Seeka Provides ASM Presentation

Annual Shareholder Meeting
18 April 2024

Agenda
2
Questions and General Business
Resolutions
Chief Executive’s report
Chair’s commentary
Introduction to meeting
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2
3
5
4

Introducing Directors
3
Cecilia Tarrant
Sharon Cresswell
For Election
Ratahi Cross
For Re-election
Ashley Waugh
For Re-election
Hayden CartwrightStewart Moss
Fred Hutchings

Proxies
4
Chair979,502
Chair Audit and Risk Committee5,529,555
Hayden Cartwright272,272
Michael Franks11,427
New Zealand Shareholders Association775,092
Total7,567,848

Chair’s Commentary
Fred Hutchings

Our Produce Business
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Integrated fruit handler
Seeka grows, processes and supplies fruit
to domestic and international consumers
Integrated orcharding business securing
sustainable supply to post-harvest
Network of post-harvest infrastructure providing
service to Seeka growers
Supply produce to Zespri, SeekaFresh, and other
markets
Integrated produce business in Australia
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Our Strategy
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Deliver operational and financial excellence to our growers and shareholders
Excellent planning, disciplined execution and quality fruit to the market
Lift financial performance
Low cost structure, targeted capital expenditure and less bank debt
Optimise post-harvest capacity
Automation where it delivers efficiency and returns value
Build revenue streams
Lifting returns and adding complementary services and products to core business
Select Excellence
Our aspiration to deliver excellent service, produce and value to our stakeholders
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Our Values
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Key Takeaways
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Chief Executive’s report
Michael Franks

2023 Overview
Challenging growing season and extreme weather impacted horticulture
Multiple severe weather events I New Zealand and Australia I Large drop in volume
Seeka’s response to the $14m net loss after tax
Suspended dividends I Restructured to lower costs I Reduced capex
Secured banking support I Captive insurance innovation
Excellent operational performance for growers and consumers
Excellent on-shore inventory management I High-quality fruit to the markets
2023 volume drop coincided with first season post Covid-19
Prior years constricted by Covid-19 I Three seasons of labour shortages & shipping disruptions
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4

Volume drop impacted profitability
$301m Revenue, down $47m on FY22
−29% fall in kiwifruit volumes to post-harvest
−14% drop in revenue
−Lowest volume since 2017 – despite large increase in
productive orchards, yields across industry very low
$26m EBITDA, down $20m on FY22
−44% down
−Fixed costs of operating a network of post-harvest facilities
$14.5m Net Loss After Tax
−Compared to $6.5m Profit FY22
−$0.34 Loss per share compared to $0.16 Profit FY22
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Post-harvest capacity growth has tracked expansion in NZ orchards
$237m
$251m
$310m
$348m
$301m
32.8m
31.8m
39.2m
42.0m
29.8m
FY19FY20FY21FY22FY23
Revenue
NZ Class 1
kiwifruit trays
packed
Infrastructure underutilised

Response to the $14.5m net loss after tax
Suspended dividends
Restructured the business saving $3m per annum
Maintenance capex within the cost of depreciation
−Investments already made in capacity and automation
−Focus on capital maintenance and risk reduction
(plantroom and switchboards)
Captive insurance structure
−Seeka Risk Management Limited – 100% Seeka owned
−Direct access to London and Asian reinsurance markets
−Comparable cover at materially-lower cost
−Insuring Seeka’s property, plant and equipment
−Avoided $5.3m in insurance costs over two years
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Focus on facility risk reduction
with captive insurance cover
24 / 7 site security
& controlled access
Heat detection
& alarm systems
Automatic power off systems
Gas flood protection
Automatic alerts to FENZ
Site checklist
Panel & structural
integrity checks
Secure
water supply
Containerisation
of heat sources
Comprehensive
risk mitigation
programme

Terminal sustainability loan targets from 2022 base year
Secured bank support early
Refinanced with a Sustainability-linked Loan
−$201m facility from banking syndicate
−$178m drawn at 31 December
Two banking covenants waived for December 2023
−Stepped pathway back to previous covenant criteria
−Net Leverage Ratio and Interest Cover Ratio
Loan interest margin linked to yearly sustainability gains
−Reduce greenhouse gas emissions
−Increase solar generation
−Continue to improve worker safety
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Focus is on excellence – operations, profitability and debt

2023 kiwifruit inventory performed excellently
99% of Seeka’s export-packed kiwifruit delivered on
time and in spec to the industry-marketer Zespri
Excellent in-market performance
−Seeka-supplied kiwifruit were the best in the industry
Quality to the markets drives demand and pricing
−In-market performance vital for industry growth
Operational excellence
for our growers and market partners
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Operating segment performance
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Connecting the world with sustainable fruit
Orcharding
Growing kiwifruit, avocado and kiwiberry for landowners on leased
and managed orchards
Post-harvest
Picking, packing, coolstorage and dispatch of fruit for independent
growers and Seeka’s orcharding operations.
Retail services
Marketing and exporting fruit from Seeka’s post-harvest operations,
and the import and sale of tropical fruit through Seeka Fresh.
Seeka Australia
Fully-integrated orchard-to-market service from owned and leased
orchards in Australia.
Revenue by operating segment
$87m
$182m
$21m
$10m
OrchardingPost-harvestSeekaFreshAustralia

Orchard operations
Supplied 38% of Seeka’s post-harvest business in 2023
Focus on growing high-quality crops for post-harvest
and generating high returns for orchard owners
FY23 PERFORMANCE
Grew 11.4m class 1 trays of kiwifruit
−Down from 17m trays on FY22 on poor growing season
$87m Revenue – up $6m on higher tray returns
$1m EBITDA – down $3.6m on low yields
$16m invested in developing orchards for future growth
−Partnering with landowners, iwi and Kānoa fund
−Includes packing supply contracts to 2050
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The foundation of Seeka’s orchard-to-market service
53 hectares of kiwifruit entering production in 2024

Post-harvest operations
Generated 61% of Seeka’s revenues FY23
Focus on supplying quality service and produce
FY23 PERFORMANCE
Handled 29.8m class 1 trays of kiwifruit
−Down from 42m trays on FY22 in challenging growing season
−Excellent inventory performance onshore and in the markets
$182m Revenue – down $52m on low volumes
$44m EBITDA – down $15m
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Seeka’s core business connects growers to their markets
Automation & information systems delivering efficiency gains

SeekaFresh retail services
Adding value to Seeka’s core supply chain operations
Creating new revenue streams
FY23 PERFORMANCE
Handled $63m of fruit sales – up $8.4m
−Strong performance from imported produce
−Strong wholesale market
−Production and sale of Kiwi Crush and Avocado Oil
−Working to rationalise avocado supply and marketing
$21m Revenue – up 9%
$2.6m EBITDA – up $1.8m
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Marketing produce to retailers
Adding valuable revenue from Seeka’s orchard-to-market service

Creating full-year shelf space for Seeka-branded fruit in
Australia’s large supermarket retailers
FY23 PERFORMANCE
Grew and sold 3,309 tonnes of fresh fruit – down 32%
−Direct sales to Australia’s large retail chains
−Selected export to Asia
−Demand for Seeka’s Hayward kiwifruit exceeded supply
$10m Revenue – down 26%
$0.7m EBITDA – down $0.3m
$13m invested in new orchard developments
−63 hectares of kiwifruit
−New pear varieties and expanded jujube plantings
Seeka Australia
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Integrated orchard-to-market service
Set for significant growth - new plantings & normal growing conditions

Focus on Sustainability
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Reducing our environmental footprint,
supporting the wellbeing of our communities,
and generating value for our stakeholders
Reduced carbon footprint
Trialled retrofitting coolstores with
environmentally-friendly refrigerants
Installed 345kW of solar at Katikati post-harvest
Promoted four cadets to orchard managers
Reduced the gender pay gap
Opened the 140-bed Turanga Whetu RSE
accommodation facility in Aongatete
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Information systems add value
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Anytime, anywhere access to key supply chain data
Better reporting
Seeka app and Grower portal
Information to decision makers when and where
they need it
Inventory management aids
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2024 Outlook
Return to profitability
Early season volumes look much better than 2023
−Zespri forecasting higher crop
−Good percentage of Seeka crop in early season
−Load outs are tracking well
Australian crop looks positive
−Access to new spray programme, no drought
−Hayward harvest started 9 March
Early start to all facilities
−Good labour supply
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Focus on delivering excellent operational and
financial performance on a bigger crop

Resolutions
Fred Hutchings
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Meeting process
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Online voting and asking questions
The voting boxQuestion box

Resolution 1. Director election – Ashley Waugh
“To re-elect Ashley Waugh as a Director.”
−Ashley Waugh retires by rotation and is standing for re-election
−Board supports and recommends Ashley Waugh for re-election
Ashley Waugh to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
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Resolution 2. Director election – Peter Ratahi Cross
“To re-elect Peter Ratahi Cross as a Director.”
−Peter Ratahi Cross retires by rotation and is standing for re-election
−Board supports and recommends Peter Ratahi Cross for re-election
Peter Ratahi Cross to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
27

Resolution 3. Director election – Sharon Cresswell
“To elect Sharon Cresswell as a Director.”
−Sharon Cresswell was appointed by the Board October 2023 and
is standing for election
−Board supports and recommends Sharon Cresswell for election
Sharon Cresswell to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
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Resolution 4. Appointment and Remuneration of Auditors
"To record the re-appointment of Grant Thornton as auditor of the Company,
and to authorise the Directors to fix the remuneration and expenses of the
auditor for the coming year."
−Grant Thornton automatically reappointed as auditors under the Companies Act 1993
−Resolution authorises the Board to fix Grant Thornton’s fees and expenses for 2024
To consider, and if thought fit, pass the following as an ordinary resolution:
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Resolution 5. Approval of Financial Assistance and Share Issue
for Grower Loyalty Share Scheme ( GLSS )
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OVERVIEW
GLSS Costs
$1.2m estimated cost to the Profit & Loss over 2.5 years
−$0.49m per year – if all shares taken up
−$0.17 per tray per year
2.4m maximum shares issued
−42.0m shares currently issued
−5.7% dilutionary impact only on earnings
−Growers have to pay cash for shares at market value
Limited loss in value
−Shares purchased at current market price
−No discount applied
GLSS Purpose
The post-harvest sector is very competitive
−The scheme encourages and rewards loyalty to the
company and secures supply and earnings
Industry uses annual packing contracts
−As opposed to long-term supply contracts
Seeka avoids price discounting
−Erodes margins
Seeka’s GLSS gives growers an incentive to sign a
longer-term supply commitment
−Provides certainty of crop volumes over next 3 years
−Aids decision making on longer-term capital expenditure

Resolution 5. Approval of Financial Assistance and Share Issue
for Grower Loyalty Share Scheme
“That Seeka:
(a) issue up to 2,400,000 ordinary shares of Seeka, at the issue price
described in the explanatory notes, pursuant to the Grower Loyalty Share
Scheme (“Scheme”) described in the explanatory notes; and
(b) make the loans required pursuant to the Scheme, and described under
the heading “Loan” in the explanatory notes, to fund the issue price of
the shares referred to in (a).”
To consider, and if thought fit, pass the following as an ordinary resolution:
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If you vote in favour of Resolution 5, you will be ineligible to participate in the Scheme

QUESTIONS
AND GENERAL BUSINESS
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END OF MEETING
Shareholders have 5 minutes left to
cast your vote
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seeka.co.nz