Annual Meeting Presentation

17 August 2023
NZX Code: MFB
My Food Bag Annual Shareholders’ Meefing – Chairman and CEO Addresses
Chairman’s Address
Mōrena and welcome to the annual shareholders’ meeting for My Food Bag. I am My Food Bag’s
independent chair, Tony Carter.
Today’s meeting is being conducted in person and online - we are very pleased to welcome those of
you participating online through the virtual meeting platform. I’ll provide you with further
instructions as we progress through the meeting, but for those of you attending virtually if you
encounter any technical issues, please refer to the virtual meeting online portal guide or you can
phone the helpline on 0800 200 220.
Before we formally begin, I would like to start by acknowledging Board members, Jon Macdonald
(Chair of the Nomination and Remuneration Committee), Jen Bunbury (Chair of the Audit and Risk
Committee), Cecilia Robinson (Chair of the Marketing Committee and one of My Food Bag’s
founders), Sarah Hindle and Mark Powell.
I would like to acknowledge that this is Jon's last annual meeting as a Director of My Food Bag,
having recently announced that he will retire as a Director at the end of this calendar year. Jon has
told us that this decision has been prompted by a reorganisation of his ongoing governance
commitments. We would like to thank Jon for his excellent contribution and commitment since his
appointment prior to our IPO in 2021, both around the Board table and in his role as Chair of the
Nomination and Remuneration Committee.
The Board does not intend to fill the vacancy created by Jon’s departure and will remain as a Board
of five members at this point in fime. We are comfortable that across the Board, there is a broad
range of skills and experience, and we are also mindful of ensuring that we are right-sizing the
business and our current cost base.
We also have members of the My Food Bag Leadership team in attendance, including:
-Mark Winter, Chief Executive Officer,
-Leanne Dekker, Chief Financial Officer, and
-Amanda Davies, Financial Controller, who will assist with Q&A later in the meeting.
Our auditors, EY, are in attendance, represented by Brent Penrose. Mr Penrose will be available to
address any questions regarding the conduct of the audit. Finally, you will of course notice that we
are in the offices of our share registrar, Link Market Services, and members of their team are
available today to help conduct the vote and act as our scrutineer.

I have had it confirmed to me that the Notice of Meeting has been sent to shareholders and other
persons entitled to receive it and I have been advised that we have a quorum present. On that basis,
I am pleased to formally declare the meeting open.
As always, shareholders were given the opportunity to attend the meeting and vote, or to appoint a
proxy to vote on their behalf. Proxies have been appointed for the purpose of this meeting in
respect of approximately 86 million shares, representing about 35% of our total share capital. My
fellow directors and I intend to vote all discretionary proxies we have received in favour of the 4
resolutions set out in the Notice of Meeting.
Turning to the agenda for today. Following my address, My Food Bag’s CEO, Mark Winter will
provide a business update before we move on to the more formal agenda items regarding the
acceptance of the FY23 financial statements and our four ordinary resolutions regarding the re-
election of Sarah Hindle and Jen Bunbury, the election of Mark Powell and the auditor’s
remuneration.
There will then be an opportunity for general Q&A. As always, I encourage shareholders to exercise
their right to vote and ask questions. You can send through your questions at any time through the
online portal by clicking the ‘Ask a Question’ button, and I encourage you to do so as early as
possible as this will allow us to answer these questions at the appropriate time during the meeting.
As we marked My Food Bag’s ten-year anniversary in March 2023, we also navigated a challenging
year for the business primarily driven by the changing economic environment. We have responded
to these challenges and are confident that the business is in a strong position to perform well going
forward.
During the FY23 year we undertook a reset of our business spanning our leadership, supply chain
and brand positioning, all focused on strengthening My Food Bag to remain relevant and continue
delivering into its second decade.
Each of our brands play an important part in our offering and we are focused on driving this full
range of brands across our portfolio. We saw Bargain Box performing well as our most affordable
meal kit in FY23 and this trend is continuing into the current year.
Our cash position in FY23 was impacted by our strong FY22 year and the timing of the FY22 full year
dividend and final tax payments falling into the current year. We also invested in new pick
technology across our sites, which is a key foundation to unlock strategic initiatives going forward.
Given this, the Board took the prudent approach not to pay a final dividend for the FY23 year. We
expect to resume paying dividends in respect of FY24 but have not yet determined whether we will
pay an interim dividend following our half year results.
We anticipate that the economic environment will continue to be tough for some time but we are
confident that our adaptability and resilience holds us in good stead, and we will continue to do
what we do well.
We are now over four months into our FY24 financial year. While we anticipate our financial results
for the upcoming half year will be behind the prior year due to the category-wide reduction in

demand that we experienced in the second half of FY23, demand seems to have stablised and we
are trading close to our expectations for the year to date which has been pleasing to see.
I would like to acknowledge and thank all our team at My Food Bag for their continued efforts and
passion for our business, and also our shareholders for their continued support.
CEO’s Address
Tēnā Koutou and welcome.
Thank you to everyone here and online for attending today, it is always nice to meet with our
shareholders and we appreciate the opportunity.
We reported EBITDA of $18.2m for the 12 months to 31 March 2023. These earnings were
generated off $175.7m of revenue equating to an EBITDA percentage of 10.4%.
Revenue was down 9.4% on the prior year, with demand softening over the second half of the
financial year. This trend of softer demand is in line with what is being seen more generally in the
current economic environment.
As Tony spoke to, we have seen demand largely stabilise over the FY24 year to date, and we are very
focused on acquiring quality customers through ensuring our offering is relevant, convenient and
great value.
In FY23, we implemented a number of important inifiafives to help enable our focus on growing
acfive customers. These included:
The implementafion of picking technology at our assembly centres to improve customer
experience and unlock producfivity gains. We delivered this at our Auckland site in March
this year, and subsequent to balance date went live in May at our Christchurch site. The
implemented technology has provided a posifive step-change in the way we operate;
We also scaled the amount of recipe choice available for customers across each of our meal
kit brands to improve appeal and purchasing frequency;
We Confinued to expand our Kitchen offering to support a higher average order value;
Invested in our Bargain Box brand to build awareness and grow acfive customers; and
Improved our customers experience by changing to a recycling packing solufion called the
coolabox to ensure befter quality and presentafion of our deliveries.
These initiatives were all focused on strengthening My Food Bag’s performance going forward.
Turning to the next slide, these inifiafives are all acfions that sit within our current focus around
driving acfive customer growth by coming more relevant through offering greater flexibility,
convenience and value – underpinned by confinuing to improve business producfivity.
Those four pillars to grow acfive customers are:
Growing the awareness of Bargain Box affordability – which we have been execufing on and
which I will speak a bit more about shortly

Delivering flexibility, which is about scaling up recipe choice, offering customers the ability
to customise their selecfions and have a more personalised experience across our brand
porffolio of My Food Bag, Fresh Start and Bargain Box
Reinvigorafing Fresh Start – our brand with the highest margin – by having clear brand
messaging, improving customer experience and broadening the brands offer to take a larger
slice of the weight management market
Expanding our add-on selecfion, known as the Kitchen, to grow average order value and
strengthen the relevance of our product proposifion.
As I just touched on, we have been investing in the promotion of Bargain Box, recognising it is well
placed to grow during the current economic conditions.
During the second half of FY23 we revisited the design and positioning of the brand to make it more
distinctive and clearer to consumers.
We have rolled out comparative advertising around supermarket pricing, highlighting that Bargain
Box was on average 4% cheaper than Countdown and New World delivered over an 11-week
comparison period.
Earlier this year we also committed to a 6-month price freeze on Bargain Box – with clear messaging
around it being to help support kiwis plan their weekly food spend. Deliveries for Bargain Box were
up 2% year on year in FY23 and at the end of FY23 active customers were up 12%.
With the implementation of our new picking technology at our assembly sites, we have been able to
scale our recipe choice offering to customers. The number of recipes on offer has grown from 35
per week to over 60 across our portfolio of brands, providing customers with more variety to choose
from. In addition to this, customers now have the ability to better customise their recipes like
upgrading proteins or adding extras.
As a business this contributes to our revenue drivers of:
Frequency – As by providing more choice for customers we have historically seen less
skipping
Average order value growth – As our pricing architecture can capture premiums for
customisations like upgrades and additional sides. And
Active customer growth – As with a wider range we can target new food preferences and
provide more of it like 15-minute meal recipes, gourmet dishes or particular emerging food
trends
During FY23 we made the decision to invest more than $5 million in picking technology to improve
compliance, cost efficiency and unlock flexibility for our customers at our main Auckland and our
Christchurch sites. This has been a transformational investment for our supply chain.
With this project delivered, not only have we seen the investment unlock greater flexibility and
recipe choice, but our new picking technology has also led to an improved customer experience with
fewer picking and quality issues being reported and improved Net Promoter Scores from customers.

We are focused on maximising the productivity benefit gained from this technology which includes
labour savings and less waste in our processes, and which helps to offset other inflationary pressures
we have been seeing across our supply chain and overhead cost base.
We have a strong focus on cost and over the later stages of FY23 we reviewed our cost base and
began removing cost across the business to better match our current demand profile.
This included completing a restructure of our non-operational team, resulting in the number of
people across this group reducing by approximately 10%.
We also identified cost savings including right-sizing our lending facilities, pausing our Employee
Share Ownership Scheme and have now delisted from the ASX.
We have made the decision to consolidate our North Island footprint and exit our Highbrook site
which will increase operafional efficiency and further reduce cost. We expect to complete this prior
to 30 September and will provide further detail at our half year results.
Our focus on costs is continuous, and we will continue to manage and reduce these where it makes
sense to do so.
In FY23 we continued to invest in our culture and capability running a series of internal trainings to
lift skillsets and strengthen collaboration. We also reset our values through a programme of work
which directly involved the majority of our workforce participating in small workshops and sharing
their thoughts. This work was recognised at the HRNZ awards recently, winning the Organisational
Change and Development award.
We also continued to advance our commitment to diversity and inclusion, signing onto the Mind the
Gap register for gender pay gap reporting and remain focused on advancing diversity and inclusion
across My Food Bag.
So to wrap up and in summary, our focus is on growing My Food Bag by making us more relevant
through offering greater convenience, flexibility and value. During FY23 we implemented a number
of important inifiafives aligned to this focus, all aimed at strengthening My Food Bag’s performance
going forward. In FY24 our four pillars to grow acfive customers build off this and I look forward to
providing an update on progress at our interim results in November.
Thank you again shareholders for the opportunity today and your continued support.
Ends
For investor relafionsqueries:
Leanne Dekker
+64 29 770 8189
ir@myfoodbag.co.nz
For media queries:
Adam Warin
+64 21 029 01388
adam.warin@pead.co.nz

---

August 2023

Board of Directors
Tony Carter
Independent Chair
Jennifer Bunbury
Independent
Non-Executive Director
Sarah Hindle
Independent
Non-Executive Director
Jon Macdonald
Independent
Non-Executive Director
2
MY FOOD BAG
ANNUAL MEETING
2023
Mark Powell
Independent
Non-Executive Director
Cecilia Robinson
Non-ExecutiveDirector

Chairperson’s address
1
CEO’s update
2
Financial statements
3
Ordinary resolutions
4
Other business
5
MY FOOD BAG ANNUAL MEETING 2023 |

Chairperson’s
address
1
MY FOOD BAG ANNUAL MEETING 2023 |

Tony Carter
Chair
MY FOOD BAG ANNUAL MEETING 2023 |

MY FOOD BAG ANNUAL MEETING 2023 |
FY24 -Trading
outlook
•We anticipate the economic environment will continue to be tough for some time
•Our financial results for the upcoming half year are expected to be behind the prior year due to the category-
wide reduction in demand that we experienced in the second half of FY23
•Demand seems to have stabilised and we are trading close to our expectations for the year to date

CEO’s update
2
MY FOOD BAG ANNUAL MEETING 2023 |

Mark Winter
CEO
MY FOOD BAG ANNUAL MEETING 2023 |

*EBITDA is a non-GAAP measure. A reconciliation from GAAP NPBT to non-GAAP EBITDA can be found on page 58 of the 2023 Annual Report.
** Active customers are defined as the number of unique customers purchased in the last 13 weeks.
*** 3.0 cents per share dividend was the interim dividend paid in December 2022. No final dividend was declared for FY23.
REVENUE
$
175.7m
EBITDA*
$
18.2m
NPAT
$
7.9m
48.4%
AVERAGE ORDER VALUE (AOV)
$
130.11
TOTAL DIVIDEND**
3.0cps
GROSS MARGIN %
FY23 -Year in
review
ACTIVE CUSTOMERS
57.5k at 31 March 2023
MY FOOD BAG ANNUAL MEETING 2023 |

Implementation of pick technology drivingbetter customer experience and
productivity
Introduction of the Coola Box to improve recyclability and customer experience
Expanded Kitchen offering driving up average order value
Bargain Box growth, with active customers up 12% YoY
Culture and capability investment improving retention and building knowledge
Increased choice offering across all brands, including variety and number of recipes
MY FOOD BAG ANNUAL MEETING 2023 |
FY23 -Year in
review

Focused on initiatives to grow active customers
Be relevant and drive active customers by delivering flexibility, convenience, and great value
Expand the Kitchen
Deliver flexibility
Re-invigorate
FreshStart
Growing awareness
of Bargain Box
affordability
Productivity to drive growth
1.Highlight comparison to
supermarket
2.Price freeze for six
months to provide
consumer certainty
1.Expand recipe choice
2.Launch preferences
and filters enhancing
the user journey
1.Sharper messaging
around goal-based
solution
2.New website/customer
journey
3.Increased recipe choice
1.Expand SKU range
available
2.Continue to test and
learn with new
categories
MY FOOD BAG ANNUAL MEETING 2023 |

Bargain Box affordability a competitive edge
We have continued to leverage our
brand portfolio with a focus of
awareness and value of Bargain Box
•Active customers up year on year
12%
•Strengthened the affordability
message with compelling results from
a recent comparison to online
supermarket pricing for Countdown
and New World, in addition to a
commitment to a price freeze on
Bargain Box for six months
•Increased recipes in the Bargain
Box range
MY FOOD BAG ANNUAL MEETING 2023 |

11
15
Apr-22Current
Fresh Start
Enhanced customer experience with increased recipe choice
Recipe option expansion
across all brands
9
15
Apr-22Current
Bargain Box
15
32
Apr-22Current
My Food Bag
+113%
+67%
+36%
Pick Technology
implementation
delivers a
platform for
innovation
without added
operational
complexity
Using this
capability along
with recipe
development
with added
variety and an
enhanced
digital journey
drive revenue
growth levers
MY FOOD BAG ANNUAL MEETING 2023 |

Supplychainoptimisation
Investments in supply chain made to improve
compliance, efficiency and create capacity for
growth
•New pick technology implemented, driving:
•productivity savings in labour, customer credits and
wastage
•enhanced customer experience
•expansion of choice and kitchen offering without added
complexity
•Custom-built site in Christchurch operational since April
2022
•Investment in food safety quality and health and safety
including improved people capability and systems
Reduced
picking and
quality issues
Allows for
more
appropriate
box sizing
Improved
NPS results
MY FOOD BAG ANNUAL MEETING 2023 |

Right-sizing our cost base
We have reviewed our fixed cost base and removed cost to match our current demand profile
•Completed a restructure of our non-operational team in March 2023, resulting in the number of people across this group
reducing by approximately 10%
•The implementation of pick technology is delivering both labour efficiency at production sites, as well as improved
customer experience and the benefits this brings (such as higher retention and reduced customer credits)
•Corporate overhead review including delisting from the ASX, right-sizing our lending facilities, and paused on the
company-wide employee share ownership scheme
•We don’t anticipate increasing marketing spend in FY24 and have a strong focus on strengthening marketing efficiency
•We have made the decision to consolidate our North Island footprint and exit our Highbrooksite which will increase
operational efficiency. We expect to complete this prior to 30 September and will provide further detail at our half year
results
MY FOOD BAG ANNUAL MEETING 2023 |

Investment in learning and development
Culture revitalisationto underpin key strategic
objectives
Won HRNZ award for OrganisationalChange
and Development
Advancing diversity and inclusion
capability
MY FOOD BAG ANNUAL MEETING 2023 |

Financial
statements
MY FOOD BAG ANNUAL MEETING 2023 |

•Opportunity for shareholders to ask any
questions specifically on the financial
statements, the auditor’s report or the
company’s 2023 annual report.
•There will be an opportunity to ask any general
questions once all items on the agenda have
been considered.
Financial statements
MY FOOD BAG ANNUAL MEETING 2023 |

Ordinary
resolutions
MY FOOD BAG ANNUAL MEETING 2023 |

Re-election of Sarah Hindle
That Sarah Hindle, who retires at the annual
meeting and is eligible for re-election,
be re-elected as a Director of My Food Bag.
Ordinary resolution 1
The Board unanimously supports resolution 1 and recommends that shareholders vote in favour.
MY FOOD BAG ANNUAL MEETING 2023 |

Re-election of Jennifer Bunbury
That Jennifer Bunbury, who retires at the annual
meeting and is eligible for re-election, be
re-elected as a Director of My Food Bag.
Ordinary resolution 2
The Board unanimously supports resolution 2 and recommends that shareholders vote in favour.
MY FOOD BAG ANNUAL MEETING 2023 |

Election of Mark Powell
That Mark Powell, who retires at the annual
meeting and is eligible for election, be
elected as a Director of My Food Bag.
Ordinary resolution 3
The Board unanimously supports resolution 3 and recommends that shareholders vote in favour.
MY FOOD BAG ANNUAL MEETING 2023 |

Auditor's remuneration
That the Directors of My Food Bag be authorisedto fix the fees and expenses
of the auditor of My Food Bag for the ensuing year.
The Board unanimously supports resolution 4 and recommends that shareholders vote in favour.
Ordinary resolution 4
MY FOOD BAG ANNUAL MEETING 2023 |

Voting – Proxies received
MY FOOD BAG ANNUAL MEETING 2023 |
ResolutionForAgainstProxy
discretion
Re-election of Sarah Hindle84,235,717
(98.19%)
36,200
(0.04%)
1,517,907
(1.77%)
Re-election of Jennifer Bunbury84,213,517
(98.16%)
58,400
(0.07%)
1,517,907
(1.77%)
Election of Mark Powell84,389,987
(98.19%)
38,200
(0.04%)
1,517,907
(1.77%)
Auditors' remuneration84,250,887
(97.97%)
239,900
(0.28%)
1,501,907
(1.75%)

Other business
MY FOOD BAG ANNUAL MEETING 2023 |

MY FOOD BAG ANNUAL MEETING 2023 |

Disclaimer
This presentation has been prepared by My Food Bag Group Limited (the “Company” and, together with My Food Bag Limited,
"My Food Bag") for the purpose of the annual shareholders' meeting and is dated 17 August 2023. This presentation contains
summary information about My Food Bag and its activities, which is current as at the date of this presentation (or otherwise
stated). The information in this presentation is of a general nature and does not purport to be complete nor does it contain allthe
information which an investor may require when evaluating an investment in the Company.
This presentation may include certain “forward looking statements” about My Food Bag and the environment in which My Food
Bag operates. These forward-looking statements may be identified by words such as ‘guidance’, 'projections', ‘anticipate’, ‘believe’,
‘estimate’, ‘expect’, ‘will’, ‘plan’, ‘may’, ‘could’ and similar expressions.
Forward-looking information is inherently uncertain and subject to contingencies, known and unknown risks and uncertainties and
other factors, many of which are outside of My Food Bag's control, and may involve elements of subjective judgement and
assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or
performance to differ materially from the forward-looking statements.No assurance can be given that actual outcomes or
performance will not materially differ from the forward-looking statements. The forward-looking statements are based on
information available to My Food Bag as at the date of this presentation. Except as required by law or regulation (including the
NZX Listing Rules), the Company is under no obligation to update this presentation whether as a result of new information, future
events or otherwise.
MY FOOD BAG ANNUAL MEETING 2023 |