Annual Meeting Address by the Chair & CEO

Speaker: John Scott
•Welcome ladies and gentlemen to the Annual Shareholder Meeting of AoFrio.
•My name is John Scott and I am the chair of the company.
•Today’s meeting is being held both in-person and online through Computershare’s
online meeting platform.
•Health & Safety: Bathrooms are behind us to my left and if the alarm goes off the
AoFrio team will direct you to the exit and meeting point.
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AoFrio Company Confidential ©2026
Annual Shareholders’
Meeting.
27
th
May 2026
AoFrio Annual Shareholder Meeting
27 May 2026
Meeting Address

Speaker: John Scott
•Before we start, we will run through the instructions for online meeting attendees.
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2026
Instructions for
Online Meeting
Attendees
AoFrio Ltd

Speaker: John Scott
•For those of you attending the meeting virtually, if you would like to submit a
question, the Q&A is always open so please feel free to submit questions
throughout the meeting, these will be addressed at the relevant time.
•Questions may be moderated by our Company Secretary and CFO Howard
Milliner, or if we receive multiple questions on one topic, amalgamated together.
We will take a maximum of two questions per person initially to ensure everyone
has an opportunity to ask.
•Any questions not answered in time will receive an email response after the
meeting.
•Voting today will be conducted by way of a poll on all items of business. I will now
open the online voting for all resolutions.
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›If you have a question to submit during the live
meeting, please select the Q & A tab on the
right half of your screen at anytime. Type
your question into the field and press submit.
Your quest ion will be immediat ely submit t ed t o
the moderator.
Online Questions
How to Participate in Virtual/ Hybrid Meetings and ask
a Question
Shareholder & Proxyholder Q & A Participation
Help
›The Q & A tab can also be used for
immediate help. If you need assistance,
please submit your query in the same manner
as typing a question and a Computershare
representative will respond directly to you.

Speaker: John Scott
•If you are eligible to vote at this meeting, you will be able to cast your vote under
the Vote tab.
•Once the voting has opened, the resolutions will allow votes to be submitted.
•You can change your vote, up until the time I declare voting closed.
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How to Participate in Virtual / Hybrid
Meetings and Vote
›Once the voting has been opened, the
resolutions and voting options will allow voting.
›To v o t e , s i m p l y click on the Vote tab, and
select your voting direction from the
options shown on the screen.
›Your vot e has been cast when t he tick
appears.
›To change your vote, select ‘Change Your
Vote’.
Shareholder & Proxyholder Voting

Speaker: John Scott
•On the screen is our Safe Harbour Statement. I’ll give everyone a moment to read it.
•As always, today’s discussion may include forward-looking statements.
•These reflect our current views and expectations, but actual results may differ due to
a range of risks and uncertainties.
•We encourage you to review the full wording on the slide
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Safe Harbour.
We will be making some forward-looking
statements today and as these are
predictive in nature, they are subject to a
number of risks and uncertainties relating
to the Company, its operations and the
markets in which it competes. Some
things are beyond the control of the
Company and actual results and
conditions may differ materially from
those expressed or implied by such
forward-looking statements.

Speaker: John Scott
•Joining me today is our CEO Greg Balla and our VP of Product Genevieve Clark
•In the room are Directors Keith Oliver and John McMahon
•Directors Greg Allen and Roz Buick are overseas and are joining online
•Let me take you through today’s agenda.
•I will start with a review of our FY25 results and then provide an update on the
status of funding our growth plan and share commentary on the outlook for FY26.
•I’ll then hand over to Greg and Genevieve to provide an update on our strategy and
the progress we’ve made over the year.
•At the end of the presentation, we’ll open the floor for questions. You can submit
these at any time by typing into the Q&A tab at the bottom of your screen.
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Agenda.
01. FY25 Performance & Recap
02. Strategy Update
03. FY26 Outlook
04. Q&A
05. Formal Business of Meeting
Greg Balla |CEOJohn Scott|Board Chair
Genevieve Clark |VP Product

Speaker: John Scott
•First, I’d like to recap our end of FY2025 results.
•Our revenue grew 4.4% to $83.2 million, which is a record revenue for AoFrio
•Really strong first quarter in 2025 – Biggest quarter for the year and up 44%
on same period FY24
•US motor demand was lower in Q4, the result of tariffs on US imports
•IoT revenues were up 8.9% to $47.1 million, with 42.5% margin
•Motors revenue was $36.1m, consistent with FY24, at 17.7% gross margin
•Our overall gross margin increased to 31.7%, up from 29% last year due to the
change in mix between IoT and Motors.
•EBITDA improved by $1million to $3.5 million as guided, up 40%
•We have continued to invest much of the cash we generated in new product
development which has led to releases in FY25.
•There was an increase in debt that was caused by changes in customer buying
patterns. This included increased sales to customers with longer payment terms
and requiring local delivery, and higher inventory.
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FY2025 Results.
Year ended 31 December 2025
Revenue
NZ$83.2M
(FY24 NZ$79.7M, +4.4%)
Gross margin
31.7%
(FY24 29%)
EBITDA
NZ$3.5M
(FY24 NZ$2.5M, +40%)
Net Operating Cash Flow
NZ$3.8M
(FY24 NZ$5.8M)
Net Promoter Score
+62
(FY24 +54）
Staff engagement score
72%
(FY2467%)

•One of our key points of difference comes from our customer focus. We are the only
provider that has people in the field supporting our customers to get value from their IoT
investment. The 8 points improvement in NPS is a credit to our teams but also shows the
importance of this to our customers.
•Our staff engagement score is also very pleasing. Having a good staff and customer NPS
scores means you have a platform to build on.
7

Speaker: John Scott
•At the investor day in December 25 we presented two potential futures. Future 2
provided considerably upside in revenue and profitability but required investment.

•We received strong support from Shareholders following the December
presentation so the Board has been pursuing raising capital in support of getting
started with Future 2
•In December at the investor day we discussed raising $15m to support Future 2
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Recap Two Futures
Future 1: Self funded
Future 2: Externally funded
Market Segments
Revenue growth (CAGR)
from FY24 to FY30
Cold Drink Equipment /
Motors & Fans
10%
Revenue
EBITDA
NZ$140M
NZ$14M
Cold Drink Equipment + Motors & Fans
acceleration / Food Retail / Ice-cream
25%
NZ$304M
NZ$50M
By FY30

Speaker: John Scott
•We showed at the investor day in December the potential upside in Future 2.
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Recap Two Futures
Today
Future 1: Self-funded growthFuture 2: Externally funded accelerated growth

Speaker: John Scott
•We have been working on raising capital to support getting started with the Future 2
strategy.
•We have secured a cornerstone investor, Wairahi Investments, who paid $4.56
million taking his stake to 19.9%
•Today, we announceda 1 for 7 pro-rata renounceable rights issue to all eligible
shareholders at the Placement Price. The Offer Document will be sent to you on
or before Wednesday 4
th
June 2026.
•As we confirm the total amount of capital raised, we will be able to look at
accelerating our business in both our CDE and Food Retail segments.
•We will keep investors across any updates as we look at how to best utilise this
capital in the business to capture the opportunities in our markets.
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Capital Raise Status.
§$4.56 million placement taking Wairahi Investments
(Mike Daniel) to 19.9%
§Pro-rata renounceable rights issue announced to all
eligible shareholders
§Structure 1 for 7 at 7 cents. If 100% up-take this
would raise $5 million
§To t a l p o t e n t i a l r a i s e : $ 9 . 5 m i l l i o n

Speaker: John Scott
•I will now hand over to Greg and Genevieve to provide an update on our strategy.
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Agenda.
Greg Balla |CEOJohn Scott|Board Chair
Genevieve Clark |VP Product
01. FY25 Performance & Recap
02. Strategy Update
03. FY26 Outlook
04. Q&A
05. Formal Business of Meeting

Speaker: Greg Balla
We have three parts to our strategy
1.Protect and Grow the Core: Which is about protecting our share in the LATAM
market for cold drink equipment and growing the market and our share in other
regions.
•We will do this by continuing to release higher value solutions
• enabling our customers to connect their complete fleet
• and protect our motors and fans business,
2.The second part of our strategy is to diversify: entering adjacent market segments
being food retail and ice cream. We believe this is key as it provides opportunity to
increase recurring revenue and reduce the one segment risk.
3.The third part of strategy is about ensuring we are making the necessary changes
to the way the organisation operates to align with our go to market approach: It is
about ensuring we continue to transition from a hardware company to hardware
enabled SaaS company incorporating AI.
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Our Strategy.
§Drive higher value
solutions
§Connect our customer's
complete fleet
§Protect our position in
motors and fans
§Expand into the food retail
segment
§Expand into the branded ice
cream segment
§Deliver leading AI-powered
SaaS solutions
§Drive manufacturing
productivity
§Foster a culture of innovation
§Bolster environmental, social,
and governance credentials
PROTECT AND GROW THE CORE
DIVERSIFY INTO NEW MARKETS
TRANSFORM OUR FOUNDATIONS
Protect & GrowDiversify
Transform

Speaker: Greg Balla
•Our Cold Drink Equipment strategy focuses on reinforcing our leadership in
connected refrigeration while expanding Serviceable Available Market (SAM) and
Serviceable Obtainable Market (SOM) through innovation and regional growth.
•Today, we have a robust hardware portfolio including the recently launched
SCS800 cellular controller. Alongside our existing Bluetooth refrigeration
controllers, this gives us control for a broad range of coolers using Bluetooth or
cellular data collection strategies.
•Currently, our solutions cover around 80% of our customers’ new build fleet
requirements.
•In order to win the hardware landgrab and achieve full fleet coverage, we’re
expanding our hardware portfolio further with the SCS100 and SCS150 – these
are affordable controllers that bring cellular and Bluetooth connectivity to smaller
sized coolers.
•We’re also ensuring we have appropriate retrofit asset tracking options for older
coolers with mechanical controllers so that our customers can track their entire
fleet of coolers, as well as trialling more advanced hardware solutions such as
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§Win the hardware land grab
§Increase the number of connected coolers
§Increase hardware revenue per cooler
•Transition to cellular
•Adoption of cameras
Protect & Grow the Core
Recap Cold Drink
Equipment: Win hardware.
Protect & Grow
0
1
2
3
4
5
6
7
8
9
FY24FY25FY26FY27FY28FY29FY30
Target connected coolers (millions)
Future 1Future 2
0
20
40
60
80
10 0
12 0
14 0
FY24FY25FY26FY27FY28FY29FY30
NZ$
Target hardware revenue per cooler
Future 1Future 2

•integrated cameras, which can generate insights that enhance a cooler’s commercial
performance.
•This means we can serve every segment of our customers’ fleets, from the largest to the
smallest assets, aiming to grow our ecosystem of connected assets to around 9M by
2030
•We believe over this timeframe, we can increase our hardware revenue per cooler
from around $55 NZD today to around $115 NZD per cooler in future – this shift will be
driven by two key changes: one, increasing demand from customers for cellular
connected coolers, this means data collection and insights generation is not dependent
on someone visiting the point of sale. And two, the increasing adoption of cameras to
enhance the commercial performance of coolers.
•In short, our growth will come from connecting more assets than ever before, through a
comprehensive range of hardware- from cellular controllers to cameras and asset
trackers, we’re positioning AoFrio as the go-to partner for intelligent, connected
refrigeration.
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Speaker: Greg Balla
•In terms of our commercial model, for the remote management tier, which will
drive operational efficiency, and reduce cooler downtime and service costs, we
expect to be able to charge an additional $4 per cooler per year.
•Then, by layering in high-value features such as camera-based insights for
planogram, stock management, consumer insights, and advanced AI-driven
optimisation, we see a clear path to delivering $10–$12 or more per cooler per
year. As Greg touched on earlier – our ongoing aim is to ensure we are always
delivering at least 5x ROI for our solutions.
•These additional tiers represent a paradigm shift for AoFrio from being part of our
customers’ infrastructure, to a value driver of productivity and additional revenue
per cooler. And you can draw parallels of this type of tiered transition with
companies like Invenco, who introduced advertising at the pump as an additional
commercial tier to their payment model, reaching over 10Bn media impressions
annually.
•AoFrio’s journey is about transforming each cooler from a simple cold shelf into a
smart, revenue-generating, and cost-saving node in our customers’ operations -
unlocking new value at every step - ensuring that as our customers’ needs evolve,
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§Deliver the best platform
for complete fleet
management
§Drive higher value
solutions that deliver at
least 5x ROI for our
customers.
Protect & Grow the Core
Recap Cold Drink Equipment:
Driving New Value iQ.
Protect & Grow

•AoFrio is always ready to deliver more.
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Speaker: Greg Balla
Protect and Grow the Core
•In FY25, we launched two major innovations, the SCS 800 and AoFrio iQ, with
early-adopter customers.
•These products represent a new-build opportunity of around 700,000 units per year,
at more than double the revenue per unit compared with our existing Bluetooth
products.
•We currently have around 70% share of connected coolers in our mature markets.
As we grow in our new regions, we’re aiming to secure further share of 50% in the
US and 30% in Europe of new build coolers as a longer term ambition.
iQ
•We’re now approaching the commercial release of AoFrio iQ on 1 June.
•AoFrio iQ is where customers interact with their fleet, access insights, and manage
machine-learning-driven actions.
•We currently have customers in North America trialling the platform, and we expect
to confirm US coke bottlers to adopt the solution from June.
SCS800
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Protect & Grow the Core
CDE: Regional
Expansion.
US and Canada iQ SaaS Pipeline Grows
§Early adopter customers for iQ
§Commercial launch on track for June
SCS800 Commercial Release
§Testing commencing with major US & EMEA
OEMs & bottlers
§Transition to cellular, always-on
Protect Motors Gross Profit
§Renewed interest from AoFrio INSIDE
New Build Share of Wallet and Serviceable Addressable Market (USD$m)
0.4
6
3.9
12.3
0
5
10
15
20252030
US / CANADA
SOWSAM
0
11.9
6.6
27.9
0
10
20
30
20252030
EMEA
SOWSAM
12.5
26.9
19.2
32.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
20252030
NORTH LATAM
SOWSAM
7
15.1
9.6
22.2
0
10
20
30
20252030
SOUTH LATAM
SOWSAM

•The SCS 800 is our new cellular-connected controller designed specifically to help us enter
the US and European markets.
•The controller enables two-way communication with our cloud platform without the need for
a field visit.
•This substantially increases the value we can deliver, for example, we can remotely access
coolers, adjust control settings, and perform diagnostics.
•SCS 800 is progressing through customer testing, and we have secured trials with Europe’s
largest Coca-Cola bottler
•SCS800 will also support our defence of our LATAM market share. The transition from
bluetooth to cellular will be a key part of this strategy and customers have been responding
positively, so we expect to see our first LATAM customers shift to an cellular solution by the
end of the year.
Motors
•Motors continue to face headwinds, so our focus here is on protecting gross profit.
•We have been working on product cost reduction to support margin protection.
We’ve seen some recent success with AoFrio INSIDE and energy savings with South
American bottlers.
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Speaker: Greg Balla
•We are making good progress entering new regions with SCS800 and iQ.
•We are clear what we need to do to bring higher value software and data solutions to market and investment with
accelerate this.
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Protect & Grow the Core
Summary.
§Connect customers complete fleet to maximise data collected
and impact
§Enter new regions (US, EMEA & APAC)
§Deliver new high-value software solutions AoFrio iQ
§Difference between Future 1 and Future 2
§Hardware development accelerated including cameras
§Added value SaaS and Intelligence delivered
§Increased sales and marketing in Cold Drink Equipment
Protect & Grow

Speaker: Genevieve Clark
•AoFrio’s Diversify strategy is all about quality growth - expanding beyond our core
Cold Drink Equipment segment into Food Retail and Ice Cream, where we can
solve higher-value problems and unlock significant recurring revenue.
•We’ve validated our value proposition through pilots with leading brands, built a
roadmap for fit-for-purpose solutions, and committed to launching offerings that
combine our proven hardware, SaaS platform, and advanced features like
camera-enabled insights and machine learning.
•From FY26 to FY30, this strategy will transform AoFrio’s revenue mix:
•We are targeting $85 million in revenue by FY30
•With the support of this diversify strategy AoFrio’s overall ARR share will
increase from 3% in FY25 to 19% by FY30,
•driven by our high-margin ARR/SaaS model.
•Diversification ensures resilience, scalability, and long-term shareholder value -
positioning AoFrio as the leader in connected refrigeration across multiple
segments.
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Recap Diversify Summary
Driving Growth.
§Transforming AoFrio’s revenue mix from FY26–FY30
§Ta r g e t i n g NZ $ 8 5 M r e v e n u e b y F Y 3 0
§Supporting organisational ARR growth from +3% in
FY25 to +19% by FY30
§High-margin ARR/SaaS model for sustainable growth
§Real world customers supporting product market-fit
§Gaining meaningful share of a large market
Diversify
0
10
20
30
40
50
60
70
80
90
FY24FY25FY26FY27FY28FY29FY30
NZ$M
Target Diversify revenue
Diversify HardwareDiversify SaaS/ARR
Diversification

Speaker: Genevieve Clark
•Our easy to retrofit solution is available now, enabling food quality teams to
monitor outlet performance in food safety, and retail staff and asset service
providers to respond instantly to temperature issues.
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Recap Food Retail: Solution.
Diversify
Diversification

Speaker: Genevieve Clark
To recap our strategic focus:
•It was to complete the first version of the solution (this has now been completed)
•To identify additional pilot customers – we have a number underway in South
America and APAC
•And finally with investment, we plan to build a pipeline supported by a multi-region
GTM strategy – this is now our primary focus
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AoFrio will deliver upon this strategy by:
§Complete version 1 of the food retail solution
§Identify additional pilot locations.
§Build a pipeline supported by a multi-region
go-to-market strategy.
Recap Food Retail:
Strategic Focus.
Diversify
0
2,000
4,000
6,000
8,000
10 ,00 0
12 ,00 0
14 ,00 0
FY24FY25FY26FY27FY28FY29FY30
Target cumulative outlets connected
0
5
10
15
20
25
30
35
FY24FY25FY26FY27FY28FY29FY30
NZ$M
Target Food Retail revenue
Diversification

Speaker: Genevieve Clark
•Milestones achieved:
•We have made solid progress since we last provided you with an update and
heave achieved some key milestones:
•We have a purchase order from and are currently onboarding a large retail
customer in South Latam, with potential to roll out to up to 600 stores and a
global network of 15,000 stores.
•We have a strong pipeline and will be adding sales and marketing resource
and subject matter expertise in support of our go-to-market activities,
planned for the second half of this year.
•Our progress this year gives us confidence that these adjacent markets can
become meaningful contributors to recurring revenue over time.
•For example, our current pipeline has more outlets than our 2030 target, even
though we have yet to formally release or promote this solution.
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Diversification
Early Food Retail
Milestones Achieved.
Expansion into new segments
§Purchase order received from major global
supermarket chain in south LATAM.
§Strong pipeline
§Formal launch planned for H2
§Investment in sales and marketing effort in support
of go to market
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Diversify

Speaker: Genevieve Clark
•
Next I want to give an update on the Transform part of our strategy, particularly
around our AI strategy. I’ll talk to this in two parts.
AI in our Product
•From a product perspective we are well on our journey to embed AI into our solutions, evolving from a System of
Record and workflow, to a system of Action and Coordination.
•For over 9 years we have been collecting data about the performance of coolers. We are the only supplier in the
market who can provide rich, multi-year insights – from fleet wide to individual cooler - to our customers.
•While we’ve always considered this data to be valuable, since we’ve been building AI features into our solution, this
has become even more apparent.
•Today we are using that data to build machine learning algorithms in our platform that can predict when a cooler
will break down and why.
•We can see that our next evolution of AI feature development will be instrumental for our customers in getting even
more value from our iQ solution.
In terms of Embedding AI in the Organisation
•Over the next six months, we will deepen how AI tools and automations are embedded not only into our product,
design and engineering teams, but across the organization.
•We’re moving from a phase of active experimentation and learning in to process transformation. All of our teams
are reporting productivity benefits, and we expect to see this accelerate further in this next stage of adoption and
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AI and Transformation:
From Data Moat to
AI Advantage.
AI in our Products
§Data moat; 9 years+ of rich insight over 3.2million
connected devices
§AI feature development will increase value to
customers
Embedding AI in the organisation
§Adoption of Agentic Tools for Product, Design &
Engineering
§Moving from a phase of active experimentation
into process transformation
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SoR evolution over time
SaaS eraAgentic era
System of Coordination — Orchestrates Networks
System of Action — Executes Tasks
System of Workflow — Organizes Humans
System of Record — Stores Data
Transform

•implementation.
Thanks everyone, I will now hand back to John.
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Speaker: Genevieve Clark
•To sum up, AoFrio’s strategy is to:
•Protect and grow our Core CDE and Motors business. We will:
•Invest to maximise our growth in the US and Europe, with a strong focus on
our SCS800 cellular controller and our iQ solution
•We will add further commercial and customer value to our iQ solution,
•Bring our peripheral camera product to market, extending the value of our
solution towards supporting commercial insights for our customers.
•In Diversify, we will formally launch the Food Retail solution, invest in the Go to
market activities and team, setting us up for increased recurring revenue, and
higher margins.
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Summary Driving Growth.
Protect and Grow the Core: CDE
§Investing to maximise CDE growth in US & Europe
SCS800 & iQ mainly sales effort
§Adding value to solutions in iQ phase 1
§Camera solution development
Diversify: Food Retail
§Formally Launching Food Retail Solution
§Investing in go to market for food retail (Sales effort)

Speaker: John Scott
•We have 3 categories , 3 segments , 4 Regions
•Cat > Motors & fans, IOT, SAAS
•Segments > Cold drink equipment, Food Retail, Ice Cream
•Continents > North America, South America, EMEA, APAC
•The initial capital will be used to strengthen our balance sheet, accelerate CDE,
and get started in food retail.
•We will continue to apply strong discipline around investment decisions as we
have for the past.
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3 Categories, 3 Segments, 4 Regions.
NZ$9.5M vs $15M
Future 1: Self-funded growthFuture 2: Externally funded accelerated growth
Phase 1

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Agenda.
Greg Balla |CEOJohn Scott|Board Chair
Genevieve Clark |VP Product
01. FY25 Performance & Recap
02. Strategy Update
03. FY26 Outlook
04. Q&A
05. Formal Business of Meeting

Speaker: John Scott
•Now, lets discuss FY 2026
•Q1 saw revenue and EBITDA drop compared to Q1 FY2025. This was largely due
to the loss of our biggest motors customer in the US.
•The decision to onshore their supply of motors was accelerated by tariffs,
something we had anticipated and communicated to the market as one of the
headwinds we were facing.
•Q1 2025 was also a very strong quarter, which means the impact on revenue
over the comparable periods is very pronounced.
•While motor revenue dropped, IoT revenue was in line with Q1 2025.
•Our IoT products are higher margin, which is why we’ve seen gross margin
lift.
•The team have put a solid strategy in place to generate more revenue from our IoT
as motors face challenges and we will continue to be disciplined approach around
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FY2026 Outlook.
Q1 Performance
§Revenue: $17.2m (-28.1% vs Q125)
§EBITDA: -$0.4m (vs $1.5m Q125)
§Gross Margin: 34.8% (Q125: 31.1%)
FY26 Outlook
§AOF still expects Revenue and EBITDA
to be more than FY25

•investment decisions.
• However, we do expect both revenue and EBITDA for FY2026 to be up on FY25.
• We will update the market as the year progresses.
25

Speaker: Greg Balla
•Thankyoueveryone.WewillnowmovetotheQuestionandAnswerssectionof
today'smeeting.
•A reminder for those of you attending the meeting virtually. You can submit a
question by selecting the Q&A tab on the right half of your screen anytime. Type
your question into the field and press send.
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Agenda.
Greg Balla |CEOJohn Scott|Board Chair
Genevieve Clark |VP Product
01. FY25 Performance & Recap
02. Strategy Update
03. FY26 Outlook
04. Q&A
05. Formal Business of Meeting

Speaker: John Scott
•Wewillnowmovetotheformalbusinessofthemeeting.Votingwillbebywayof
pollandthroughproxysubmission.
•Onceallthevoteshavebeencast,theywillbecountedbytheCompany’sshare
registrar,Computershare.
•Theresultsoftoday’smeetingwillbereleasedontheNZXonthecompletionofthe
verificationofvoting.
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AoFrio Company Confidential ©2026
Agenda.
Greg Balla |CEOJohn Scott|Board Chair
Genevieve Clark |VP Product
01. FY25 Performance & Recap
02. Strategy Update
03. FY26 Outlook
04. Q&A
05. Formal Business of Meeting

Speaker: John Scott
•As a reminder, if you are attending online, you have been able to vote since the
meeting opened. To vote, simply select your voting direction from the options
shown on screen. Your vote has been cast when the tick appears. To change your
vote, simply select ‘Change Your Vote’. You can change your vote up until the time
I declare voting closed.
•We have one resolution which is an ordinary resolution and is required to be
passed by a simple majority of votes.
•Once all the votes have been cast, they will be counted by the Company’s share
registrar, Computershare.
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How to Participate in Virtual / Hybrid
Meetings and Vote
›Once the voting has been opened, the
resolutions and voting options will allow voting.
›To v o t e , s i m p l y click on the Vote tab, and
select your voting direction from the
options shown on the screen.
›Your vot e has been cast when t he tick
appears.
›To change your vote, select ‘Change Your
Vote’.
Shareholder & Proxyholder Voting

Speaker: John Scott
•Deloitte is the existing auditor of the Company and is automatically re-appointed by
virtue of section 207T of the New Zealand Companies Act 1993.
•The proposed ordinary resolution is required to authorise the Directors of the
Company to fix the auditor’s remuneration for the purposes of section 207S of the
New Zealand Companies Act 1993.
•Inowmove,asanordinaryresolution,“ToauthorisethedirectorsoftheCompany
tofixtheremunerationoftheauditorfor the purposes of section 207S of the New
Zealand Companies Act 1993.”
•Ifyouhaven’tregisteredyourvoteonlineorcompletedthevotingformheretoday,
pleasedosonow.
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Notices of Motion
Resolution 1 – Auditor’s fees
“To authorise the directors of the Company to fix the remuneration
of the auditor for the ensuing year.”

Speaker: John Scott
•Ladies and gentlemen that concludes our discussion on the items of business.
•I will close the voting online very shortly.
•Computershare can you please now collect the voting papers from shareholders in
the room.
•The results of these votes will be released to the stock exchange later today.
•Thank you. Voting online is now closed. Thank you for attending AoFrio’s Annual
Shareholders’ Meeting 2026.
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AoFrio Company Confidential ©2026
Thank you.