)
•Underlying EBITDA of $77.9m, up 6% (2021: $73.8m)
•Revenue of $619.2m, up 20% (2021: $514.6m)

17
Scales –2023 Annual Shareholders’ Meeting
Global•Another outstanding performance, with record results for both revenue and profitability
Proteins•Strong market conditions and new product development led to improved volumes, mix and margin
•Contribution from Faymanfollowing investment
Horticulture•A solid result in a year with significant market disruption
•Earnings affected by a number of factors including lockdowns in China, lower volumes, higher shipping costs
and labour availability difficulties
•Increase in weighted average price of Premium varieties as well as an increase in the proportion of Premium
volumes sold
Logistics•Excellent increase in revenue and earnings, delivering record earnings despite a testing market environment
•The expertise of the team once again proved the division’s strategic value, with worldwide delivery of product for
both internal and external customers

18
Scales –2023 Annual Shareholders’ Meeting
Due to the change in strategic focus of Global Proteins, Profruitearnings have been reclassified to Horticulture
2018 results have not been restated for the effects of NZ IFRS 16 Leases.
Global ProteinsLogisticsHorticulture

19
Scales –2023 Annual Shareholders’ Meeting
Strong financial position
•Movement in capital employed
*
primarily reflects:
◦Our investment in Fayman
◦An increase in working capital due to an unseasonal increase in Horticulture receivables
as a result of market turbulence and a growth in inventory within Global Proteins
consistent with its revenue growth
◦Investment in Mr Apple’s Whakatupackhouse automation project
◦Revaluation of Mr Apple’s land and buildings
•Movement in Net Cash primarily relates to:
◦Investment in Fayman
◦Movements in working capital
•Total cash dividends for FY22of 19.0 cents per share represented 98% of
Underlying Net Profit Attributable to Shareholders:
◦Our dividend policy will revert to 50% -75% of Underlying Net Profit After Tax Attributable
to Shareholders from FY23
•Group Return on Capital Employed (ROCE) of 13.5% continues to be above our
target ROCE of 12.5%
Net Cash Reconciliation ($m)

b. Sustainability Update

21
Scales –2023 Annual Shareholders’ Meeting
Update on our Sustainability strategy
Business delivery
StrategyCurrent assessmentFocus areas
Future operating
environment
Horizon scans
Refine materiality
and risks areas
Baseline
measurement
Pathway analysis
Review goals
Business objective
and project setting
•Horizon scan
workshops
completed,
including climate
scenarios for Mr
Apple
•Global Proteins and
Logistics
workshops to follow
in 2023
•Reviewed materiality
to focus on key areas
of impact
•Updated Mr Apple’s
sustainability risk and
opportunities register
•Completed Scales’
first water, carbon and
soil baselines for our
regenerative trials
•6 point action plan
developed for Mr
Apple, which will form
the basis of its
sustainability strategy
in 2023
•Expect to complete
action plans for Global
Proteins and Logistics
following their
workshops
•Goals and metrics to
be reviewed once
previous steps
completed

22
Scales –2023 Annual Shareholders’ Meeting
Excellent progress made on our Sustainability initiatives
PEOPLE
•Built and communicated our Employee Value Proposition (EVP) to key stakeholders
•Custom built two leadership programmes that are currently being rolled out: Leading through Others (Senior Managers)and Emerging
Leaders (Assistant Managers/Team Leaders/Site Managers)
•Re-engaged the ‘Ethical Voice’ worker wellbeing online survey platform targeted at our RSEworkers. Mr Apple consistently scored
‘excellent’
*
and improved our scores across all themes surveyed
ENVIRONMENT
•Completed Scales’ first Group-wide water footprint, which will form the baseline for our water strategy
•Completing Scales’ first Group-wide carbon footprint
•Delivered a group wide decarbonisation road-map, outlining key initiatives, capex and reduction targets
MARKETPLACE
•Supported the establishment of New Zealand Apple & Pears’ Smart and Sustainable programme, a 7 year programme to investigate the
minimisation of sprays whilst continuing to ensure world leading market access for our apples
•Aligned with the above, Mr Apple completed a baseline assessment for its regenerative program. We note that this orchard has been
impacted by Cyclone Gabrielle
CORPORATE
•Reviewed our materiality domains to focus on key areas of impact
•Set Group-wide climate scenarios
•Established sustainability committees across our divisions, and are working through our climate scenarios as part of our strategy refresh
* Scores over 75% are rated as excellent

23
Scales –2023 Annual Shareholders’ Meeting
>600
permanent staff members
28%
female senior leadership /
management staff
46 years
longest serving employee
~1,450
RSEworkers
>30
operational sites
37%
permanent female staff
Scales wide

c. Business Update

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Scales –2023 Annual Shareholders’ Meeting
Significant growth as a result of strategic investments and ongoing petfood market demand
•46% increase in revenue
•80% increase in Underlying EBITDA
•Increased profitability reflects:
◦Improvements in operational efficiencies at processing sites following development and investment
◦Impact of new product development returning higher margins
◦Leadership team with long term customer relationships, enabling expansion of geographic reach
and product range
◦Changes in mix, including product, customer and market
◦Contribution from Faymansince completion (equity-accounted)
•6% increase in petfood ingredients volumes sold
◦Excludes volumes sold by Fayman
Petfood Ingredients -Volumes Sold (MT 000s)

26
Scales –2023 Annual Shareholders’ Meeting
15.3%
19.4%
Scales’ Global Proteins division is being developed to benefit from the following attractive attributes
•Resiliency to market cycles –we believe that petfood and edible by-product proteins are well
insulated against changes in the macroeconomic environment
•Above average returns on invested capital
•Ability to leverage our existing strong networks in Australasia, Asia and North America and the
opportunity to do so within Europe
•Alignment to long-term themes:
◦Growing protein consumption driven principally by economic and socio-economic trends
◦Forecast protein supply ‘gap’ with demand growth outpacing supply
•There is continued expansion of the petfood and edible protein by-product markets:
◦E.g. in 2H22, USA petfood manufacturers announced over US$2.4bin facility expansions and investments
1
•Supply chain and sourcing of raw materials have been identified as the biggest future production
challenges for petfood manufacturers
2
. As such, they are developing strategic supply relationships
with key protein suppliers such as Meateor and Shelby
Value of Global Petfood Market (US$b)
Asia forecast meat consumption (mill T)
$-
$20
$40
$60
$80
$100
$120
$140
20202021202220232024202520262027202820292030
US$b
4.6% CAGR
1.https://www.petfoodprocessing.net/articles/16526-pet-nutrition-demand-fuels-more-than-2-billion-in-facility-investments
2.https://digital.petfoodprocessing.net/sosland/pfp/pet-food-processing-december-2022/index.php#/p/12

27
Scales –2023 Annual Shareholders’ Meeting
North America
Name Shelby
Ownership60%
ActivitiesPetfood ingredients
Processing sites4
Key Species Beef, pork
HighlightsSupply relationships cultivated over multi-decade, intergenerational networks.
Our network of processing sites, which are located in close proximity to key
suppliers, or inside abattoirs, together with the supply of collection equipment
optimises returns for key suppliers to entrench relationships
Global
Proteins:
operations
by region
•The European petfood market is the world’s second
largest petfood market with sales of €21.2b in 2022
•With many of our existing core customers operating
in the European market, we have strong aspirations
to extend our petfood operations into the European
market
•We are in active discussions to establish a presence
in the European market
We have global aspirations for our Global Proteins division
Name MeateorNZ
Ownership50%
ActivitiesPetfood ingredients
Processing sites2
Key Species Lamb, beef, mutton, venison
HighlightsSupply certainty through investment
partnership with the world’s largest
lamb processor
Name FaymanInternational / Meateor
Australia
Ownership50% / 33%
ActivitiesEdible proteins and petfood
ingredients
Processing sites1 (est. 2Q 2023)
Key Species Lamb, beef, pork, salmon
HighlightsPartnering with multi-generational
established business with extensive
relationships across the market
New ZealandAustralia
Europe

28
Scales –2023 Annual Shareholders’ Meeting
•Future investment will be prioritised towards Global Proteins given its strong growth prospects and
above average return on investment
•When entering a new market, we use partnership models with existing industry players who have
strong relationships to secure raw material supply and who have networks with end-buyers:
◦Our investments will include an ability to increase our stake over time
•We will seek to achieve synergies across:
◦Sales & marketing including optimisation of customer networks
◦Use of our processing and market experience to develop new products, source new species and improve
production efficiencies
◦Leveraging supply chain experience to reduce costs and improve performance across the group
◦Supplementing existing teams with new capability and talent, supported by our governance and oversight
•Investment targets and objectives will include:
◦Scales’ share of reported earnings should equate to cashflow, of which a significant portion should flow up to
the parent
Local partnerships –
access to supply, new
sales channels
Scales’ market
knowledge, processing
and supply chain
expertise and core
customer base
Expansion
model
Our gameplan

29
Scales –2023 Annual Shareholders’ Meeting
Solid result in a year with severe market disruption
•Revenue of $228.9m
•Underlying EBITDA of $17.0m
•Slight decrease in Mr Apple total own-grown export volumes
•Earnings and volumes impacted by lockdowns, lower volumes, higher shipping costs and labour
availability
•Good progress made on strategic objectives to develop volumes of higher-value Premium varieties
and increase market penetration into Asia:
◦Proportion of Premium apples increased to 66% (2021: 65%)
◦Asia & Middle East sales volumes 75% (2021: 71%)
•Many Premium prices in line with or slightly above the prior year, confirming our strategy of
investing in Premium varieties:
◦Overall pricing slightly below 2021
◦Traditional prices impacted by lockdown policies, higher domestic crops, oversupply of fruit due to the
Ukraine war and challenged domestic economies
•Focus for 2023 is to continue to build demand of Premium varieties, such as Posy
TM
and Dazzle
TM
Mr Apple Own Export Volumes (TCE 000s)
Movement in Premium Volumes (TCE 000s)

30
Scales –2023 Annual Shareholders’ Meeting
Strategic value of division accompanied by strong growth
•51% increase in revenue:
◦Principally as a result of changes in market freight costs
•33% increase in Underlying EBITDA
•Over 50% increase in airfreight volumes offset a minor decline in ocean freight volumes
(in part due to lower horticultural production)
•Scales Logistics’ ability to navigate complex supply-chain disruptions and ensure
timely delivery of perishable products to customers remains a key advantage for
Scales’ Horticulture and Global Proteins divisions as well as its external freight
customers

d. Outlook

32
Scales –2023 Annual Shareholders’ Meeting
Groupupdate
•Due to the wide ranging impacts of Cyclone Gabrielle on Hawke’s Bay:
◦Underlying NPATAttributable to Shareholders Guidance lowered in early April to a range of $14mto $19mfrom original Guidance of $23.5mto $28.5m
•Global Proteins has commenced the year well:
◦Shelby trading in line with 2022
◦Meateor Australia processing facility on track to be commissioned during 2023, albeit slightly later than initially anticipated
◦Some disruption to earnings may be encountered in the second half of the year, rather than the first half as initially advised, whilst processing is transitioned to
Meateor Australia
•Difficult start to the year for Horticulture with the impact of Cyclone Gabrielle:
◦As a result of the resilience of the team, picking and packing operations re-commenced as soon as it was safe to do so
◦Currently anticipated that orchard replanting costs resulting from the cyclone will not be higher than the average annual replanting costs for the past 5 years
•We will continue to maintain prudent capital management
•Whilst Scales, like all businesses, faces some headwinds, we anticipate a positive outlook for the Group based upon the strengthof our diversified
portfolio and the abilities of our leadership and management team to execute the Group’s strategies
•As previously mentioned, our dividend policy will revert to 50% -75% of Underlying Net Profit After Tax Attributable to Shareholders from FY23

33
Scales –2023 Annual Shareholders’ Meeting
Global Proteins
•Taking advantage of the opportunities in the strong and growing global petfood market
•Investigating opportunities to develop our investments, through Fayman, in the edible
proteins by-product market
Horticulture
•Harvest completed with total pick of ~3.9mTCEs,
◦New Zealand national crop forecast down by ~23% from January estimate
•Export packout rate of picked fruit expected to be lower than average due to storm-related
damage
•Initial pricing indications are in line with forecast:
◦Cautiously optimistic for 2H23as a result of a shortage of apples due to the Cyclone
Logistics
•Continuing to support customers in the on-time and in-full delivery of product
Mr Apple Pick and Packout

3. Ordinary Resolutions

35
Scales –2023 Annual Shareholders’ Meeting
That the Board is authorised to fix the auditor’s remuneration for the coming year

36
Scales –2023 Annual Shareholders’ Meeting
Having retired by rotation, that Nick Harris be re-elected as a Non-Executive Independent Director
•Nick’s current external roles include:
◦Managing Director of Harris Farms
◦Managing Director of Glenturret Farm
◦Shareholder and Director of a number of other private companies

37
Scales –2023 Annual Shareholders’ Meeting
Having been appointed during the year by the Board and holding office only until the Annual Meeting, that Miranda
Burdon be elected as a Non-Executive Independent Director
•Miranda’s current external roles include:
◦Chair of Meadow Mushrooms
◦Chair of Emerging Proteins NZ
◦Chair of Live Ocean
◦Co-founder of Food Nation

38
Scales –2023 Annual Shareholders’ Meeting
Having been appointed during the year by the Board and holding office only until the Annual Meeting, that Mike
Petersen be elected as a Non-Executive Independent Director
•Mike’s current external roles include:
◦Director of ANZCOFoods
◦Director of Kelso Genetics Limited
◦Chair of Nui Markets Limited
◦Advisory roles with a number of other private companies

4. Voting and Questions

40
Scales –2023 Annual Shareholders’ Meeting
•Written Questions:
•If you have a question to submit during the meeting, please select the
‘Q&A’ tab on the right half of your screen at anytime
•Type your question into the field and press send
•Your question will be immediately submitted
•Help:
•The Q&A tab can also be used for immediate help
•If you need assistance, please submit your query in the same manner
as typing a question and a Computershare representative will
respond to you directly
Shareholder and proxyholder Q&A participation

Scales Corporation Limited
2023 Annual Shareholders’ Meeting

42
Scales –2023 Annual Shareholders’ Meeting
Theinformation in this presentation has been prepared by Scales Corporation Limited with due care and attention. However, neither Scales Corporation Limited nor any of its directors, employees,
shareholders nor any other person shall have any liability whatsoever to any person for any loss (including, without limitation,arising from any fault or negligence) arising from this presentation or
any information supplied in connection with it.
This presentation supplements our full year results announcement. It should be read subject to and in conjunction with the additional information in that release, and other material which we have
released to the NZX.
This presentation may contain projections or forward-looking statements regarding a variety of items. Such projections or forward-looking statements are based on current expectations, estimates
and assumptions and are subject to a number of risks, uncertainties and assumptions. There is no assurance that results contemplated in any projections and forward-looking statements in this
presentation will be realised. Actual results may differ materially from those projected in this presentation. No person is under any obligation to update this presentation at any time after its release
to you or to provide you with further information about Scales Corporation Limited.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial measures used in
this presentation include:
•EBITDA. We calculate EBITDA by adding back (or deducting) depreciation, amortisation, finance charges / (revenue), and taxation expense to net earnings / (loss) from continuing operations
•EBIT. We calculate EBIT by adding back (or deducting) finance charges / (revenue), and taxation expense to net earnings / (loss)from continuing operations
•Underlying EBITDA and EBIT are calculated by adding back (or deducting) certain non cash NZ IFRS and other adjustments
•Underlying Net Profit is calculated by adding back or (or deducting) the after-tax effect of certain non cash NZ IFRS and other adjustments
A full reconciliation of Underlying to reported measures is provided in our Annual Report.
We believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding of our financial performance, financial position or returns, but that they
should not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled
amounts reported by other companies.
Forward-looking statements are subject to any material adverse events, significant one-off expenses or other unforeseeable circumstances.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing in this presentation constitutes
legal, financial, tax or other advice.