ASM Meeting Materials

NEW ZEALAND KING SALMON – 2024 ANNUAL SHAREHOLDERS’ MEETING

The attached presentation will be given at New Zealand King Salmon Investments Limited’s
Annual Shareholders’ Meeting held at:
Queen Charlotte Yacht Club
Shelley Beach, Picton 7220, New Zealand
Wednesday 19 June 2024, 2:00pm NZT and online at:
https://vimeo.com/event/4218893
Password: KingSalmon24
• 2024 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting –
Chair and CEO’s Address
• 2024 New Zealand King Salmon Investments Limited Annual Shareholders’ Meeting –
Presentation

ENDS
Contacts
Carl Carrington CEO, New Zealand King Salmon Investments Ltd,
carl.carrington@kingsalmon.co.nz
Ben Rodgers, CFO and Company Secretary, New Zealand King Salmon Investments Ltd,
ben.rodgers@kingsalmon.co.nz

Annual Shareholders’ Meeting
19th June 2024
Address by the Chair: Mark Dewdney

E ngā mana, e ngā reo, e ngā hau e whā, tēnā koutou
E mihi ana ki ngā mana whenua me ngā ahi kā o tēnei rohe, tēnā koutou
Nau mai haere mai ki tēnei whare, ki te kaupapa nui o te rā nei
Nō reira, tēnā koutou, tēnā koutou, tēnā tātou katoa

Slide 2 - Welcome
Welcome to the eighth annual shareholders meeting of New Zealand King Salmon. It is my
pleasure to be here today and to address you in my capacity as Chair.
Firstly, I’d like to acknowledge our shareholders, iwi representatives, our auditors. You will all
have a range of interests in today’s session, and whatever they may be we acknowledge you
for taking the time to participate in today’s ASM.
Housekeeping first - in the case of an emergency an alarm will sound. Please exit the building
and assemble at the public toilet block “assembly point”. In an earthquake, drop, cover and
hold. Remain inside until shaking has stopped.
I would like to introduce my board colleagues. With us today are Paul Munro, Catriona
Macleod, Yong Tiong and Victoria Taylor.
We also have a number of our senior management team joining us here, starting with our new
Chief Executive Officer Carl Carrington who will be addressing you shortly, Ben Rodgers Chief
Financial Officer, Graeme Tregidga Chief Commercial Officer, Grant Lovell General Manager
Aquaculture, Richard Smith General Manager Processing, Monique Hatfull Head of
Relationships and Communications.
Other staff with specific expertise in our company are also present, including Katie Bennett
Head of Finance and Sustainability and Dr. Zac Waddington Fish Health and Welfare Manager
who will assist in answering any questions. We also have Antony Page here who will be doing
an Aburi demonstration with our salmon.
Iain Wood, the audit engagement manager from EY is also with us today and is able to answer
any specific audit related questions.

Slide 3 - Agenda
I will begin with an overview of the year under review, plus the period ahead, then Carl will
take you through a more detailed presentation of our operations, strategic direction and
intentions for the future. We will then have the opportunity for questions which will be followed
by the more procedural ASM requirements.

Slide 4 – Chair update
We are pleased to announce that we had another year of solid improvement.
Our final result was within our initial guidance range, which we felt was a crucial step in
rebuilding shareholder confidence.
The headlines of what we achieved in FY24, as compared to FY23 are:
Revenues increased from $167 million to $187 million (an increase of 12%).
Net profit increased from $1.9 million to $28.5 million.
Our EBITDA loss of $2.7 million in FY23 rebounded to a pro‐forma EBITDA profit of $24.5
million in FY24.
Mortalities reduced from $25.9m to $12.6m.
For FY25 we have provided a pro‐forma EBITDA guidance range of $26m ‐ $32m with forecast
FY25 harvest volumes of ~7,000MT.
The progress we have made is the result of continued significant operational and strategic
changes within our company. As primary producers, some challenges will always remain
outside our control such as climate and global supply levels. From our past adversity we have
learnt a lot about resilience, and adaptation as a company, and we will continue to apply these
learnings into the future.
I would also like to acknowledge the entire team at NZKS, who are the foundation of our
company, and the key to any success we can have. Our improvements are the result of a real
team effort across the entire business - from good farming and fish health practices, flexible
and consistent processing operations, strong financial control and continued fiscal restraint,
and a sales and marketing team who continues to generate strong brand loyalty and healthy
margins. We have refreshed our Senior Leadership Team, and Board who are focussed on
good governance. We are working well as a team and our results are starting to reflect this.
During this year we have spent time ensuring we have the right leadership and governance in
place. At the Senior Leadership level, the Board appointed Carl Carrington as our new CEO.
Carl brings a wealth of Executive and Governance experience to New Zealand King Salmon.
I would like to acknowledge the excellent leadership Graeme Tregidga provided our company
during his role as acting CEO. Graeme stabilised the business and provided true leadership
during some very turbulent times. We were pleased that Graeme has stepped into the position
of Chief Commercial Officer, and acknowledge his continued critical role in the company.
Since joining Carl has undertaken a strategic refresh exercise across the business. This has
involved input from staff throughout the company, and has resulted in a clear strategic
direction, and supporting workplans. The Board has been involved in developing these plans
and has endorsed them as being right for the next 7-10 years. We have confidence in the
Senior Leadership Team, and the wider business to implement these plans, and stay focussed
on our core values. Carl will talk more about this in his presentation.
At the Board level we have said farewell to one Paul, and welcomed in another.
NZKS would firstly like to extend its gratitude to Paul Steere for his long service to the
company. Paul Steere has been a key part of NZKS for three decades. Paul began as the
company's inaugural Chief Executive Officer and following his departure as CEO in 2009, Paul

joined the Board as an Independent Non-Executive Director. He has most recently been the
Chair of the Audit, Finance and Risk Committee. We wish Paul the best with his future
endeavours.
Paul Munro joined as an Independent Non-Executive Director on the 1 March 2024, and
became Chair of the Audit, Finance and Risk Committee on Paul Steere’s departure on 31
March 2024. Paul Munro is an accomplished finance professional, with extensive governance
experience, including 24 years with Deloitte as a Corporate Finance Partner. Paul's body of
work traverses a range of industry sectors, including agriculture, energy, professional services,
distribution and health care. The board warmly welcome Paul Munro and are grateful for the
wealth of knowledge and experience he brings to NZKS.
The future looks positive for NZKS. We have received the final permissions from Fisheries NZ
for Blue Endeavour, and have already spent significant time planning for the implementation
of our farming initiative in the open ocean.
This is an exciting time for our company, and for the NZ aquaculture industry. Carl will talk
more about our approach to Blue Endeavour in his address, but from the Board I would like to
thank our shareholders for their support during what has been a very long journey to get the
World’s first open ocean salmon farming license for the King salmon species.
We have worked hard over the past 35+ years to be the World leaders in the farming of King
salmon. While this is a nice position to be in, it requires continued focus and commitment, and
the courage to make the necessary investments to trial new technologies.
I’m sure it is of no surprise that the Blue Endeavour farm itself is just one piece of the puzzle.
We will need significant investments into piloting the farm, and building the supporting
infrastructure needed to operationalise this farm.
As a result of these investment requirements the Board has resolved that dividends will remain
on hold for the foreseeable future as NZKS develops the Blue Endeavour project.
I will finish by saying that while NZKS maintain a ‘cautiously optimistic’ perspective on the
future, we must maintain discipline, focus, and a long-term planning horizon. Aquaculture is a
long game that rewards patience and consistency, and we are in it for the long-term.
We look forward to building this positive future, not only for our company, but for our Te Tauihu
regional communities, and Aotearoa.

Slide 5 – CEO address
E te tī, e te tā tēnā koutou katoa.
Kia ora tātou, my name is Carl Carrington, and I am the Chief Executive Officer. I came on board
in August 2023, and it’s a privilege to be here today for my first NZKS Annual Shareholders
Meeting.
Today I will be taking you through the highlights for the last financial year FY24, our strategic reset,
our progress in the sustainability space, a business update, and finishing with the outlook for the
coming financial year.

Slide 7 – Financial summary

This slide shows how the business improved the Pro-Forma EBITDA result from a loss of $2.7m
in 2023 to a profit of $24.5m in 2024. For clarity one of the major differences between the GAAP
results and Pro-Forma EBITDA number is that GAAP includes the non-cash fair value movements
associated with both our biomass and inventories on hand. The Pro-Forma results remove these
non-cash fair value movements.
Moving from left to right, volume contributed $1.8m to the earnings improvement. By far the two
biggest drivers were improved pricing and a reduction in fish mortalities. Improved pricing added
$18.2m, which came from a combination of price increases, improved product mix and market
optimisation – which means prioritising fish to higher margin customers. The reduction in fish
mortalities improved earnings by a further $13.3m.
Further reductions in freight and corporate costs added another $1.7m.
Offsetting these gains was an increase in Cost of Goods Sold (COGS) associated with the
increased volume, and inflation driving COGS.
Overall, a solid return to profitability, with more opportunity to further improve.

Slide 8 – FY24 operational highlights
A 12% lift in revenue to $187.1m, reflected a combination of:
• market optimisation - continued to focus on product and customer mix,
• increase in harvest - reflecting improvements under the second year of the revised farming
model,
• price increases reflecting – increases to key input costs such as feed and labour.
Sales are concentrated predominately to North America at 41% and domestic market at 36%. We
are growing into Australia at 11% and have a renewed commitment to establish a premium position
in China ahead of anticipated increased supply availability from Blue Endeavour. China was 1% of
sales in FY24.

Slide 9 – Strategic vision
During 2023-24, as a business we reviewed the strategic context in which we are operating,
assessed our strengths and weaknesses, explored the opportunities in front of us and took stock
of risks we face considering an ever increasingly volatile world. From this we developed a new
vision.
You all know our previous vision was to create ‘the ultimate salmon experience’. While there is
nothing at all wrong with this, and it definitely allowed us to drive hard at premium marketing, we
decided we needed a vision that was more holistic and that the wider company and our
stakeholders could see themselves within.
We came up with ‘creating a healthier world’ as being a unifying theme. Note that this is an active
statement, and acknowledges it will always be a journey of progress across our five key pillars.
Our aspiration statement is that “We strive to grow healthy kai, healthy communities, healthy
relationships, healthy environments, and healthy economies. This will contribute to growing a
healthier Aotearoa and ultimately a healthier world.”

Slide 10 – Core themes

We distilled our strategy to eight core enduring themes. Sitting behind each of these themes are
detailed plans to convert strategy into action. I will briefly take you through what each of these
mean to our business.
1. ‘Value our people’ – we acknowledge that people are at the heart of our business. We need
to build on an inclusive, achievement orientated culture where individuals and teams strive
to be their best.
2. ‘Nurture Healthy Relationships’ – across our communities, mana whenua, customers,
investors, government and beyond, our ability to operate depends upon the strength of
these relationships.
3. ‘Partner with customers’ – our customers pay the bills, and we have strong customer
partnerships that we greatly value and continue to build. We are conscious of the need to
maintain diversified channels – not to be overly reliant on any one channel or market where
there are risks for which diversification offers a prudent mitigation.
4. ‘Build a sustainable future’ – we recognise the importance of achieving positive
environmental and social outcomes. Aquaculture requires both quality freshwater and
marine environments. To lose focus on our dependence on a healthy natural world would
be to score an own goal. Not only is this prudent to good business, but it is also important
to us to be a good corporate citizen, as well as to maintain our social and cultural rights to
operate and be responsive to our customers.
5. ‘Excellence in risk management’ – we recognise that the world is an increasingly volatile
and uncertain place. We will continue to build our culture and capability in the risk
management space.
6. ‘Build a strong foundation’ – whilst we have had a good return to profitability, we believe
there is more we can do to further optimise the current business. We need a strong
foundation to enable us to make the significant investments required to step into Open
Ocean Aquaculture at Blue Endeavour.
7. ‘Focus on our fish’ – this is about building our aquaculture expertise to improve fish health
outcomes and to acquire expertise in new technologies and infrastructure, and to
accelerate our breeding programs for resilience.
8. ‘Respect the whole fish’ – this captures our desire to maximise the utilisation and value of
the entirety of our fish. Our Omega pet food business is a good example of adding further
value to our remaining raw materials.

Slide 12 – Sustainability
Climate-Related Disclosures (CRDs) and sustainability more widely is a journey, and an evolving
landscape. This is our first-year reporting under the CRD regime, and we released our CRD report
29 May this year. Our focus has been on the assembly of quality baseline data from which we will
develop concrete targets, which will be supported by defined pathways, to deliver realistic
outcomes. Our sustainability goals will be holistic, covering carbon reductions, water and waste
management, infrastructure resilience, and a focus on fish health for welfare and resilience.
We will not be drawn into ‘over promising and under delivering,’ but rather we will be taking
considered, meaningful, and verifiable steps to secure our future resilience and make our
contribution to a sustainable environment.

Carbon is likely a lens through which consumers will increasingly assess a company’s
sustainability commitments – although for our business, fish health is also a visible metric that
consumers increasingly pay attention to.
We recognise that our carbon footprint in absolute terms is likely to increase over time as we grow
more protein. Our focus will be on reducing our carbon intensity – i.e., CO2 tonnes/tonne of
production. The world needs more protein and salmon is one of the lower carbon footprint forms
of protein, so the fact that NZ King Salmon carbon footprint will increase is not a perverse outcome
provided our intensity falls appropriately as we invest in improvement measures. We stand by our
core belief that salmon farming contributes to creating a healthier world.
For those who are new to the CRDs space, we need to divide our emissions into scope 1, 2, and
3. Scope 1 emissions are direct emissions from our own operations. Scope 2 emissions are indirect
emissions from purchased energy. And Scope 3 emissions are other indirect emissions.
95% of our footprint is scope 3 – essentially feed and freight – so targeting only the 5% in Scope
1 and 2 is a bit like rearranging decks chairs on the Titanic – it might create good appearances but
is not really getting to the core challenges. Now having said that, there is actually some low hanging
fruit that we can knock over, such as improving electrification to our hatchery in Tākaka which
enabled us to remove a generator that saves nearly 100MT carbon/year – definitely worth doing
and it has been done.
With the installation of our ensilage operation in Picton, shown here in this slide, we will be able to
not only divert all fish mortalities from landfill saving carbon from being released via the
decomposition process, but it also allows us to convert the fish mortalities into valuable biofuel and
fertilisers. Every tonne of fish to landfill creates two tonne of greenhouse gas equivalents. This is
a big step for us on our circularity journey, and we are proud to be leading in this space.
A Greenfield processing facility would provide an opportunity to invest in technologies to make step
changes in carbon and water. Energy usage could be more efficient and through investment in
more modern freezing technologies we will be able to sell more product in frozen formats to high
end customers and thereby reduce freight emissions – all of this would lead to improved carbon
intensity reductions.
In respect of feed, fish are not going to change their physiology to eat less but we are scoping
technology to help us be as efficient at feeding as possible through our centralised feed centre and
the utilisation of AI to monitor fish behaviour and support feeding technicians. More precise
responses to feeding behaviour can potentially improve our Feed Conversion Ratio and in turn
lower carbon intensity. We are also partnering with our feed suppliers to constantly improve the
diet we feed our fish both from a fish health and performance perspective, but also a sustainability
perspective and raw ingredient alternatives, such as through the inclusion of algal meal.
Our carbon footprint is one aspect of Climate-Related Disclosures. But we also need to consider
business resilience in the face of climate change, such as storm, flood, and drought protection.
The business is undertaking hydrology mapping at our Tentburn and Tākaka sites to better
understand the nature of drought and flood risks. We are investigating pilot trials of Recirculating
Aquaculture System or RAS (which is a fully contained and controlled tank system which
recirculates the water and requires minimal water take) and Re-Use systems (which is like a hybrid
of our current flow through model and full RAS) at both these sites which, when proven-up and
scaled-up, will improve both climate resilience and fish health.
The restoration of the Tentburn culvert, shown in this slide here, was an infrastructure investment
completed in FY24 which improves flood protection.
We are focussed on thermotolerance in our breeding programmes. Thermotolerance is about
identifying the fish families who can cope with elevated water temperatures. As with all populations

there will be certain family genetics which enable some to handle different conditions better than
other families.
We are pleased with early results of thermotolerance trials conducted by Cawthron Institute which
identified several families with particularly good thermotolerance under controlled conditions in
laboratory tank environments. These traits have demonstrated good heritability. We are now
conducting sea trials with these families to check how they perform in the real environment where
there are more stressors than just temperature. We are also starting to invest in genomics to
accelerate our thermotolerance breeding progress.
Our independent certifications help us build credibility and trust through an audited process. Best
Aquaculture Practices (BAP) is our main certification program, which is an internationally
recognised program to certify farmed seafood that is produced safely, responsibly, and ethically. It
is a fully integrated process across the value chain, which aligns with our company’s structure and
approach. BAP is of particular importance to our discerning international customers. We continue
to achieve our 4-star BAP status.

Slide 14 – Aquaculture
Turning now to our aquaculture operations. Our forecast harvest volume for the coming financial
year is approximately 7,000MT Gilled and Gutted (G&G). This is in line with our long run
sustainable production estimates of currently farmed sites of 6,800MT to 7,000MT.
Five of our inshore farms with consents set to expire this year are presently in the consent renewal
process. We have been farming at these sites for several decades, and while our use of these
sites has evolved over time, they continue to play an important role in our revised farming model
and future plans, including for Blue Endeavour. For example, they could be used as nursery sites
for Blue Endeavour, harvest sites or Research & Development activities. Our ongoing
thermotolerance work will also assist in planning their future use.
Getting consenting certainty for our current farming operations is critical to our commercial viability,
and our ability to invest in further growth initiatives. The consents are currently going through under
the NES-MA (National Environmental Standards for Marine Aquaculture), which is designed to be
a more streamlined process. Irrespective of the legislative process, our guiding principle remains,
that a healthy marine environment is vital for our long-term operations. ‘Ka ora te moana, Ka ora
te tangata’- with a healthy ocean, the people will thrive.

Slide 15 - Blue Endeavour Pilot
We are excited to have finally received all permissions required to progress the Open Ocean site
known as ‘Blue Endeavour’. 9 years and around $7million in costs reflects a long and expensive
journey, but we are finally here. The fact we now have the licence many people have a mistaken
understanding that we are ‘off to the races’ and will be growing and selling up to 10,000MT of fish
from the site in just a few years. This is unfortunately not the case.
While we fundamentally believe that Blue Endeavour will be a success, we will not be gambling
our company’s long-term existence in the process. Aquaculture is a sector that rewards patience
and caution and we will adopt a prudent approach to pilot trials and prove up the infrastructure and
fish health before commencing to scale up commercially. This scale-up phase will in turn be phased
in a manner that allows us to develop markets and customers such that we keep demand ahead
of supply.
We are currently undertaking base line data monitoring to build a robust understanding of the
benthic environment as well as seabirds and mammals, prior to any infrastructure being

established on the site. Baseline monitoring will continue until June 2025, which is the earliest that
we can install our infrastructure. At this point we will install our 2 pilot pens to begin testing of the
pen infrastructure and fish performance to ensure it operates as we expect.
At our pilot farm we will put our smolt into our inshore farms to grow to 1.5kg. They will then be
moved to our Blue Endeavour pilot farm around October/November 2025 – sufficient to grow up to
500MT at harvest. We will tow smolt from the Pelorus Sound to the pilot farm and back for harvest
in 2026. This will enable us to learn how the fish perform in this new environment. This will be the
first year of a pilot trial. We will then repeat the trial program for a second year with a larger quantity
of fish – but still at pilot scale.
To conduct the pilot trials, we will operate the farms on a daily basis, weather permitting, via a
specifically designed service vessel, currently under construction, from which we will undertake
feeding, environmental and fish monitoring as well as pen and net maintenance.

Slide 16 – What we need to farm in the open ocean
Developing the world’s first commercial scale king salmon open ocean farm requires many
enabling and interconnected projects. As I work my way around this slide you will gain an
appreciation for the road map ahead of us.
We need to maintain a stable core business. This means keeping a solid foundation as we continue
to focus on optimizing our base operations. This provides the cash flow platform from which we
can sequence the required investments.
We need to prove Blue Endeavour through pilot farming and testing as discussed earlier.
In parallel, an investment decision regarding building a greenfield processing facility is required.
The current Nelson facility is both close to capacity and reaching end of life for our purposes. We
can process the additional volumes projected for the Blue Endeavour pilot operation, but not any
meaningfully scaled production. The current facility is around 45 years old – I am in favour of
sweating assets but there comes a point where if you sweat something too far, it becomes
emaciated and a liability.
The practical constraints of our current facility severely restrict our ability to drive productivity gains
– which is important to maintain competitiveness in a global market notwithstanding that our king
salmon commands strong premium pricing. A higher inflationary environment, matched with static
base volumes, requires us to maintain price growth and to focus on being as efficient as possible.
Competition forces the tyranny of doing both simultaneously, not affording us the luxury of choosing
to rely solely on our ability to command an ever increasing premium. Productivity is as important
as pricing power.
We have been working on greenfield feasibility for some time now and continue to evolve and
refine our thinking in this area. We will only proceed with a greenfield build once we are sufficiently
confident in the return derived from productivity, environmental and quality gains based off our
current volumes or, until such time as we have increased confidence in the additional volume from
Blue Endeavour (likely once the outcomes of the Blue Endeavour pilot are known). As such there
is no fixed timeline for committing to a greenfield build other than to say a sensible lead time for
detailed design, consenting, build and commissioning is at least four years prior to when we expect
to have the first scaled Blue Endeavour harvests.
To supply the additional 10,000MT of fish for scaled Blue Endeavour, we will also need to invest in
building our freshwater capacity. We are currently investigating the feasibility of building a pilot
RAS system at our Tentburn hatchery and smolt grow out facility. Successful implementation of

RAS for the salmon industry is a necessary step to scaling as it allows significantly more production
from the same volume of freshwater (95% is recycled), which is a precious and limited resource.
RAS technology also allows much more control over the water quality and the environment the fish
are reared in, for example photoperiods, temperature and salinity can be controlled. This control
can have the potential for improved smoltification, which is the transformation of salmon from fresh
to salt water, prior to transfer to seawater by using photoperiod and/or salinity. By reducing early
runting, otherwise known as failed smolt, we would reduce early at sea mortality improving fish
health outcomes along with improved production planning.
We also need to invest in building our brood stock capacity at Tākaka. For this we are investigating
the use of ‘Re-Use’ technology – which is like a hybrid of our current flow through model and full
RAS. The benefits of Re-Use are primarily around more efficient use of freshwater providing
enhanced drought resilience, and control over water and the environment in which brood stock are
held.
To future breeding. Climate change has begun directly impacting salmon farming across NZ in the
past 10-15 years. The environmental challenges to our fish will continue, therefore our fish must
adapt faster than climate change.
In parallel, we continue to invest in breeding for resilience and fish health; we are “doubling down”
so to speak on investments in our breeding program and extending our R&D program to include
conversion of an existing commercial sea pen to trial pens at our Ruakākā farm, to enable more
focused R&D into feed diets and breeding evaluations.
Investment in pilot RAS, Re-Use, trial facilities and breeding programs are sound investments
irrespective of scaling Blue Endeavour.
Upon a successful outcome of the Blue Endeavour pilot, we will then commence phased scaling
to commercial Blue Endeavour farming. This will be characterized as the progressive addition of
more pens and fish each year according to sales forecasts such that we match supply growth to
demand growth. We will progressively scale freshwater investments to match the forecast
requirements of Blue Endeavour.
The tow model we will operate for the pilot trial pens is not scalable beyond the pilot phase. We
will require further investments in feed barges, net cleaning, and a well-boat. Some infrastructure
is logical for us to own outright, however for some such as a well-boat, no conclusion is yet made
as to whether a buy or lease model is best. That decision is deferable until the pilot is proven up.

Slide 17 - Transforming a vision
I’ll show you this quick video of Blue Endeavour as a reminder of the end goal.
[Run video].
A successful pilot will open a transformational growth pathway for NZ King Salmon and Open
Ocean Aquaculture more generally. Salmon aquaculture can make a meaningful contribution to an
export lead recovery for New Zealand. We are not making any assumptions about the outcomes
of the pilot – other than to say we are in equal measure excited and cautiously optimistic. As
aquaculture demands, we will be patient and disciplined as we step into this new environment.

Slide 18 - Resilient brands
Turning now to resilient brands. This slide shows the spread of our brands that maximise the value
and full utilisation of our fish.

Slide 19 – Resilient brands - Ora King
I continue to be astounded by the strength of our Ora King brand. In my opinion the brand has
moved beyond a premium functional offer – and has been referred to as the ‘wagyu of the sea’ –
to a networked global community of opinion leading ambassador chefs who choose to represent
our King salmon not only because of its superior taste and presentation but also for the
relationships they form with each other and their customers while demonstrating their exceptional
skills in creating memorable culinary experiences. We have forged powerful personal connections
to our business, fish, and chef communities.
Ora King was selected to feature on the menu for the 2023 Met Gala dinner. This was picked up
by Vogue magazine and promoted to around 9 million readers. This is evidence of Ora King’s super
star power.
I am going to run this video. This is a very well-respected Canadian chef Darren Maclean. Darren
has been an Ora Ambassador for 4 years now. This video was made of his own initiative – nothing
to do with us. This post reached an audience of around 45,000 within hours of being released. I
could have picked any one of dozens of such posts – this organic promotion fuels much of our
social media as chefs around the world celebrate the hero dishes, they create with Ora King
salmon.
[Run video].
It is a power brand – probably unequalled in global seafood.
This is a Tyee grown at Takaka – our largest on record. And this is Liwei – another extra-ordinary
chef from California. Liwei would buy every Ora Tyee we produce if we let him. We harvest about
200 per year. For context an Ora King Tyee is worth over $110/kg. So, this particular Tyee, which
Liwei bought, was just under $2,600. This fish was dry aged, and just last week was “heroed” by
Liwei at the World’s 50 Best Restaurant Awards in Las Vegas.
We also celebrated our 1000
th
Tyee late last year alongside a screening event of our Ora King
Documentary in New York. It is fantastic to see that our Documentary is still being so well received
globally with screenings and events having taken place around NZ, Australia, New York and LA to
date.

Slide 20 – Resilient brands - Regal
Ora King is our hero brand for the Food Service channel. Regal is our hero brand for consumers
in retail channels. I am sure you all know Regal well.
Over the past few years, we have conceded market share in the domestic NZ retail channel. This
was a conscious choice as we needed to balance heavily restricted supply globally to maintain
supply to all our priority markets and channels. Now that supply has rebuilt, we are re-investing in
our digital marketing programs and supporting trade customers via promotional campaigns
designed to stimulate consumption occasions and sales. Our brand awareness, preference and
market share has responded accordingly, and Regal is the number 1 salmon brand in NZ Retail
across these measures as shown in this graph.
Regal Epicurean which in an imported Atlantic product marketed under our Regal brand has
continued to build the category by attracting younger consumers interested in more contemporary
flavours than offered under our Regal King portfolio. This sub brand enables us to build our NZ
sales base which would otherwise be under greater supply pressure.

We are extending Regal in global markets and building out our distribution in Australia and with
selected North American retailers. We are very pleased to have partnered with China Resources
Food Supply Chain to start building the premium position of King Salmon via the Regal brand in
China. This is a slow burn strategic initiative to build our premium position ahead of increased
supply from Blue Endeavour. China Resources provides us with the importation and in market cold
chain, and distribution footprint including supporting access to leading supermarket chains, and in
market execution muscle to achieve our joint long term growth ambition. China currently represents
<2% of our sales. It is an untapped opportunity that has been starved of supply as a result of over
a decade of lost opportunity for New Zealand through an inability to access additional marine
space.

Slide 21 – Resilient brands – Omega
Omega is a platform through which we respect the full value of our fish. Many of you will have seen
Omega Plus Salmon oil, treats, canned and kibble food for pets in the grocery and specialist
channels.
In the treats segment we have an inherent unique selling proposition – access to single ingredient
salmon pieces and smolt as seen here in this slide. Cats and dogs absolutely love our salmon
treats – we enjoy incredibly strong consumer engagement.
Kibble and canned food is a more challenging market – the grocery channel is a battle ground
where global pet food heavy weights fight it out. Success in this environment is as much or more
about your ability to fund trade investment above and below the line, and cost position to produce
and sell at competitive price points than it is about the nutritional quality of the product.
During 2023 the business made the choice to focus its kibble efforts in the specialty channels
where we believe there is greater opportunity for smaller players to establish defensible profitable
niches underpinned by product performance. This is work in progress across 2024. We are making
good gains and continue to build out our distribution footprint and tailor our product range to the
needs of shoppers in these channels.

Slide 23 – Outlook
I have 6 key outlooks I’d like to share with you to finish my speech.
1. We are building confidence in our revised farming model. We are working with nature, by
recognizing that the Pelorus and Queen Charlotte Sounds provide excellent farming
conditions from the end of March through to December. But across the warmest summer
months these waters can provide a challenging environment for our King salmon, which is
something we are working on to change via our fish health and thermotolerance breeding
work. The Tory Channel on the other hand provides excellent farming conditions all year
round. The adapted farming production plan has worked well for two consecutive summers.
That is a foundation for confidence. A third and a fourth repetition builds more confidence
in the trend.

2. We are gearing for our Blue Endeavour pilot trial. This is an exciting opportunity and one
which we are taking a suitability cautious approach to prove up with an investment pathway
in which we can manage unknown outcomes before committing to the larger investment
program for which we need greater performance certainty.

3. To the political environment. The coalition government is supportive of aquaculture, and
there will be plenty of opportunities ahead for both our company, and the wider sector, to

access tools and funding that could help accelerate our sustainable industry. This is a
welcome endorsement of the value our sector can provide to both our export-led economic
recovery, and the regional development opportunities within.

4. FY24 was a good return to profitability. I acknowledge the efforts of all our staff to deliver
that, and the support of our customers and investors to hold the faith. We believe we can
further optimize our current business, and hence our market guidance for this financial
year’s pro-forma EBITDA remains unchanged at $26 - $32 million.

5. We are focused on building our resilience and reducing, insofar as practical in an
aquaculture setting, the opportunity for volatility in our earnings. We are making
investments to build climate resilience into our operations and to invest in science to
improve fish health. These investments by their nature are medium term before they
produce demonstrable results.

6. Solid results in FY24, with FY25 building on that foundation, combined with a pathway to
prove up Blue Endeavour offers the promise of a transformational growth pathway for
NZKS and the aquaculture industry. It is a journey for the patient, it is not for those looking
for quick wins. We are aquaculture farmers adopting a pragmatic approach to unlocking
our potential. Aquaculture rewards the patient and cautious.
Thank you for your time today as I’ve covered a pretty comprehensive overview of the year, and
where we are heading, and we look forward to taking your questions.
Nō rēira, tēnā koutou, tēnā koutou, tēnā koutou kātoa.

Ends.

---

ANNUAL SHAREHOLDERS MEETING
WEDNESDAY 19 JUNE 2024

TheinformationinthispresentationhasbeenpreparedbyNewZealandKingSalmonInvestmentsLimitedwithduecareandattention.However,tothemaximumextentpermittedbylaw,
neitherNewZealandKingSalmonInvestmentsLimitednoranyofitsdirectors,employees,shareholdersnoranyotherpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss
(including,withoutlimitation,arisingfromanyfaultornegligence)arisingfromthispresentationoranyinformationsuppliedin connectionwithit.
Thispresentationmaycontainprojectionsorforward-lookingstatementsregardinga varietyofitems. Suchprojectionsorforward-lookingstatementsarebasedoncurrentexpectations,
estimatesandassumptionsandaresubjecttoa numberofrisks,uncertaintiesandassumptions. Thereisnoassurancethatresultscontemplatedinanyprojectionsandforward-looking
statementsin thispresentationwillberealisedandanyforward-lookingstatementsaresubjectto materialadverseevents,significantone-offexpensesorotherunforeseeablecircumstances.As
such,actualresultsmaydiffermateriallyfromthoseprojectedin thispresentation.Nopersonis underanyobligationtoupdatethispresentationatanytimeafteritsreleasetoyouortoprovide
youwithfurtherinformationaboutNewZealandKingSalmonInvestmentsLimited.
OurresultsarereportedunderNZIFRS. Thispresentationincludesnon-GAAPfinancialmeasureswhicharenotpreparedin accordancewithNZIFRS. Thenon-GAAPfinancialmeasuresused
in thispresentationinclude:
•EBITDA.WecalculateEBITDAbyaddingback(ordeducting)depreciation,amortisation,financeexpense/ (income),andtaxationexpenseto netearnings
•EBIT. WecalculateEBITbyaddingback(ordeducting)financeexpense/ (income),andtaxationexpenseto netearnings
•Pro-formaOperatingEBITDArefersto earningsbeforeinterest,tax,depreciationandamortisationafterallowingforpro-formaadjustmentsasdescribedin theAppendixto thisdocument
Webelievethatthesenon-GAAPfinancialmeasuresprovideusefulinformationtoreaderstoassistin theunderstandingofourfinancialperformance,financialpositionandreturns. Theyshould
not,however,beviewedin isolation,norconsideredasa substituteformeasuresreportedin accordancewithNZIFRS. Non-GAAPfinancialmeasuresmaynotbecomparabletosimilarlytitled
amountsreportedbyothercompanies.
Theinformationinthispresentationis ofa generalnatureanddoesnotconstitutefinancialproductadvice,investmentadviceoranyrecommendation.Nothinginthispresentationconstitutes
legal,financial,taxorotheradvice.Aninvestorshould,beforemakinganyinvestmentdecisions,considertheappropriatenessoftheinformationinthispresentation,andseekprofessional
advice,havingregardto theinvestor’sobjectives,financialsituationandneeds.
Thispresentationis solelyforuseof thepartyto whomit is provided.
DISCLAIMER
2024 ANNUAL SHAREHOLDERS MEETING
1

WELCOME
2024 ANNUAL SHAREHOLDERS MEETING
2
Mark Dewdney
Chair
Carl Carrington
Chief Executive Officer

•Chair update
•CEO address
•Questions
•Ordinary business and resolutions
•Voting
AGENDA
2024 ANNUAL SHAREHOLDERS MEETING
3

•FY24 results overview
•Leadership changes
•Investment focus
•Outlook
CHAIR UPDATE
2024 ANNUAL SHAREHOLDERS MEETING
4

•FY24 Overview
•Strategic reset
•Sustainability
•Business update
•Outlook
CEO ADDRESS
2024 ANNUAL SHAREHOLDERS MEETING
5

2024 ANNUAL SHAREHOLDERS MEETING
6
F Y 24 O V E R V I E W
01

2024 ANNUAL SHAREHOLDERS MEETING
7
FINANCIAL SUMMARY
•Revenueis up due to a combination of market optimisation, product and customer mix, price increases and an increase in volume sold
•Cost of goods is up on prior year due to cost inflation and increase in volume. NZKS continue to manage inflationary pressures by looking at opportunities to optimise our
Aquaculture and Processing operations, however some of the inflationary increase in cost of goods sold can have up to an 18-month lag (salmon life cycle) before it shows
up in the P&L. The increase in cost of goods sold highlights the global inflationary environment of the last two years
•MortalityThe decrease in mortality from FY23 reflects both the previous summer's mortality (which started at the end of FY22 and carriedon into 1HY23) and also the
success of the new adapted farming model. As the first ‘clean’ year under this new model, FY24 is a fairer reflection of underlying mortality on a go-forward basis.
•Corporate costs is slightly down on the prior year reflecting an ongoing focus on cost control
1
Refer to pages 33 & 34 for full reconciliation between GAAP and Pro-Forma results

FY24 OPERATIONAL HIGHLIGHTS
$187
FY24
REVENUE OF
MILLION
6,238
METRIC TONNES
HARVESTED
DURING FY24
36%
GEOGRAPHIC SPREAD
OF REVENUE
3%
41%
11%
EUROPE
5%
3%
NORTH
AMERICA
ASIA EX JAPAN & CHINA
JAPAN
NEW
ZEALAND
AUSTRALIA
1
comparable numbers restated as NZKS is no longer reversing the impacts of NZ IFRS 16 leases as previously communicated
1%
CHINA
18.0
(7.1)
(73.2)
1.9
28.5
(80)
(60)
(40)
(20)
-
20
40
FY20FY21FY22FY23FY24
(Jun)(7 months -
Jan)
(Jan)(Jan)(Jan)
FY24 GAAP NPAT
26.7
10.9
8.7
(2.7)
24.5
-5
0
5
10
15
20
25
30
FY20FY21FY22FY23FY24
(Jun)(7 months -
Jan)
(Jan)(Jan)(Jan)
FY24 PRO-FORMA OPERATING EBITDA
1
155.3
95.2
174.5
167.1
187.1
FY20FY21FY22FY23FY24
(Jun)(7m - Jan)(Jan)(Jan)(Jan)
2024 ANNUAL SHAREHOLDERS MEETING
8

2024 ANNUAL SHAREHOLDERS MEETING
9
HEALTHY KAI
“We are proud to grow a product that is
recognized as a healthy, nutritious
form of protein.”
Fact: King salmon is an excellent source
of omega-3 and is packed full of nutrients
essential for good health.
HEALTHY ENVIRONMENTS
“We are dependent on a healthy environment
for our fish to thrive. Minimisingour
environmental footprint and working with our
natural environment is core to our business.”
Fact: New Zealand farmed King salmon has a
lower carbon footprint per 100g of protein than
most other land-based protein sources
HEALTHY COMMUNITIES
“We have been part of the fabric of Te Tau Ihufor
over 30 years. We value our communities &
workforce(in the region and beyond) who are
woven into our company.”
Fact: We employ over 440 staff, and support our
communities through a range of sponsorships,
supplying product, scholarships, event support
and beyond. Our business creates ripples of
positive impact for multitudes of other
businesses & groups.
HEALTHY ECONOMIES
“We are a significant contributor to our
regional and national economies, and our
future plans will only grow this contribution.”
Fact: Blue Endeavour could add around
$300m per year to NZs revenue.This will be
vital for our economy to invest in healthcare,
education, social services & law & order.
HEALTHY RELATIONSHIPS
“We have created an ecosystem of important
relationships that have helped us to achieve our
success, such as with customers, industry,
government, iwi, scientists, communities & councils.
We will continue to strengthen and invest in our
relationships to achieve a healthy future.”
CREATING A HEALTHIER WORLD
“We strive to grow healthy kai, healthy communities, healthy relationships, healthy environments, and healthy
economies. This will contribute to growing a healthier Aotearoa and ultimately a healthier world.”

2024 ANNUAL SHAREHOLDERS MEETING
10
NEW ZEALAND KING SALMON
CREATING A HEALTHIER WORLD
BUILD A STRONG FOUNDATION
We optimisereturns via excellence in customer
partnering and investment in brands, productivity,
resilience and innovation
FOCUS ON OUR FISH
We focus on fish health and growing
our aquaculture expertise, breeding
programmes, and capacity to increase
our supply of Ōra grade fish
PARTNER WITH CUSTOMERS
We build strong partnerships and
customer communities across a range of
markets and channels to optimisereturns
and mitigate geo-political risks
BUILD A SUSTAINABLE FUTURE
We are a responsible partner committed to
positive environmental and social outcomes.
We are in a constant process of evolving and
progressing for asustainable future
EXCELLENCE IN RISK MANAGEMENT
We have a strong culture and capability for
risk identification,control and mitigation to
protect the business and our team members
VALUE OUR PEOPLE
We have an inclusive, caring and
achieving culture where
individuals and teams strive to be
the best they can be
NURTURE HEALTHY RELATIONSHIPS
We are committed to developing our
relationships with mana whenua,
communities, customers, investors and
other stakeholders
RESPECT THE WHOLE FISH
We strive to maximisethe utilisation
and value of the whole salmon

2024 ANNUAL SHAREHOLDERS MEETING
11
02
S U S TA I N A B I L I T Y

2024 ANNUAL SHAREHOLDERS MEETING
12
•First year of Climate-Related Disclosures released in May
•Setting our sustainability goals
•Achieved 4-star BAP certification in 2023
•Operational highlights with sustainability & resilience focus
•Future opportunities to enhance sustainability
SUSTAINABILITY
Tentburn culvert project
Ensilage project in Picton
Thermotolerance work
at Cawthron
Future Greenfields factory
concept design
tCO
2
e by scope
Scope 1
Scope 2
Scope 3

2024 ANNUAL SHAREHOLDERS MEETING
13
B U S I N E S SU P D AT E
03

2024 ANNUAL SHAREHOLDERS MEETING
14
AQUACULTURE
•Forecast FY25 harvest volumes of ~7,000MT (long run forecast ~ 6,800MT to ~7,000MT)
•Proving out the revised farming model
•Maintaining inshore farms critical to underpin business expansion into Blue Endeavour
•Focus on fish health and performance
Concept pens at Blue Endeavour

BLUE ENDEAVOUR PILOT
2024 ANNUAL SHAREHOLDERS MEETING
15
Concept pilot farm for Blue Endeavour
Concept service vessel for Blue Endeavour

2024 ANNUAL SHAREHOLDERS MEETING
16
WHAT WE NEED TO FARM
IN THE OPEN OCEAN
FUTURE BREEDING
SUPPORTING
TECHNOLOGY
STABLE CORE BUSINESS
PILOT FARM
RAS
WELLBOAT
FACTORY

TRANSFORMING A VISION
2024 ANNUAL SHAREHOLDERS MEETING
17

RESILIENT BRANDS
2024 ANNUAL SHAREHOLDERS MEETING
18
2
%
OMEGA PLUS
30
%
O RA KING
17
%
REGAL
3
%
SOUTHERN OCEAN
4
%
ATLANTIC
44
%
OTHER

RESILIENT BRANDS – ORA KING
2024 ANNUAL SHAREHOLDERS MEETING
19

•Regal salmon is the hero in our retail channels
•Regal remains New Zealand’s #1 smoked salmon brand
1
proving consumer trust in the Regal brand and theexceptional
quality & consistency of our salmon and value-added product
offerings
•Regal Epicurean continues to drive engagement through
innovative flavour profiles amongst the younger demographic
and is directly contributing to our overall positive market share
across the Regal range
RESILIENT BRANDS - REGAL
2024 ANNUAL SHAREHOLDERS MEETING
20
1
Source: Scan sales date Circana- MAT to 5 May 2024

•Omega’s purpose is to maximisevalue of the whole salmon and eliminate any remaining raw materials (RRM) from
ending up in landfill
•RRM sold topet food manufacturers as ingredients (last year $1.6m sales)
•Strong demand for Omega Plus treats and oilin both specialty and grocery stores
RESILIENT BRANDS - OMEGA
2024 ANNUAL SHAREHOLDERS MEETING
21

2024 ANNUAL SHAREHOLDERS MEETING
22
OUTLOOK
04

• Building confidence in our revised farming strategy
• Gearing for Blue Endeavour pilot
• Political environment
• Focusonoptimising thecore businessand delivering solid FY25 results
• Focus on business resilience reducing volatility
• Blue Endeavour proves up –unlocks transformational growth pathway for NZKS and aquaculture industry
OUTLOOK
2024 ANNUAL SHAREHOLDERS MEETING
23

2024 ANNUAL SHAREHOLDERS MEETING
24
05
QUESTIONS

2024 ANNUAL SHAREHOLDERS MEETING
25
ORDI N A R Y B U S I N E S S
A N DR E S O L U T I O N S
06

2024 ANNUAL SHAREHOLDERS MEETING
26
That the Board is authorisedto fix the auditor’s remuneration for the financial year ending 31 January
2025.
TheBoardunanimouslyrecommendsthatshareholdersvotein favourof Resolution1.
RESOLUTION1

2024 ANNUAL SHAREHOLDERS MEETING
27
That the total annual remuneration available to all Directors for their services as Directors be increased
from $600,000 to $660,000, an increase of $60,000 (10%), for the financial year ending 31 January 2025
and onwards, with such sum to be divided amongst the Non-Executive Directors as the Board may from
time to time determine.
RESOLUTION2

2024 ANNUAL SHAREHOLDERS MEETING
28
RESOLUTION3
Having been appointed during the year by the Board
and holding office only until the Annual Meeting, that
Mark Dewdney be elected as a Director.
TheBoardunanimouslyrecommendsthat
shareholders votein favourof Resolution3.

2024 ANNUAL SHAREHOLDERS MEETING
29
RESOLUTION4
Having been appointed during the year by the
Board and holding office only until the Annual
Meeting, that Paul Munro be elected as a Director.
TheBoardunanimouslyrecommendsthat
shareholders votein favourof Resolution4.

2024 ANNUAL SHAREHOLDERS MEETING
30
V OT I N G
07

2024 ANNUAL SHAREHOLDERS MEETING
31
•Governance Succession
•Close
CHAIR CLOSING

2024 ANNUAL SHAREHOLDERS MEETING
32
A PPENDI C E S A N D D I S C L A I M E R
08

2024 ANNUAL SHAREHOLDERS MEETING
33
FY24 RECONCILIATION BETWEEN GAAP RESULTS AND PRO-FORMA FINANCIALS
FY24
NZD 000s
Statutory Financial
Statements
Fair Value
Adjustments
Early FX Close-outs
Pro-Forma Operating
Financial Information
Revenue187,106 187,106
Cost of goods sold(171,203)54,499 (116,704)
Fair value gain / (loss) on biological transformation70,287 (70,287)-
Freight costs to market(20,812)(20,812)
Gross Profit65,378 (15,787)- 49,591
Other operating income8,065 (6,728)1,337
Overheads
Sales, marketing and advertising(11,375)(11,375)
Distribution overheads(3,478)(3,478)
Corporate expenses(10,732)(10,732)
Other expenses(868)(868)
EBITDA46,990 (15,787)(6,728)24,475
Depreciation and amortisation(7,585)(7,585)
Impairment-
EBIT39,405 (15,787)(6,728)16,890
Finance income1,051 1,051
Finance costs(396)(396)
Net finance costs656 - - 656
Profit / (loss) before Tax40,060 (15,787)(6,728)17,546
Income tax (expense) / credit(11,608)4,420 1,884 (5,304)
Net Profit / (loss) for the Year28,452 (11,367)(4,844)12,242

2024 ANNUAL SHAREHOLDERS MEETING
34
FY23
1
RECONCILIATION BETWEEN GAAP RESULTS AND PRO-FORMA FINANCIALS
FY23
NZD 000s
Statutory Financial
Statements
Fair Value
Adjustments
Early FX Close-outs
Pro-Forma Operating
Financial Information
Revenue167,131 167,131
Cost of goods sold(164,657)43,040 (121,617)
Fair value gain / (loss) on biological transformation49,628 (49,628)-
Freight costs to market(21,479)(21,479)
Gross Profit30,623 (6,588)- 24,035
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)(7,775)(2,665)
Depreciation and amortisation(7,915)(7,915)
Impairment(507)(507)
EBIT3,276 (6,588)(7,775)(11,087)
Finance income337 337
Finance costs(1,499)(1,499)
Net finance costs(1,162)- - (1,162)
Profit / (loss) before Tax2,114 (6,588)(7,775)(12,250)
Income tax (expense) / credit(223)1,845 2,177 3,798
Net Profit / (loss) for the Year1,891 (4,743)(5,598)(8,450)
1
FY23 numbers restated as NZKS is no longer reversing the impacts of NZ IFRS 16 leases as previously communicated

2024 ANNUAL SHAREHOLDERS MEETING
35
The impact of NZ IAS-41 Agricultureand NZ IAS-2 Inventory
Our GAAP results are impacted by Fair Value gains or losses arising from the application of NZ IAS-41 Agriculture and NZ IAS-2 Inventory. The
impact of these standards are explained below:
Fair Value under NZ IAS-41 Agriculture and NZ 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.
UNDERSTANDING OUR GAAP RESULTS

2024 ANNUAL SHAREHOLDERS MEETING
36
APPENDIX – GLOSSARY OF TERMS
FY25Financial results for the 12 months from 1 February 2024 to 31 January 2025
FY24Financial results for the 12 months from 1 February 2023 to 31 January 2024
FY23Financial results for the 12 months from 1 February 2022 to 31 January 2023
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
GAAPGenerally Accepted Accounting Practice
MTMetric tonnes
NPATNet profit after tax, also reported as net profit for the period in our published financial results
NZKSNew Zealand King Salmon Investments Limited
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 4 A N N U A L S H A R E H O L D E R S M E E T I N G
FY2 4ANNUALSHAREHOLDE
RSMEETING
37