ASM Meeting Materials

A N N U A L S H A R E H O L D E R SME E T I N G
14J U N E2 0 23

DISCLAIMER
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The information in this presentation has been prepared by New Zealand King Salmon Investments Limited with due care and attention. However, to the maximum extent permitted by law, neither
New Zealand King Salmon Investments Limited nor any of its directors, employees, shareholders nor any other person shall haveany 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 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 and any forward-looking statements are subject to material adverse events, significant one-off expenses or other unforeseeable circumstances. As such, 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 New Zealand King Salmon Investments 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 expense / (income), and taxation expense to net earnings
•EBIT. We calculate EBIT by adding back (or deducting) finance expense / (income), and taxation expense to net earnings
•Pro-forma Operating EBITDA refers to earnings before interest, tax, depreciation and amortisation after allowing for pro-forma adjustments as described in the Appendix to this document
We believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding of our financial performance, financial position and returns. They should
not, however, 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.
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. An investor should, before making any investment decisions, consider the appropriateness of the information in this presentation, and seek professional advice,
having regard to the investor’s objectives, financial situation and needs.
This presentation is solely for use of the party to whom it is provided.

F Y 23ANNUALS HARE HOL DE RSME E T I NG
3
John Ryder
IndependentChair
Graeme Tregidga
Acting - CEO
WELCOME

AGENDA
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•Chairupdate
•CEOaddress
•Questions
•Ordinarybusinessandresolutions
•Voting

CHAIRUPDATE
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•FY23results overview
•Blue Endeavour
•Outlook

CEO’SADDRESS
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•FY23Overview
•Sustainability
•Businessupdate
•Outlook
•FutureFarming

F Y 2 3 O V E R V I E W
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01

FINANCIALSUMMARY
8
1
Referto the appendices forfullreconciliationbetweenGAAPandPro-Forma results
$6..76
•Revenueis down on prior period due to a reduction in available harvest post the summer mortality event (Q4FY22 and Q1FY23) this was partially offset by improvements in pricing
and product mix.
•Cost of goods benefitted from a decrease in harvest volume on a total basis however this benefit was partially offset by the rising cost ofraw materials (Feed, labour etc) and scale
inefficiencies cause by fixed or semi-variable costs.
•MortalityThe increase in mortality on 1HY23 reflects the previous summers mortality event which started at the end of FY22 and carriedon into 1HY23. Current summer mortality is
significantly down from prior year.
•Freight is favourable due to a reduction in available harvest post the summer mortality event, on a kg basis freight has improved slightly however still sits well above pre covid levels.
•There have been no early close outs of in the money FX contractsin FY23
F Y 23ANNUALS HARE HOL DE RSME E T I NG

F Y 23ANNUALS HARE HOL DE RSME E T I NG
FACTS& FIGURES
$167
FY23
REVENUE OF
MILLION
6,014
METRIC TONNES
HARVESTED
DURING FY23
41%
GEOGRAPHIC SPREAD
OF REVENUE
3%
37%
10%
EUROPE
5%
4%
NORTH
AMERICA
ASIA EX JAPAN
JAPAN
NEW
ZEALAND
AUSTRALIA
9
11.3
18.0
(7.1)
(73.2)
1.9
(80.0)
(60.0)
(40.0)
(20.0)
-
20.0
40.0
FY19FY20FY21FY22FY23
(Jun)(Jun)(7 months -
Jan)
(Jan)(Jan)
FY19 - FY23 GAAP NPAT
25.2
25.1
10.0
6.7
(4.4)
(10.0)
(5.0)
-
5.0
10.0
15.0
20.0
25.0
30.0
FY19FY20FY21FY22FY23
(Jun)(Jun)(7 months -
Jan)
(Jan)(Jan)
FY19 - FY23 PRO-FORMA
OPERATING EBITDA

S U S TA I N A B I L I T Y
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02

OUR SUSTAINABILITY DEVELOPMENTS
• Committed to reusable, recyclable or compostable
packaging across our business -currently at 52%
• Preparation for the incoming Aotearoa New Zealand
Climate Reporting Standards (effective for financial year
2024)
• Submission of second Modern Slavery Report
• Best Aquaculture Practices 4-star certification (highest
rating) achieved in FY23
• NZKS receives the Sustainability Award at
theMarlborough Chamber of Commerce Business
Awards
We continue to make progress on our sustainability journey:
11
F Y 23ANNUALS HARE HOL DE RSME E T I NG

F Y 23I NVE S T ORPRE S E NT A T I ON
FISHHEALTH& WELFARE
NZKS fish health has improved dramatically in the past 12 months. This has been driven
by the recognition of risk factors for adverse fish health outcomes. We have employed the
below targeted strategies to support the improvement of our fish health:
•Temperature- sustained warmer water temperatures are a key risk factor for adverse
fish health. We have helped mitigate some of this risk by implementing our summer
farming strategy and focusing on our breeding program, which is helping us ensure
the right fish are being put to sea.
•Stress reduction- as well as thermal stress, we have actively worked on reducing
other fish health stressors. These include the optimisationof our net cleaning process,
predator exclusion, and rigorous feed quality assurance and control.
•Immune resilience:A combination of vaccinations, reduction in fish stress and
improved nutrition have helped further enhance the immune function of our fish.
To enable this important work to happen, NZKS employs a NZ licensed specialist aquatic
veterinarian to oversee the health and welfare program. In addition, NZKS collaborates
with numerous academic and governmental research agencies within NZ and
internationally to ensure we get the best advice available on fish health and welfare.
12
01 Dec08 Dec15 Dec22 Dec29 Dec
05 Jan12 Jan19 Jan26 Jan
02 Feb09 Feb16 Feb23 Feb
02 Mar09 Mar16 Mar23 Mar30 Mar
06 Apr13 Apr20 Apr27 Apr
04 May11 May18 May25 May
Summer Mortality this year Compared to the last 5
years
2017 / 182018 / 192019 / 20
2020 / 212021 / 222022 / 23

B U S I N E S SU P D AT E
13
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03

F Y 22I NVE S T ORPRE S E NT A T I ON16
OURSUMMER FARMINGSTRATEGY
Changes to the
summerfarming strategy
have now been
implemented. As a
reminder NZKS is now
avoidingfarmingwarm
water sitesthroughthe
summer monthswith the
intention ofmore
reliableandconsistent
production.
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RESILIENTBRANDS
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Rebuild brand equity; focusonhigh-valueopportunities.
• ConnectingwithkeychefadvocatesthroughtheŌraKingGlobal
AmbassadorProgramme+ in-market events
• Socialanddigitalmediato engagewiththeRegalconsumer
• OmegaPlusexciting new specialty retail strategy
Productinnovationandaccolades:
•Huge reach across social media channels off the back of successful
familswith international customers
•Regal 100gm successful launch

OPERATIONAL UPDATES
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•Firstshipment of feed delivered via the new direct
shipping route from Tasmania, Australia arrives
•Takaka freshwater site undertakes
thelargestharvest of ŌraKingTyee
•Ournew320mTbargeKaiHāmanais operational
at ourClay Point farmand ournew net cleaning
vessel IkaMāis also operational
•Introduction of fish to Tentburn'snew first feeding
facility
•Our Waiau freshwater facility is sold
•Construction complete on our new facility for the
Regal smoked salmon dips range

O U T L OOK
17
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• Focusonoptimising thecore businessto maximise earnings
• Building on from asuccessfulseasonal harvest and fish managementin FY23
• Strong demand and limited supply globally providing strong price support
• FreightandSupplyChainChallengeseasing but still prevalent
• Forecast FY24harvestvolumesof ~6,600MT
• ForecastFY24pro-forma EBITDAof$21mto$25m(Q1FY24 ~$6m profit v Q1FY23 ~$15m loss)
• LimitedGrowth Capexis focussed on furtheroptimising thecore business
• In addition to Blue Endeavour, we are continuing toinvestigate severalother growthoptions.
OUTLOOK
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F Y 23ANNUALS HARE HOL DE RSME E T I NG
BLUEENDEAVOURUPDATE
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• Followinga hearinginBlenheimwhichstartedin2021, theMarlborough
DistrictCouncilannouncedonNovember112022thedecisionbythree
commissionersto approveNZKS’sBlueEndeavourapplication.
• TwoappealsweresubsequentlylodgedbytheDepartmentof
Conservation(DoC) andtheMcGuinnessInstituteLimited. Mediation
betweenthepartieswasheldin Blenheimearlierthisyear.
• Mediationhasbeenresolved,withallpartieshavingagreedonconsent
conditionsfortheBlueEndeavourfarms.
• NZKShavesoughtthattheEnvironmentCourtmakeordersbyconsent,
oncetheEnvironmentCourthasmadeorders,thefinalregulatorystepis
anaquaculturedecisionfromtheMinistryforPrimaryIndustries(MPI).
• Ourambitiontogrowourfishvolumesremains. BlueEndeavouris a partofthisambition.Weintendtoprogresstheprojectin a structured
mannerto minimiserisk. Thiswillincludeusingtheknowledgegainedfromourrecentsummerfarmingstrategychanges.
• Theglobalfocusonoffshorefishfarminghasseensignificanttechnologicaladvancesin recentyears.
• BlueEndeavourhasthepotentialto addupto 10,000MTof harvestvolumein conjunctionwithournurserysiteswhenfullydeveloped
• Futurefullcapacityof existingsitesplusa fullydevelopedBlueEndeavouris ~17,000MT.

QUESTIONS
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05
Q U ES T I O N S
QUESTIONS

ORDI N A R YB U S I N E S S
A N DR E S O L U T I O N S
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06

RESOLUTION1
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ThattheBoardis authorisedto fix theauditor’sremunerationforthecomingyear.
TheBoardunanimouslyrecommendsthatshareholdersvotein favourof Resolution1.

RESOLUTION2
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That the Directors fee pool be increased by $80,000 per annum, from a total pool of
$520,000 per annum to $600,000 per annum, effective from the close of the Annual
Meeting, with such sum to be divided amongst the directors as the Board may from
time to time determine.

RESOLUTION3
Havingretiredin accordancewithNZXListingRule
2.7.1, thatJack Porusbeelectedasa Director.
TheBoardunanimouslyrecommendsthat
shareholders votein favourof Resolution3.
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RESOLUTION4
Havingretiredin accordancewithNZXListingRule
2.7.1, thatCatriona Macleodbeelectedasa
Director.
TheBoardunanimouslyrecommendsthat
shareholdersvotein favourof Resolution4.
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RESOLUTION5
Havingretiredin accordancewithNZXListingRule
2.7.1, thatPaul Steerebeelectedasa Director.
TheBoardunanimouslyrecommendsthat
shareholdersvotein favourof Resolution5.
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V OT I N G
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07

CHAIRCLOSING
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•Governance Succession
•Close

A PPENDI C E S A N D D I S C L A I M E R
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08

FY23 RECONCILIATION BETWEEN GAAP RESULTS AND PRO-FORMA
FINANCIALS
30
FY23
NZD 000s
Statutory Financial
Statements
Fair Value
Adjustments
IFRS 16 Lease
Adjustments
FX Close-outsPro Forma
Operating Financial
Information
Revenue167,131 167,131
Cost of goods sold(164,657)43,040 (1,750)(123,367)
Fair value gain / (loss) on biological transformation49,628 (49,628)-
Freight costs to market(21,479)(21,479)
Gross Profit30,623 (6,588)(1,750)-22,285
Other operating income8,577 (7,775)802
Overheads
Sales, marketing and advertising(12,245)(12,245)
Distribution overheads(3,463)(3,463)
Corporate expenses(10,854)(10,854)
Other expenses(940)(940)
EBITDA11,698 (6,588)(1,750)(7,775)(4,415)
Depreciation and amortisation(7,915)1,586 (6,329)
Impairment(507)(507)
EBIT3,276 (6,588)(164)(7,775)(11,251)
Finance income337 337
Finance costs(1,499)209 (1,290)
Net finance costs(1,162)-209 -(953)
Profit / (loss) before Tax2,114 (6,588)45 (7,775)(12,204)
Income tax (expense) / credit(223)1,845 (13)2,177 3,787
Net Profit / (loss) for the Year1,891 (4,743)32 (5,598)(8,417)
F Y 23ANNUALS HARE HOL DE RSME E T I NG

FY22 RECONCILIATION BETWEEN GAAP RESULTS AND PRO-FORMA
FINANCIALS
31
FY22
NZD 000s
Statutory Financial
Statements
Fair Value
Adjustments
IFRS 16 Lease
Adjustments
FX Close-outsPro-Forma
Operating Financial
Information
Revenue174,530 174,530
Cost of goods sold(177,774)52,050 (1,968)(127,692)
Fair value gain / (loss) on biological transformation41,261 (41,261)-
Freight costs to market(25,275)(25,275)
Gross Profit12,743 10,788 (1,968)21,563
Other operating income402 13,471 13,873
Overheads
Sales, marketing and advertising(13,471)(13,471)
Distribution overheads(5,204)(5,204)
Corporate expenses(8,649)(8,649)
Other expenses(1,414)(1,414)
EBITDA(15,593)10,788 (1,968)13,471 6,698
Depreciation and amortisation(10,125)1,747 (8,378)
Impairment(59,255)(59,255)
EBIT(84,973)10,788 (221)13,471 (60,935)
Finance income17 17
Finance costs(2,636)249 (2,387)
Net finance costs(2,619)-249 (2,370)
Profit / (loss) before Tax(87,593)10,788 29 13,471 (63,305)
Income tax (expense) / credit14,390 (3,021)(8)(3,772)7,590
Net Profit / (loss) for the Year(73,202)7,768 21 9,699 (55,715)
F Y 23ANNUALS HARE HOL DE RSME E T I NG

UNDERSTANDINGOURGAAPRESULTS
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The impact of NZ IAS-41 Agriculture, NZ IAS-2 Inventory and NZ IFRS-16 Leases
Our GAAP results are impacted by Fair Value gains or losses arising from the application of NZ IAS-41 Agriculture, NZ IAS-2 Inventory and the classification of leases under NZ
IFRS-16. The impact of these standards are explained below:
Fair Value under NZ IAS-41 Agriculture andNZ IAS-2 Inventory
When we record a change in biomass at sea, or where the expected future profit we realise on fish that we sell changes, thesestandards require us to quantify and recognise the
gain or loss in the current period. This applies to both biomass at sea and inventories of finished products.
Our Statement of Financial Position shows biological assets at their fair value. Pro-forma Operating Financial Performance removes gains / losses associated with the application of these
standards. The company will present Pro-forma results for future reporting periods on this basis.
NZ IFRS-16Leases
Under NZ IFRS-16 a lessee will no longer make a distinction between finance leases and operating leases; all (material) leases will be treatedasfinance leases.
In the statement of financial position we are therefore required to recognize the asset (or right to use the asset) and the liability for the lease, while in the statement of profit and loss we recognize
the interest cost and the depreciation of the leased asset instead of the operating lease expenses. The application of this standard increases EBITDA, assets and liabilities, however this impact is
reversed in our Pro-forma results.
From FY24 NZKS will no longer adjust out the impacts of IFRS 16 within our proforma EBITDA results, this has the estimated impact of adding ~$1.4m to the FY24 EBITDA figure

APPENDIX– GLOSSARYOFTERMS
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1HY23Financial results for the 6 months from 1 February 2022 to 31 July 2022
2HY23Financial results for the 6 months from 1 August 2022 to 31 January 2023
FY23​Financial results for the 12 months from 1 February 2022 to 31 January 2023
FY22Financial results for the 12 months from 1 February 2021 to 31 January 2022
EBITDAEarnings before interest, tax, depreciation and amortisation
FCRFeed Conversion Ratio – the amount of feed (in kilograms) required to grow 1 kilogram of fish weight
G&GGilled and gutted. Note that all volumetric information presented is on a gilled and gutted basis unless otherwise stated
GWGreenweight
GAAPGenerally Accepted Accounting Practice
Mortality / Mortality RateThe percentage mortality of salmon in seawater, calculatedas the biomass of salmon mortalities in kg divided by the growth of salmon in kg
MTMetric tonnes
NPATNet profit after tax, also reported as net profit for the period in our published financial results
NZKSNew Zealand King Salmon
Pro-Forma Operating EBITDA
Pro-Forma Operating EBITDA refers to earnings before interest, tax, depreciation, amortisation after allowing for pro-forma adjustments as described in the
Appendix to thisdocument. Pro-Forma Operating EBITDA is a non-GAAP profit measure

F Y 2 3A NNUA LS HA RE HOL DE RSME E T I NG

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NEW ZEALAND KING SALMON – 2023 ANNUAL SHAREHOLDERS’ MEETING
The attached presentation will be given at New Zealand King Salmon Investments Limited’s
Annual Shareholders’ Meeting starting held at:
Tides Hotel
66 Trafalgar Street, Nelson 7010,
Wednesday 14 June 2023
2:00 pm NZT and online at:
https://vimeo.com/event/3389741
Password: KingSalmon23
• 2023 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting – Chair
and CEO’s Address
• 2023 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting –
Presentation
ENDS
Contacts
Graeme Tregidga, Acting CEO, New Zealand King Salmon Investments Ltd,
graeme.tregidga@kingsalmon.co.nz
Ben Rodgers, CFO and Company Secretary, New Zealand King Salmon Investments Ltd,
ben.rodgers@kingsalmon.co.nz

Annual Shareholders’ Meeting
14
th
June 2023
Address by the active Chair: Paul Steere

Tihei Mauri ora
E nga mana e nga reo e nga Iwi
tena koutou
E ko nga Rangatira e huihui mai nei ki te karanga o tenei kaupapa nunui
Nua mai,haere mai, haere mai

Kia ora everybody, both present here at the Tides Hotel and online through Vimeo.

Welcome to the seventh annual shareholders meeting of New Zealand King Salmon.

My name is Paul Steere, and I am an independent director of the company. Unfortunately,
our Chair, John Ryder, is unable to be with us, although he is present online. In his physical
absence, I will chair the meeting.

Firstly, some housekeeping points in the case of an emergency an alarm will sound. Please
exit the building and assemble in the far end of the Hotel carpark (by the large sign). The
nearest fire exit is at the reception end of the conference room, but there are multiple
external exit doors in the conference room. In an earthquake, drop, cover and hold. Remain
inside until shaking has stopped.

I’ll now introduce my Board colleagues.

Joining us here in Nelson is Ms Victoria Taylor. Joining us online is Mrs Carol Chen in Hong
Kong, Professor Catriona Macleod in Hobart and Mr Chiong Yong Tiong who is travelling in
Asia. Jack Porus is travelling in Europe and is an apology today

I am pleased to also introduce members of our Senior Management team present today,
starting with our acting-Chief Executive Graeme Tregidga, our Chief Financial Officer Ben
Rogers, General Manager Aquaculture Grant Lovell and Fish Health and Welfare Manager,
Dr Zachery Waddington.

There are other staff with specific expertise in our company also present and all can later
assist in answering any questions

Brendan Summerfield, the audit partner from Ernst and Young is also with us today and able
to respond to any questions on the financial statements you have received.

Also present is Mr Mark Dewdney who this morning accepted an invitation from our Board
to join as a Director, and was confirmed as taking over John Ryder’s role of Chairman from
tomorrow. More about that later

(Slide 4 – Agenda)

I will now provide a concise overview of the year under review plus the period ahead, then
Graeme will take you through a more detailed presentation of our operations and
intentions.

We will then have the opportunity for questions which will then be followed by the more
procedural ASM requirements, and I’ll finish up with a few comments on our Governance.

(Slide 5 – Chair’s Update)

They say, “what a difference a year makes”

A year ago, we were recording your, and our, bitter disappointment at the financial result as
a consequence of the substantial and early marine heatwave that pervaded our marine
farms, especially in the Pelorus Sound.

We outlined the strategies we had developed and would deploy in the summer of 2023,
essentially to husband our marine growout stocks by placing the most vulnerable of them
along with harvest priorities, within the traditionally cooler waters of the Tory Channel. We
could not change the summer mortality losses which spread into the 1st quarter.

A lot of work was needed and there were many challenges within that 12 months to now.

After 13 years our Chief Executive resigned, and we wished him well. Graeme Tregidga our
long-standing General Manager of Sales was appointed Acting Chief Executive and a search
for replacement was commenced.

Our sales market intelligence provided scope for further increases in price.
Management looked again at the staff needed to manage efficiently the production and
processing needs, plus worked on the culling of lower performing costs.
As you have seen from the full year result, we managed to reverse the previous year’s loss
of $73million, to a small profit of $2m in the Fiscal 23 year.

What was remarkable about that result is that our sales volume was down 24%, some
1,800mt but sales value only down 4%.

Summer Mortalities were at their lowest level in 6 years

In addition, the management team focussed on cost savings initiatives.

The average FOB price rose 32%, a little skewed by less frozen sales compared to previous
year, but strong demand gave us stronger pricing.

Furthermore, a year ago we had some questions around the sustainability of our Omega
Plus petfood business especially as we underwent the crucial company rebuild. But today
we can report this division is making a fully costed return contribution and while small, has
the potential for good profitable growth, not just domestically but also in the USA, China
and Australia.

So a significant turnaround, and it continues.

Globally demand is high and challenged. The world’s largest producing country, Norway,
has had a 25% additional tax levied on salmon producers as has neighbouring producers in
the Faroe Islands, Canada is limiting and looking to contract production, and Chile is
struggling with a range of production issues.

It is a credit to the team that the company’s fortunes are stronger across the divisions, and
we particularly commend Graeme as the acting Chief Executive, who has marshalled his
committed team to that end with strong morale demonstrated.

We farm Chinook salmon, aptly called King Salmon given its size and high nutritional
properties.

Globally no one understands the husbandry and biological nuances of this species better
than Grant Lovell and his team, Richard Smith leads a processing team able to maximise the
variability of harvests and multiplexity of product skews to ensure correct and timely
delivery.

No one knows better how to connect and ensure value from the best restaurants and
consumers around the world than Graeme’s sales team.

And all are very well served by the back room needs of Health & Safety, Compliance & Food
Safety, Marketing, IT, HR, Climate Mitigation, and not least the reporting, analytical and
measuring functions provided by Finance, Treasury and Accounting under Ben’s leadership.

The company is doing well at present and our outlook is positive.

For the first quarter, our unaudited results indicate sales revenue up 12% to $47.3 million
on prior year and an EBITDA of $6m compared to a loss of $15m a year ago.

However, we do have 7 1/2 months to complete the year, so at this stage we will maintain
our market guidance for an EBITDA of between $21 to $25million.

We were pleased to notify the market that the appeals against our Blue Endeavour licence
have now been settled, and subject to a formal acknowledgement of that outcome, we can
exercise the resource consent that has been granted.

Blue Endeavour was the largest, most expensive application under the RMA ever in any
form of NZ Aquaculture.

It was first lodged in July 2019 after some 18 months of preparatory work by your company
in scoping the needs, monitoring the proposed and other possible sites for their conditions
and suitability, studying the technology already being used in the northern hemisphere and
engaging with interested 3rd parties both supportive and some, maybe a little concerned.

The three learned Commissioners appointed by the Marlborough District Council called for
public submissions on the 18th October 2019 – 56 were received, of which 39 supported the
application, 14 were opposed and 3 neutral.

The commissioners had 5 periods of meetings totalling 11 days – a significant amount of
work was done by correspondence between the commission with the parties involved.
Some 26 witnesses gave evidence from the company and of the submitters, 26 also gave
evidence, as did 9 council officers. We are very grateful to the company team, especially to
Grant, Mark Preece, Mark Gillard and Zac Waddington plus the legal team of Gascoigne
Wicks led by Quentin Davis, for their combined diligence, application and aptitude in seeing
this through to a positive conclusion.

Approval of the application was released by the commissioners on behalf of the Council on
the 10th of November 2022 – the decision runs to 199 pages including appendices.

So over 5 years in the making, $7million in fees and research by your company to say
nothing of the distraction from the teams day jobs, and subject to the formal lodgement, we
now have the resource consent for two farms under acceptable conditions, within an area
of 1,000 hectares just 5km north of point Lambert in the north Marlborough Sounds.

The real work begins now as they say.
We will be taking a measured approach to the utilisation of Blue Endeavour.
Some of it will be back to the drawing boards, looking at the new generation of technology,
nets, anchors, walkways, feed discharge, cameras and logistics being proven elsewhere.
Further monitoring and measurements over reasonable time periods will be required and
likely we will start with small cohorts to test and assure that we have optimised the
performance before scale – up.

This will all take time, and we will regularly report progress.

In addition, we will continue to consider other options for looking to grow under established
farms and conditions including genetic thermal improvement, larger more resilient smolt
input and further focus on the Tory Channel along with other opportunities.

So a lot of work to be done.

We have the team that can do it and your board and Management remain confident that we
can continue to grow our profits in our strategic approach, while preparing the way for Blue
Endeavour


Tena koutou

I will now ask Graeme to take the meeting through his presentation.



(Slide 6 – CEO’s Address)
Nau mai, Haere mai.
Thank you, Paul. My name is Graeme Tregidga, and I am the Acting CEO for NZ King Salmon.
I am going to take you through:
• The highlights for the last financial year, FY23, and also update you on our efforts around -
• Sustainability
• Our business and operations update
• Outlook for the coming year; and
• Blue Endeavour and growth opportunities

(Slide 8 – Financial Summary)
This slide provides a bridge in how we got to our FY23 pro-forma result from the FY22 year.
The Financial highlights for FY23 include:
Revenue, which is down on the prior period due to a reduction in available harvest volume
post the summer mortality event. But we were able to partially offset that by improvements
in the pricing and product mix sold.
Cost of goods benefitted from a decrease in harvest volume on a total basis, however this
benefit was partially offset by the rising cost of raw materials. Like many global producers
we incurred rising costs related to feed, labour etc. Also scale inefficiencies caused by fixed
or semi-variable costs which needed to be covered by the lower harvest volume.
The increase in mortality on 1HY23 reflects the previous summers mortality event which
started at the end of FY22 and carried on into 1HY23. This past summer mortality is
significantly down from prior year and has been our lowest in the past 6 years.
Freight is favourable due to a reduction in available harvest post the summer mortality
event, on a kg basis freight rates have continued to improve slightly. However, rates are still
well above pre covid levels.

There have been no early close outs of FX contracts in FY23 compared to FY22.

(Slide 9 – Facts & Figures)
On this slide you can see our harvest for the FY23 year was 6,014 tonnes. The lower volume
represents the fallowing of three farms in the Pelorus and reduced biomass from the
mortality that occurred in the previous years summer. We have a good geographic market
spread, operating in about 20 countries but New Zealand and the USA remain centrally
important. We have also resumed sales of fresh chilled salmon to China.
The two charts on the right show our GAAP NPAT and pro forma EBITDA results. NPAT turn
around was predominately due to:
- goodwill and asset impairments in FY22
- An increase in the Fair value of our biological assets salmon) in FY23; and
- An increase in our operational performance as a result of price increases in all
markets and good cost discipline
The previous slide spoke to the various ups and downs across FY23 that led to our FY23 pro-
forma EBITDA result.

(Slide 11 – Our Sustainability Developments)
Within NZ King Salmon Cultural Values there are 3 core principles.
• Safety Always – we look after our people
• Food Safety – pride in the quality, consistency, and safety of the products we
produce
• Sustainability – minimise the impacts on the environment in how and where we
operate.
We remain committed to reusable, recyclable or compostable packaging across our business
- currently at 52%.
We are preparing for the incoming Aotearoa New Zealand Climate Reporting
Standards (effective for financial year 2024) which will be a major focus for us throughout
the business.
We have again achieved Best Aquaculture Practices 4-star certification (highest rating) in
FY23.
We were proud to receive the Sustainability Award at the Marlborough Chamber of
Commerce Business Awards endorsing that we are on the right pathway with our
Sustainability strategy.

(Slide 12 – Fish Health & Welfare)

NZKS fish health has improved dramatically in the past 12 months. This has been driven by
the recognition of risk factors for adverse fish health outcomes. We have employed targeted
strategies to support the improvement of our fish health.
Temperature: The single biggest risk factor affecting fish health has been shown to be
sustained warmer water temperatures. As result, in 2022 the company made the decision to
avoid stocking fish at sites with this temperature profile wherever possible. This meant
fallowing 3 of our Pelorus sites and undertaking seasonal harvest at other sites. To address
this risk longer term we have also revamped our breeding program to aggressively select for
both summer survival in challenging environments, and breeding highly thermotolerant fish,
both of which have shown promise.
Stress: We have additionally looked at minimising other stress factors to support our fish
welfare. These include the optimisation of our net cleaning process, predator exclusion and
rigorous feed quality assurance and feed quality control.
Vaccine: Continued work on immune resilience has also been a focus for the team, with a
new vaccine having shown good effect in both laboratory and field settings. Other efforts in
improved nutrition and the above mentioned mitigators are also helping the immune
function of our fish.
NZKS employs a New Zealand licensed specialist aquatic veterinarian to oversee the health
and welfare program. We also involve numerous academic and governmental research
agencies within NZ and internationally
to ensure we get the best advice available on fish
health and welfare.


(Slide 14 – Our Summer Farming Strategy)
Changes to the farming model via our summer farming strategy, have now
been implemented. As a reminder, NZKS is
now avoiding farming warm water sites through the summer months with the intention of
more reliable and consistent production. Also, to note, as Paul has already mentioned the
Blue Endeavour site decision has been reached and subsequent mediation has been
resolved.
(Slide 15 – Resilient Brands)
Navigating the Covid era necessitated that we trim back on our marketing investment.
Through FY24 we will embark on rebuilding our brand equity and seeking out the higher
value opportunities. We will be connecting with key chef advocates through the Ōra King
Global Ambassador Program and holding in market events.
For our retail brand Regal, we will predominately engage with consumers via social and
digital media.
Our Omega Plus range of petfood products sales strategy has moved more towards specialty
retail outlets.

Resumption of International travel has seen our customers return to New Zealand for famil
visits. These successful visits results in a huge reach across social media channels as they
post updates on their travels.
Inflation pressure and cost of living crisis saw us reduce the 200gm Hot Smoke range to a
100gm size. This has been extremely well received by consumers after a successful launch.


(Slide 16 – Operational Updates)
Moving to our operational highlights.
The first shipment of feed via the new direct shipping route from Tasmania, Australia
arrived this year increasing the surety of our feed supply.
Takaka freshwater site undertook the largest harvest of Ōra King Tyee. These very rare and
highly sought-after fish which are greater than 13.6kg and sell for over $75.00 per kilogram
each.
Our new 320MT barge Kai Hāmana is operational at our Clay Point farm and our new net
cleaning vessel Ika Mā is also operational
We introduced fish to Tentburn's new first feeding facility and we have sold our Waiau
freshwater facility.
We have also just completed construction on our new plant for the Regal smoked salmon
dips range. Note – for those present here today there is a pottle each from one of the first
production runs.

(Slide 18 - Outlook)
We remain focussed on optimising the core business to maximise earnings.
The seasonal harvest and fish management in FY23 proved a successful strategy and we
need to ensure the learnings provide an adaptive tool for future changing summer
conditions.
Globally demand remains strong and limited supply has provided strong price support.
Freight and Supply Chain Challenges easing but still prevalent. As a positive example, for the
first time in 3 years we resume sending a container of $0.5M of product direct from Nelson
to a North American customer.
Forecast FY24 harvest volumes of ~6,600MT. Our forecast FY24 EBITDA guidance of $21m to
$25 remains.
Our Growth Capex for FY24 is focussed on further optimising the core business. However,
we are continuing to investigate several growth options, including Blue Endeavour.

Slide 19 (Blue Endeavour)
Our ambition to significantly grow our fish volumes remains. Blue Endeavour is a part of this
ambition, and we are delighted that this has passed its final hurdle to become a reality.
We will progress the project in a structured manner to minimise risk. This will include using
the knowledge gained from our recent summer farming strategy changes. The global focus
on offshore fish farming has seen significant technological advances in recent years.
Blue Endeavour has the potential to add up to 10,000MT of harvest volume in conjunction
with our nursery sites when it is fully developed. Full capacity of existing sites plus Blue
Endeavour is ~17,000MT.
We believe that other initiatives and opportunities exist for further volume growth over the
next 5 to 8 years. We will be exploring these throughout the next year to evaluate the
potential in realising these opportunities.


I would like to call out the entire team of 450 hardworking people at NZ King Salmon who
contribute and make great things happen. Their tireless work and passion have set the
business on the right track to attain our guidance for FY24 of $21-$25M.
I would also like to thank you, the shareholders for your continued support and belief in our
business.
We are also grateful and wish to recognise the services and consumable products that our
supply partners provide to NZ King Salmon. We value these relationships to ensure our
finest king salmon are grown and reach our customers in pristine condition.
To our customers and community – we thank you and recognise your support for our
business and products.

I would also like to take this opportunity to thank our chairman Mr John Ryder for his 13
years of service to NZ King Salmon. John has been a guiding force for our business over
these years as we navigated some of the most challenging times. We have valued and
respected his immense business experience. Thankyou John for your leadership and
guidance – we wish you all the very best for your future focus on your other business
interests.

End – back to Paul