Savor 2024 Annual Meeting materials

Savor 2024 – AGM, 30 Sept, 10:00am MUFG

Paul Robinson – Executive Chairman
Good morning, I am Paul Robinson Savor Group’s Executive Chairman, it is my pleasure to welcome
you to Savor’s Annual Meeting for 2024.

Savor Group started this year in a strong position, the prior year’s trading delivered revenue of more
than $62m, EBITDA of $9m and a leverage ratio of 1:1. These results were attributable to Savor’s
strong market positioning and cost-out initiatives focused on labour and cost of goods sold. Together
these resulted in an industry leading net extraction rate for Savor Group of 14.3% in FY 24.

Subsequent to these strong results, Savor reset its banking relationship, moving to ANZ which
provides the Group greater flexibility and liquidity management.

The successes of last year meant Savor was well positioned to navigate the current, extremely
difficult year for the hospitality industry.

Nationwide but particularly in Auckland there have been several high-profile hospitality closures.

The well-documented cost of living crisis facing consumers has led to significant top-line pressures on
all hospitality market participants.

I am pleased to report Savor Group has navigated these tough market conditions relatively well. By
continuing the focus on cost-out initiatives the Group has further improved wage ratio costs to 42%
of revenue vs 44% last year and Savor’s net margin figure remains steady at 13% while will improve
over the summer months.

Savor has several hard earnt advantages which allow us to offset to some extent the issues besetting
the wider market:

1. Savor’s purchasing power and our strong relationship with suppliers enable us to
continually deliver pricing value for our customers while maintaining our margin.

Evidence of this is the revenue driving “Savor Festival” over winter, in which customers
benefited from discounted offerings but margins were maintained through the support
of key suppliers.

2. Savor Management is disciplined, maintaining focus on the balance between excellent
customer service and cost controls in labour and input pricing. The executive has been
dynamic in reacting to intra-day trading dips, adjusting rosters in real time and
substituting menu items weekly to keep costs to the customer down.

3. Savor’s price point and market positioning is carefully managed. We ensure customers
always see value in our offering. As such we have been better able to protect top line
results than market conditions would suggest (with YTD through August unadjusted
Revenue of $21m).

4. The approachable-premium end of the market Savor operates in has proved resilient
provided the quality of the product, the standard of service and the physical restaurant
environment match our customers’ expectations.

As such the Group’s venues have benefitted from the “two-speed economy” we have
witnessed in the past year. For this reason, Savor continues to invest in the quality of
our staff and our venues.


Brand Mix and Relative Contribution:

We are often asked about the relative contribution of each of the Savor venues. To illustrate I have
included a pie graph at the revenue line to give you a high-level view of the breakdown per offering.

Viewed on an average weekly basis Amano continues to be Savor’s highest revenue contributor with
sales of more than $220,000, Amano bakery accounts for a further $70,000 of sales. The Amano
success is closely followed by Bivacco which delivers sales of over $210,000 and Non-Solo Pizza
which delivers over $120,000 each week.

The next grouping comprises the Japanese restaurants: Ebisu, the two Azabus, Oji (combined) and
the Fish Markets. Each of these venues average sales of over $60,000 a week. The other group of
venues combine to produce circa $60,000k per week on average as well.

It is this consistency of revenue at these venues that is one of the keys to Savor’s success, allowing
Management to staff, order and plan with accuracy over the course of the year.

We believe this stability of revenue reflects the consistency and excellence in our product offering
and it is this which sets Savor apart from our competitors.



Update:
Turning to the current year, in the FY 24 accounts we highlighted Savor’s Seafarers business had
entered a wind down period, with the building lease expiring in November 2025. The goodwill
attached to this business has been written off in its entirety and we are looking forward to
rationalising this business and realising the substantial cost savings while maintaining a significant
presence in Britomart.

To provide some context of what revenue for the year to date would look like on a normal trading
basis (excluding the NSP refit closure and the Seafarers run-off) it would be $22m, only 8% down
from the prior year on like for like sales. EBITDA on a similar basis would be $3.6m or 10.6% down on
the prior year excluding the one-off items discussed.

Speaking to you from the vantage point of September, it is salient to note that each year the lion’s
share of Savor’s annual profits, over 65%, is delivered in the summer months.

Our confidence is enhanced by noticeably improved consumer sentiment and the recently observed
spend bounce back post the cut to cash rate in August. We are cautiously optimistic that our 2025
summer trading will be as healthy as last year’s.

As mentioned, the electricity supplier Vector informed us of the need for mandatory upgrades to the
Parnell High Street switching board which is located right in the middle of our third most profitable
restaurant, Non-Solo Pizza. This has impacted our reportable results.

We were told this work would require a shoulder deep trench to be dug through the venue and
significant remedial work, this was expected to take 5-6 weeks. Vector gave Savor the option of when
the work would be done but no ability to protect our trading by staying open during that time.
Insurance did not cover loss of trading in these circumstances as it was not an “Act of God” and
Vector owed no duty to make good our losses other than to restore the physical building.

To take advantage of the mandatory closure Savor negotiated a deal which deepened our
relationship with Constellation Wines and allowed us to refit the restaurant contemporaneously with
the Vector upgrades.

Lucien Law, our CEO will give detail on the commercial aspects of the deal and the improvements
made to the restaurant in his address.

I would just say if you have the opportunity, please drop in to NSP and see our newly designed areas
for yourself. The feedback from our customers and its revenue rebound has been very encouraging.


Corporate Structure:
Disappointingly the New Zealand Stock Market has failed to recognise Savor’s consistently improving
results and has undervalued the growth opportunities and potential off market value of our Group.

With Savor shares trading at or about two times earnings and having observed in the past eighteen
months two private market hospitality transactions in which both groups have been sold at five times
earnings, the Savor Board has given serious consideration as to what corporate structure will serve
the company best in the future.

We undertook rigorous analysis and conversations with key stake holders to evaluate the optionality
value implicit in the public market should rates and trading return to normal. Consequently, the
Board has concluded that in the absence of a concurrent M&A transaction, the most prudent
approach is for Savor remain as it is currently structured but look to reward its shareholders more
directly. We believe the best way to provide value to our shareholders until the general market
improves is to closer align of shareholders with a business owners mindset.

With this in mind Savor’s Board has decided to return capital to our shareholders by way of a share
buyback for holdings under $1,000 and to adopt a dividend payment policy in 2025 to reward
shareholder loyalty.

These initiatives together with the introduction next year of Savor Shareholder discounts, will bring
Savor shareholders closer to the business and our restaurant offerings. We want our shareholders to
enjoy, commit to and feel part of our dynamic business.

I would like to thank you all for continuing to support of Savor. I now turn you over to our CEO Lucien
Law.

Thank you.

Lucien Law - CEO
Good morning, everyone.
My name is Lucien Law, and I’m the CEO of Savor Group.
Today, I’ll be covering three key areas for our company:
• First, the group-wide Savor Food Festival.
• Next, the refurbishment of NSP.
• Lastly, our growth plans for the future of Savor.
The Savor Food Festival.
The Savor Food Festival was designed with several key objectives in mind. First, we aimed to
address the challenges posed by the rising cost of living by providing more value-driven dining
opportunities, especially during the anticipated economic downturn in the winter months. This
initiative allowed us to reward our loyal customers while attracting new patrons who may not have
visited our venues otherwise.
This was the first group-wide promotion in 14 years, fully embraced by our staff, who acted as
ambassadors for the Group. We crafted our menus carefully, ensuring we maintained margins while
simultaneously driving foot traffic and increasing revenue across all venues.
The timing of the festival was strategic, set to fill a quieter trading period and build momentum
leading into the summer peak. A vital component of the festival’s success was the strong
collaboration with our key suppliers, including Peroni, Allpress, Moet Hennessy, and Pernod Ricard,
whose support was essential in bringing the festival to life.

For our Campaign Strategy, we executed a unified approach across various media platforms,
significantly boosting brand visibility.
We utilized a diverse range of channels including social media, radio, billboards, street posters,
websites, and direct emails, ensuring comprehensive coverage across central Auckland.
This extensive media presence helped generate high audience engagement, setting a strong
foundation for the upcoming summer season.
In terms of Performance & Metrics, the Savor Food Festival successfully reversed a 15% drop in
visitors that we experienced over the winter. By the fourth week, we had not only recovered but
also achieved year-on-year growth.
Despite offering promotions, the average customer spend remained consistent, with many guests
purchasing more, which further contributed to our overall success.

NSP
Earlier this year, we faced infrastructure challenges when Vector informed us that they needed to
upgrade a transformer near our Osteria Bar, which required trench work through the bar and street.
We took the opportunity to upgrade our aging kitchen, which had been in need of repairs after
decades of use.
We also strengthened our relationship with Constellation Brands NZ, resulting in a renovation of the
front bar and a significant upgrade to our Private Dining Room (PDR). This partnership will also bring
a unique Napa Valley wine tasting and wine-paired dining experience to the PDR, adding a new
dimension to our offerings.
The investment in these upgrades has not only improved the space but also opened up increased
revenue potential, especially since Parnell lacks private dining venues. We’re eager to start
marketing this well-appointed space as we approach the Christmas season.

In terms of the Private Dining Room, it had been functional but dark and outdated, so we fully
renovated it. We added a more substantial wall for improved soundproofing and installed wine
fridges to enhance the atmosphere. A custom dining table now seats up to 22 guests and can be
adapted f or cocktail events. We’re finalizing a partnership with a leading New Zealand gallerist to
showcase rotating exhibits from top local artists. Enhanced lighting and a large TV screen allow us to
market the space for corporate events and workshops, making it a great alternative to the CBD.
Similarly, the Osteria had become worn and tired over the years. One major issue was the
patchwork roofing, which wasn’t waterproof, leading to lost turnover on rainy days and damage to
the furniture. Through our partnership with Constellation Brands NZ, we invested in upgrading both
the front and back of the bar, including new furniture. The new glass roof has brought in natural light
and solved the waterproofing issue, transforming the space. Our loyal NSP customers have
responded positively, with strong revenue returning after the July school holiday closure.

Growth
Over the past 18 months, we’ve been presented with numerous opportunities in both Auckland and
throughout New Zealand, from operators and potential landlords alike. Many of these offers
included significant landlord incentives or attractive pricing, but we’ve chosen to decline a lot of
them.
The reason for this is straightforward. Last year, our focus was on optimizing our existing brands and
delivering on what we said. More recently, we’ve been waiting for the market to shift—and we
believe it is now turning. At the same time, we’ve ensured that our performance remains strong, and
we’re confident in how robust our operations have held up.
Secondly, we believe it’s wise to invest in our highest-value brands and the areas where we believe
we lead the market. For us, that means focusing on Amano and our Japanese offerings;
Today, I’m pleased to share the topline of our growth strategy: we’re working on two new venues,
which we expect to open in the summer of 2025.

Our growth plans begin with Amano. With revenue exceeding $15 million last year, Amano stands as
one of New Zealand’s most successful restaurants, catering to any occasion—from casual breakfasts
to elegant dinners. Building on this success, we’ve introduced Amano Deli—a smaller, more focused
extension of the Amano brand that requires a lower capex investment.
Amano Deli offers the same commitment to seasonal, sustainable, and locally sourced ingredients,
but in a more accessible format. With freshly made pasta, homemade sauces, and daily-made gelato,
the deli features a smaller all-day menu, allowing customers to enjoy Amano classics. Amano Deli
continues to deliver exceptional flavor and quality, whether for dining in or taking home.
Next, we’re expanding our Japanese offerings with a new restaurant and bar, set to open in Summer
2025. With over $10 million in combined revenue from Ebisu and two Azabu locations, we’re
confident we have the expertise and team to take this to exciting and unique.
Our new venue will embody our interpretation of a Japanese Izakaya, offering a high-energy, bar-
meets-restaurant experience. Having launched Ebisu over 13 years ago, I’m excited to apply all the
learnings from that success into this new concept, which will bring something fresh and innovative
to Auckland’s dining scene.
While I can't reveal the exact locations of these two new venues just yet, we can say that they are
centrally located in premium areas.

---

Annual
Shareholders
Meeting
30 September 2024

Welcome
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Agenda
– Welcome
– Chairman’s Address
– CEO’s Address
– F
ormal Business
– Q
uestions
– Clo
se
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Board of Directors
Lucien Law
Chief Executive Officer
Paul Robinson
Executive Chair
Louise Alexander
Director
Bhupen Master
Director
Over the past twelve years, Lucien has spearheaded a
new wave in Auckland hospitality, overseeing the creation
of New Zealand’s largest group of premium restaurants
and bars.
His projects include award-winning modern Japanese
restaurants Azabu and Ebisu, as well as one of New
Zealand’s busiest venues, Bivacco.
Before venturing into hospitality, Lucien was an
internationally acclaimed advertising creative, achieving
campaign success across various disciplines such as
TV, press, posters, and viral media. Lucien’s experiences
were shaped by his tenure in some of the world’s leading
creative departments during their most internationally
successful periods, including Mother London (2000
Campaign Agency of the Year) and Saatchi & Saatchi
London (2001 Cannes Agency of the Year).
Upon returning to New Zealand, Lucien founded the
successful independent communications agency Shine.
Over the next six years, Shine secured some of New
Zealand’s most prestigious accounts, including Hyundai,
Spark, Lion Nathan, RaboBank, and Fonterra, among
others. In 2011, NBR named Shine the agency of the year.
Paul Robinson has twenty five years of experience in
structured finance in London and New York.
In London, Paul worked across the range of capital
markets endeavours, delivering increased profitability via
bespoke solutions utilising financial engineering, legal, tax
and accounting expertise.
In 2008, Paul moved to New York to take lead
responsibility for structuring and originating strategic
debt and equity capital markets funding.
In 2019, Paul returned to New Zealand to raise a family
and take an active role in Savor Group where he has been
a long term shareholder. Paul reverse listed Savor Group
onto the NZX and divested the historical loss making
business. Paul currently acts as Executive Chairman of the
Group.
Louise Alexander was appointed to the Board in April
2021 and elected by shareholders in November 2021 and
therefore offers herself for re-election by shareholders at
the 2024 Annual Meeting. Louise is currently Chair of the
People & Culture Committee.
Louise is a senior HR practitioner and people leader
and leads her own HR consultancy, People Synergistics,
and is the Head of Operations and BD at FrontTier, a
Leadership Development business. Louise recently
departed as the HR Director for Bell Gully, a role which
she held from 2015 to June 2024. Louise developed and
led Bell Gully’s HR strategy over that time, focusing on
communication, diversity and culture, and supporting
and developing people through the talent management
program. Louise has a passion for the not for profit sector,
with both management and governance roles in various
organisations throughout her career.
Louise brings a critical skillset to Savor, where the
success of the Group is driven by its teams in the venues.
Bhupen has spent his extensive career working with some
of the top financial institutions worldwide. Bhupen was
most recently an Executive Director of Goldman Sachs
with extensive experience in global markets covering
institutional investors and was instrumental in leading
numerous capital raisings during his time.
Prior to this, Bhupen spent over 20 years working in New
Zealand, Australia and the United Kingdom for Credit
Suisse, Merrill Lynch and Deustche Bank. Bhupen’s
extensive experience in the capital markets and strategic
transactions strengthens the Board’s diverse skills and
experience, and are essential to assist in guiding the
Group as it continues on its growth trajectory.
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Chairman’s Address
Paul Robinson
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FY24 Results
EBITDA
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
20232024
EBITDA
Leverage
-
0.50
1.00
1.50
2.00
2.50
20232024
Leverage
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Revenue
46,000,000
48,000,000
50,000,000
52,000,000
54,000,000
56,000,000
58,000,000
60,000,000
62,000,000
64,000,000
20232024
Revenue

Venue snapshot – Revenue
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Revenue
AmanoBivaccoJapaneseOther SignatureFast Casual
FY25 Revenue YTD
AmanoBivaccoJapaneseOther SignatureFast Casual
Revenue
AmanoBivaccoJapaneseOther SignatureFast Casual
FY24 Revenue

FY25 trading snapshot
– The normal run rate of the continuing business units have delivered a
resilient result for the five months to 31 August 2024.
– Revenue of $21m, a decrease of 8% compared to the prior year
– EBITDA of $3.6m, a decrease of 10.6% compared to the prior year
– 65% - 70% of the Group’s profit is delivered in summer trading so recent
green shoots showing in consumer sentiment are very welcome.
Figures shown are for the five months ended 31 August 2024 and reflect venue level performance, adjusted for the winding down
Seafarers business and the closure of Non Solo Pizza for 7 weeks for refurbishment and mandatory Vector upgrade.
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2025 shareholder priorities
–Board to adopt a Group dividend policy
–Return of capital via minimum holdings share buyback
–Implementation of a SAVOR shareholder discount
benefit scheme
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CEO’s Address
Lucien Law
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AUGUST 12 - OCTOBER 10

Addressing Cost of Living Challenges
In response to the impact of the rising cost of living, we aimed to offer
customers more value-driven dining opportunities, especially during the
expected economic downturn in the winter months.
Customer Retention and Attraction
Our primary goal was to reward loyal customers while simultaneously attracting
new clientele who may not have otherwise visited our venues.
Group-wide Promotion
This was a rare, group-wide promotion, the first of its kind in 14 years, with our
staff fully backing the initiative and acting as ambassadors for the Group.
Strategic Menu and Revenue Growth
We carefully designed menus to maintain margins while increasing foot traffic,
driving revenue growth across all venues in the Group.
Seasonal Timing for Impact
The promotion was strategically timed to fill a typically quieter trading period
and act as a bridge to the summer peak, ensuring sustained momentum.
Supplier Collaboration
The Festival was made possible through strong support from key supplier
partners, including Peroni, Allpress, Moet Hennessy, and Pernod Ricard.
Their contributions were essential to the event’s success.
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Executive Summary
and Objectives

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Cohesive Multi-Channel Campaign
The Festival allowed us to run a unified campaign
across multiple media platforms, something we haven’t
done before, enhancing our brand visibility.
Wide Media Presence
We utilised a range of media, including social media,
radio, indoor/outdoor billboards, street posters, buses,
websites, and direct emails, ensuring widespread
exposure throughout central Auckland.
High Audience Engagement
This comprehensive media investment generated a
highly engaged audience and valuable content, laying
a strong foundation for the upcoming summer season.
Significant Marketing Impact
The marketing and media benefits from the Festival
have been substantial, providing immense value for
future campaigns.
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Campaign Strategy

15SAVOR LIMITED
1 Great North Road
Auckland

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Performance
& Metrics
–The Festival aimed to boost foot traffic and
customer numbers. After a 15% drop in visitors
over the winter, the Festival reversed this trend.
By week 4, the decline was erased, and we saw
year-on-year growth.
–Despite offering promotions, average spend
per customer remained steady, with guests
purchasing more or adding extra drinks.
30k
New online
users grew by
26% year-on-year
bookings by end
of festival
WE WILL ACHIEVE OVER
~110k
Google
~54k
Direct
~30k
Others
USER SESSIONS BY SOURCE
AGE GROUP
DEMOGRAPHIC STATS
SOCIAL MEDIA
CURRENT REACH
WEB PAGE VIEWS
1 in 10
Website visits results
in a booking
Approximately
~235K
accounts
~2M
impressions
~1M
A 127%
year-on-year increase
55-65: +27%
65+: +130%
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Over 12,500
pints of Peroni
served
2,500
Over 6,000 glasses
of Moët sold –
over 300% increase
Over
150,000
guests

through our venues over the course of the Festival
A 40%
increase
Guests served the Bivacco Sunday Feast
with all 8 weeks sold out
1,500
Over 500
people served
$10k
12,000
5,000 Coffees
Over
Over
Average of
5,000
Diamond Ladies
Lunches Sold
5% up on non-Fest
Additional revenue
each week for Ebisu
Festival Menus
Sold
Served per week at Amano during
September – double normal
Special
Cocktails
Served
BIVACCO
NON SOLO PIZZA LONG LUNCH
OKI NO SATURDAYS

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Non Solo’s Legacy: After 20 years, Non Solo remains an
Auckland institution, serving authentic Italian cuisine with its
Instagram-worthy courtyard in the heart of Parnell.
Infrastructure Upgrades: Early this year, we were informed that
Vector would need to upgrade a transformer near our Osteria
Bar, requiring trench work through the bar and street.
Kitchen Renovation: During this time, we took the opportunity
to upgrade our aging kitchen, which was in need of repairs
after decades of use.
Constellation Brands NZ Partnership: We strengthened
our relationship with Constellation Brands NZ, leading to a
renovation of the front bar and a significant upgrade to our
Private Dining Room (PDR).
Unique Wine Experience: In addition to listing wines, we’ll
collaborate with Constellation Brands NZ to offer Napa Valley
wine tastings and wine-paired dinners in the PDR.
Investment and Revenue Potential: The partnership funded
the PDR and bar upgrades, and we’re excited about the
increased revenue potential from this well-appointed space,
especially as Parnell lacks private dining venues. We plan to
begin marketing the space leading into the Christmas season.
Investing in
an Institution

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The Private Dining Room (PDR) hadn’t been updated since we
took over NSP, and while functional, it was dark and outdated.
This presented a clear opportunity to boost revenue.
We fully renovated the space, adding a more substantial wall to
improve soundproofing between the PDR and the restaurant, and
installed wine fridges for added visual appeal.
A custom dining table was designed to seat up to 22 guests and
can be adjusted or removed for smaller cocktail events.
We’re finalizing a partnership with a leading New Zealand gallerist
to showcase rotating exhibits of top local artists.
Enhanced lighting and a large TV screen allow us to market the
space for daytime workshops or corporate events, with its central
Parnell location offering a convenient alternative to the CBD.
Private Dining Room

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Like the PDR, the Osteria hadn’t been updated since we took
over, and while it performed well, the space had become worn
and tired.
A key issue was the patchwork roofing, which wasn’t fully
waterproof, leading to lost turnover on rainy days and
deterioration of furniture from constant exposure to water.
Through our partnership with Constellation Brands NZ, we
invested in upgrading both the front and back of the bar,
along with new furniture.
The new glass roof has brought in abundant natural light,
solving the waterproofing issue and transforming the space.
Our loyal NSP customers have responded positively, with strong
revenue returning after the July school holiday closure.
Osteria

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Growth

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AMANO DELI
SUMMER 25

Expanding Amano
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Amano offers a seasonally-driven menu featuring fresh, locally
sourced ingredients, blending Italian-inspired dishes with modern
New Zealand flavours.
Open seven days a week for breakfast, lunch, and dinner, the
menu includes handmade pasta, wood-fired dishes, and locally
sourced seafood, alongside an artisan bakery renowned for
its freshly baked bread and pastries, which have become a
destination in their own right.
With revenue exceeding $15m last year, Amano is arguably New
Zealand’s most successful restaurant, celebrated for its warm,
rustic atmosphere and ability to cater to any occasion, from
casual breakfasts to elegant dinners.
Building on its long-standing success, we have created a brand
extension with the Amano Deli concept — a smaller, more
focused offering requiring lower investment.

Amano Deli
Amano Deli is a more casual offshoot of the iconic Amano
restaurant, offering the same commitment to seasonal,
sustainable, and locally sourced ingredients in a more
accessible format.
Alongside freshly made pasta, homemade sauces, and
daily-made gelato and sorbet, the deli features a smaller
all-day menu where you can still enjoy some Amano
classic dishes. A selection of wine and beer is also
available to complement your meal.
Amano Deli continues the restaurant’s dedication to
exceptional flavour and quality, bringing a taste of Amano
into everyday life, perfect for dining in or taking home.
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All day menu
At 7am, freshly baked croissants emerge from the oven, while locals enjoy their morning coffee and breakfast, choosing from
a variety of pastries or healthier options like muesli and yogurt pots. As lunchtime nears, the cabinets are stocked with vibrant
salads, fresh proteins, and the soup of the day, all made from seasonal, sustainable, and local New Zealand produce,
with an all-day menu featuring some of Amano classic dishes.
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At our fresh pasta bar, customers can watch as expert pasta makers handcraft intricate shapes, with the option to enjoy it
paired with traditional sauces or take it home. The Amano store also offers daily-made gelato and dairy-free sorbet, alongside a
curated selection of high-quality produce, perfect for entertaining or everyday essentials with exceptional flavour and integrity.
PastaGelatoStore
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OPENING
SUMMER 25

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We’re expanding our Japanese offerings with a new restaurant and bar, set to open in Summer 2025.
While the exact location remains under wraps, it will be centrally located with stunning water views.
With over $10m in revenue from Ebisu and Azabu, and as Ebisu enters its 13th year, we believe this
is the right time to grow. Our team of top Japanese chefs and kitchen leaders are ready to introduce
new concepts while maintaining our leadership in Japanese dining.
The new restaurant will reflect our take on a Japanese Izakaya — a casual, social dining experience
with small plates and drinks in a relaxed, bar-meets-restaurant setting.
The menu will offer a variety of small, shareable dishes like yakitori, sashimi, tempura, grilled fish,
and rice or noodle dishes, focused on diverse flavours. Guests can pair their meals with drinks such
as beer, sake, shochu, and highballs.

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INTERIOR REFERENCE

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FOOD REFERENCE

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Formalities
– Election of Louise Alexander
– Auditor Remuneration

Resolution 1
That Ms Louise Alexander
be re-elected as a Director
of the Company.
Louise Alexander was appointed to the Board in April 2021 and elected by
shareholders in November 2021 and therefore offers herself for re-election
by shareholders at the 2024 Annual Meeting. Louise is currently Chair of the
People & Culture Committee.
Louise is a senior HR practitioner and people leader and leads her own HR
consultancy, People Synergistics, and is the Head of Operations and BD at
FrontTier, a Leadership Development business. Louise recently departed as
the HR Director for Bell Gully, a role which she held from 2015 to June 2024.
Louise developed and led Bell Gully’s HR strategy over that time, focusing
on communication, diversity and culture, and supporting and developing
people through the talent management program. Louise has a passion for the
not for profit sector, with both management and governance roles in various
organisations throughout her career.
Louise brings a critical skillset to Savor, where the success of the Group is
driven by its teams in the venues.
37ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

Resolution 2
To authorise the Directors to
fix the auditors’ remuneration.
38ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

Questions
39ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

Thank you for attending our
Annual Shareholders Meeting
30 September 2024

Important Notice and Disclaimer
Disclaimer
This presentation has been prepared by Savor Limited (NZ company number 3979219, NZX ticker SVR (the “Company”).
Information
This presentation contains summary information about the Company and its activities which is current as at the date of this presentation. The information in
this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in
evaluating a possible investment in the Company or that would be required in a product disclosure statement under the FMCA. The historical information in this
presentation is, or is based upon, information that has been released to NZX Limited (“NZX”). This presentation should be read in conjunction with the Company’s
annual report, market releases and other periodic and continuous disclosure announcements, which are available at www.nzx.com.
Not financial product advice
This presentation is for information purposes only and is not financial or investment advice or a recommendation to acquire the Company’s securities, and has
been prepared without taking into account the objectives, financial situation or needs of prospective investors. Before making an investment decision, prospective
investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and consult a financial adviser,
solicitor, accountant or other professional adviser if necessary.
Past performance
Any past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of
future performance. No representations or warranties are made as to the accuracy or completeness of such information.
Future performance
This presentation includes certain “forward-looking statements” about the Company and the environment in which the Company operate, such as indications of,
and guidance on, future earnings and financial position and performance. Forward-looking information is inherently uncertain and subject to contingencies outside
of the Company’s control, and no assurance can be given that actual outcomes or performance will not materially differ from the forward-looking statements.
41ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED

Important Notice and Disclaimer
Non-GAAP financial information
Certain financial information included in this presentation is non-GAAP financial information. This non-GAAP financial information is not audited, and caution
should be exercised as other companies may calculate these measures differently. The non-GAAP financial information includes pro forma financial information to
which certain adjustments have been made. Savor Limited’s financial information has been prepared in accordance with Generally Accepted Accounting Practice.
It complies with the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards, as
appropriate for profit oriented entities. Savor’s financial statements also comply with International Financial Reporting Standards (IFRS).
Distribution of presentation
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a breach by the Company of any law. The distribution of this presentation in other jurisdictions outside New Zealand or Australia may be restricted by law, and
persons into whose possession this presentation comes should observe any such restrictions. Any failure to comply with such restrictions may violate applicable
securities laws. See the “Foreign Selling Restrictions” section of this presentation. None of the Company, any person named in this presentation or any of their
affiliates accept or shall have any liability to any person in relation to the distribution or possession of this presentation from or in any jurisdiction.
Currency
All currency amounts in this presentation are in NZ dollars unless stated otherwise.
Disclaimer: To the maximum extent permitted by law, the Company and their respective affiliates, related bodies corporate, directors, officers, partners, employees,
agents and advisers disclaim all liability and responsibility (whether in tort (including negligence) or otherwise) for any direct or indirect loss or damage which may
be suffered by any person through use of or reliance on anything contained in, or omitted from, this presentation.
42ANNUAL SHAREHOLDERS MEETINGSAVOR LIMITED