Annual Meeting Presentation

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Presented by: Tony Carter (Chair) and Kevin Bowler (CEO)
To:My Food Bag Group Limited Investors
Date: 20 August 2021
Subject:Annual Meeting
[Slide 1]
Chair
Morena and welcome to the inaugural annual shareholder meeting for My Food Bag as a
listed company. I am My Food Bag’s independent chair, Tony Carter.
[Slide 2]
Todays' meeting is being conducted online only as we adhere to the Alert Level 4
restrictions put in place by the Government earlier this week. We trust everyone is keeping
safe and well in their bubbles at this time. I’ll provide you with further instructions as we
progress through the meeting but if you encounter any technical issues please refer to the
virtual meeting online portal guide or you can phone the helpline on 0800 200 220.
[Slide 3]
Before we formally begin, I would like to start by acknowledging new and existing board
members, and I will invite each of them to introduce themselves briefly now.
[Jon, Sarah, Jen and Chris introduce themselves in this order]
We also have members of the My Food Bag Strategic Leadership team in attendance,
including:
-Kevin Bowler, Chief Executive Officer,
-Mark Winter, Chief Financial Officer, and
-Trish Whitwell, who will assist with Q&A later in the meeting.

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We also have our auditors, EY, in attendance who will be available to address any questions
regarding the preparation of the financial statements. Finally, our share registrar, Link
Market Services, and members of their team are available today to help conduct the vote
and act as our scrutineer.
I have had it confirmed to me that the Notice of Meeting has been sent to shareholders and
other persons entitled to receive it and I have been advised that we have a quorum present.
On that basis, I am pleased to formally declare the meeting open.
As always, shareholders were given the opportunity to attend the meeting and vote or to
appoint a proxy to vote on their behalf. Proxies have been appointed for the purpose of this
meeting in respect of approximately 88 million shares, representing over 36% of our total
share capital. My fellow directors and I intend to vote all discretionary proxies we have
received in favour of the one resolution set out in the Notice of Meeting.
[Slide 4]
Turning to the agenda for today. Following my address, My Food Bag’s CEO, Kevin Bowler
will provide a business update before we move on to the more formal agenda items
regarding the acceptance of the FY21 financial statements and our single administrative
resolution regarding the auditor’s remuneration.
There will then be an opportunity for general Q&A. As always, I encourage shareholders to
exercise their right to vote and ask questions. You can send through your questions at any
time through the online portal, and I would encourage you to do so as early as possible as
this will allow us to answer these questions at the appropriate time during the meeting.
[Slide 5, then 6]
In FY21, My Food Bag embarked on the next stage of its growth journey – listing on both the
NZX and ASX. In doing so, we welcomed thousands of new investors, many of you
customers, who took the opportunity to be part of the My Food Bag whānau. This marked a
significant milestone for the business, having already navigated from being founder led, to
private equity control, and now to public ownership.

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We have assembled a balanced, capable and energised board. Recognising that meal kits
currently represent a small part of a very large grocery market, we are committed to drive
MFB to the next level and grow our share.
We are very mindful of the performance of our share price over our first six months which
has been below what it has listed for. However, we would like to acknowledge those who
participated in the IPO and have stuck with us and continue to recognise the value in this
business. We assure you that the board and management remain focussed on executing on
the business strategy and the performance of the business. In the long run, we are
confident that the market will judge the business against its performance and potential.
And on both counts, our Board remains firmly confident.
There have been a couple of questions raised about the IPO that I thought I’d address head-
on rather than in Q&A later today. Firstly, there was some criticism of management selling
75% of their shares through the IPO. This was appropriate to allow management to fulfil
their tax obligations arising from the shares they received when they converted from
Options at the IPO and to help fund the exercise price of those Options. Fundamentally the
Board is comfortable that management earned the opportunity to realise some of the
significant value they have created for My Food Bag over a long period, including, if we take
the last year alone, through their commitment to help us grow and operate effectively
during the pandemic. We were also mindful of making this clear and outlined it in the offer
documents. As you will see from today's presentation and our annual report, My Food Bag
had a very strong performance in FY21 and this is a credit to the efforts of the management
team during the period. It is also worth noting that Kevin remains a significant shareholder
in My Food Bag.
The second question I’ve had is why the company, as opposed to the sellers, paid the offer
costs relating to the IPO. In my experience, and based on the advice that was received at
the time, this is not uncommon and there are a number of examples where the offer costs

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have been borne by the company undertaking the listing, especially, as was the case for My
Food Bag, when the IPO was also being used to raise new capital for the business. We also
disclosed these costs to potential investors in the offer documents and this was factored
into the offer price.
Turning now to My Food Bag’s trading across FY21. Trading was dominated by a swing to
online purchasing, accelerated by COVID-19, as well as the introduction of individual recipe
selection for some of our range which also increased the frequency in which customers
bought from us.
Additionally, in FY21 management invested time and energy in improving systems and
processes adding an end-to-end enterprise resource planning platform. Costs were tightly
managed, with notable improvements across the supply chain resulting in improved
contribution margins throughout FY21.
My Food Bag is an innovator and a disrupter; and this current fiscal year has been no
exception. Already this year the company has introduced recipe choice for Bargain Box
customers, introduced heart healthy recipes in partnership with the New Zealand Heart
Foundation, and launched the My Food Bag Kitchen offering a wider range of new products
for My Choice customers, and most recently, we extended choice to our Fresh Start
customers.
While FY21 was clearly a very successful year commercially; I’d also like to acknowledge and
thank all our team for working so hard in challenging and uncertain times throughout the
year dealing with the effects of COVID-19 and keeping one another and their wider whanau
safe and healthy. My Food Bag played its role as an essential business during this time and
continues to do so today, helping thousands of Kiwis by continuing to deliver fresh and
healthy meals through the various lockdowns and changes of alert levels.

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Thanks to Kevin and management for guiding the business through the change to public
ownership. Given the context of FY21, this was no easy task and they have remained
focussed on the business priorities and performance throughout.
After four months trading in FY22, the company is in the position to reaffirm its FY22
revenue and earnings forecast, as outlined in the PFI provided to investors in connection
with the IPO. Alongside our confidence in the business’ performance, we also advise that we
expect to pay a full year dividend of $0.07/share, 40% payable in December 2021.
Confirmation of the interim dividend payment will be made at the time of our half year
results in November.
I will now invite the CEO, Kevin Bowler, to address you.

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CEO
[Slide 7, then slide 8]
Tēnā Koutou and welcome, thanks Tony.
FY21 has been a massive year for My Food Bag. We have been an essential service helping
Kiwis navigate the pandemic; we have undertaken one of the most significant new listings
on the stock exchange in recent years and we have delivered significant growth.
[Slide 9]
Importantly, we have achieved all key FY21 PFI metrics provided to investors in connection
with the IPO. During the year, we delivered more than 4.8 million meals to our customers,
and in doing so, generated $190.7m revenue which was a 24% increase year-on-year. We
continued to grow our 13-week active customer base to more than 66,000 customers by the
end of FY21.
We delivered pro forma EBITDA of $29.0m which was $12.7m (or 78%) greater than the
prior year.
We successfully achieved a step change in contribution margin, growing +4.3 percentage
points to 25.6% in FY21. This, coupled with the scalable nature of our business, contributed
to our EBITDA % improvement of 4.6 percentage points to 15.2%, which was ahead of FY21
PFI.
We are very pleased with our FY21 results.
[Slide 10]
FY21 started with the government’s decision to move New Zealand to Alert Level 4 for the
first time in response to the uncertain effects of the Pandemic. This immediately lifted
demand for MFB’s service to levels that challenged the business’ ability to meet supply for a
period of a few weeks. As an essential service, our teams worked tirelessly with our

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partners to meet as much of this new demand as we could over April and May 2020 in
particular.
Of course, this was being achieved while under stringent new operating conditions requiring
social distancing, increased use of PPE, staggered operating shifts, and a lot of education
aimed to keep everyone safe as we learned more about the risks posed by the Pandemic. I
am very proud of how we tackled this challenge, and my thanks go to our staff and our
suppliers, who ensured we kept delivering fresh and healthy meals to Kiwi doorsteps
throughout various alert levels. These strict operating conditions give us confidence that My
Food Bag can continue to play its part in safely helping to deliver food to Kiwis during any
future periods of lockdown such as we are experiencing now.
Through the middle of FY21 we completed two vitally important tasks. We implemented a
new end-to-end ERP platform centralising data and information and providing more visibility
of business performance and added controls. And secondly, we completed a deep review of
our supply chain updating and improving our supplier contracts, resulting in strong
improvements to contribution margins without affecting ingredient quality.
Our customer offer was continuously reviewed and improved throughout the year with
personalised recipe choice offered to My Food Bag customers at the end of the first quarter
of FY21, who in turn embraced the change by buying more from us each quarter.
[Slide 11]
In FY21 My Food Bag launched what we hope to be a long-running relationship with Garden
to Table, a national charitable enterprise helping primary schools establish vegetable
gardens to use the planting, caring for, harvesting, cooking and eating food as a practical
basis for learning. As a business committed to healthier families, we think our goals are
truly complementary and look forward to putting more back into Kiwi families and
communities through this relationship.

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While we’re vigilant about reducing the use of packaging, and switching to sustainable
alternatives wherever available, we also know soft plastics are necessary to keep food safe
and fresh, between our suppliers and a customer’s plate.
There is a lack of options and inconsistencies offered by councils around New Zealand for
customers to divert their soft plastics from landfill. So early in FY22 we released a system in
partnership with The Packaging Forum and Future Post where customers can buy a bag from
us to fill with all their household’s soft plastics, and have it picked up by NZ Post, and
ultimately end up as up-cycled fenceposts or garden sleepers. 7,400 customers have
adopted this solution and we hope to see this continue to grow over time.
[Slide 12]
We have entered into an agreement to lease a new facility in Christchurch which we are
well into planning and is scheduled to be ready in early FY23. It’s a purpose-built facility in
an excellent location from a distribution point-of-view, that will position us well for our
future growth.
[Slide 13]
From a trading point of view, Tony has signalled that we are on track to deliver the PFI
demand and earnings forecasts per the FY22 PFI, being a revenue forecast of $186.4m and
EBITDA forecast of $34.2m.
We are encouraged by recent trading which is at similar levels to the comparable period last
year, following New Zealand moving down to alert level 1 in 2020.
Compared to the same period last year, our High Value Customer base remains healthy, and
we’ve managed to maintain this strong base of customers which grew significantly
throughout FY21.
This provides us with a good basis for our confidence in achievement of the full year
revenue, which you may recall, was slightly down vs FY21.

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We’re six weeks from completing the first half of FY22, and like a lot of kiwi businesses
we’re seeing some food commodity inflation pressure in areas like red meat and produce.
We’ve offset this partly by continuing to improve supply chain terms across more
categories, and through a small price increase in July.
[Slide 14]
Trading through FY21 gave us confidence in customers’ reaction to added personalisation,
and alongside this we have used the time to optimise operational changes to accommodate
offering recipe choice. Off the back of this evidence, we introduced Bargain Box choice this
past April, and have extended personalisation features to Fresh Start earlier this month.
[Slide 15]
We have spoken about expanding our offer beyond meal kits and have recently taken a
small step to introduce this wider offer to our My Choice and Fresh Start customers. We’ve
called the offer the ‘My Food Bag Kitchen’ with the proposition that as a customer you can
now buy the go-to products our chefs use in the My Food Bag kitchen. So far kiwis are loving
things like desserts, winter soups, and my personal favourite Bacon.
The two Kitchen metrics we’ll be watching closely are attachment rates and average order
value as we scale the offer over coming months by offering a wider range of go to products.
We’d expect to see the attachment rate continue to rise with the basket size lifting our
overall average order value over time, taking a greater share of New Zealanders’ substantial
grocery spend.
[Slide 16]
The My Food Bag Kitchen is going to provide more insight into our customers’ willingness to
buy a wider range of their household needs from us and will help inform the pace and
direction of future growth through new products, or for that matter, acquisition
opportunities.
Since launching the Kitchen in July – we’ve seen some very promising early signs. Add-on
attachment, which is the % of customers who add at least one additional product to their
core meal kit box, has more than doubled for those who have access to the Kitchen on our

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My Choice products. We’re also seeing the basket size of customers continuing to increase
as we continue to grow the number of products available to purchase.
[Slide 17]
The Kitchen, combined with My Food Bag's strong platform for growth, including its well
positioned balance sheet and much-loved brand, continues to provide the foundation for us
to pursue growth opportunities and disrupt wider categories and channels.
[Slide 18]
By way of summary:
-We completed FY21 slightly ahead of PFI and re-affirmed our forecasts for FY22, and
we are encouraged to have retained the pull forward in demand from COVID-19.
-We have doubled down on the benefits of personalisation by expanding our choice
offer to Bargain Box in April and very recently added the choice feature to Fresh
Start.
-We have demonstrated a move to introduce a wider range of products through the
My Food Bag Kitchen in the past couple of months, with promising early signs.
I will hand back over to Tony to address the remaining agenda items before we take any
questions.
Thank you.

---

Annual Meeting
August 2021
1

Voting Card
Question box
Online attendees –voting and asking questions

3
Board of Directors
Tony Carter
Independent Chair
Jennifer Bunbury
Independent
Non-Executive Director
Sarah Hindle
Independent
Non-Executive Director
Jon MacDonald
Independent
Non-Executive Director
Chris Marshall
Non-Executive Director

4
Chairperson’s address
1
CEO’s update
2
Financial statements
3
Ordinary resolution
4
Agenda
Other business
5

Chairperson’s
address
1
5

Tony Carter
Chair
6

CEO’s update
2
7

Kevin Bowler
CEO
8

$190.7m
Revenue (+24% vs PY)
PFI: $189.5m
Active customer growth to
66,492
Q4 FY21
9
We have achieved all key FY21 PFI metrics
A strong year of growth and delivery
>4.8m
meals delivered
$29.0m
Pro forma EBITDA*
(+78% vs PY)
PFI: $28.5m
$2.4m
NPAT
PFI: $0.8m
15.2%
EBITDA margin (+4.6ppt vsPY)
PFI: 15.0%
+4.3ppt
contribution margin improvement (vs PY)
25.6%, up +0.2ppt vs PFI
*Pro forma EBITDA is a non-GAAP measure that includes pro forma adjustments. These adjustments include adding incremental costs associated with running a listed company and removing the one-off transaction
costs associated with the offer. A reconciliation from GAAP NPAT to non-GAAP pro forma EBITDA can be found in the appendices.

Completed
end-to-end ERP
implementation
Working
through
COVID-19
Improving
contribution
margin
10
FY21 at a glance

Building
charitable
partnerships
Delivering
customers
more choice
Soft plastics
recycling
11
FY21 at a glance
PreparePackPick-up or Post
Transformation!

12
Building for the future in the South Island
•Purpose-built South Island assembly site
•Increases capacity +60% vs current site
•Excellent location
•Ready April 2022

13
153.3
190.7
186.4
-
40
80
120
160
200
FY20AFY21AFY22 PFI
($m)
Revenue
•MFB reaffirms FY22 PFI forecast
•Dividend of 7 cents per share planned, 40% paid in
December 2021 and 60% in June 2022 (fully
imputed)
•Business focus on -
•Growth and innovation supported by a strong
platform
•Delivery of procurement opportunities to
enhance margins to further improve customer
quality and service
•Progress our strategic growth plan
16.3
29.0
34.2
-
10
20
30
40
FY20AFY21AFY22 PFI
($m)
EBITDA
FY22 outlook remains consistent with PFI

14
We have extended Choice across our portfolio
Bargain Box Choice
Launched April 2021
Fresh Start
Choice
Launched
August
2021

15
Beyond weeknight dinners...The Kitchen

The Kitchen is being measured with the KPIs
of:
•Attachment Rate
•Average Order Value
In addition to the above key considerations
include frequency of purchase, the optimal
number of items, and margin opportunities
with scale.
We will utilize The Kitchen as a platform to
test and learn into adjacent categories.
Beyond weeknight dinners...The Kitchen
My Food Bag
Kitchen
launched July
2021
“Absolutely superb
premium muesli –
definitely one to add
every week.
Delicious!”
“Loving the Plan
Your Week
options, thank
you!”
“Yay I can get my
fix without going to
the supermarket.”
0
5
10
15
20
25
30
35
40
Number of SKUs on offer
With a focus on SKU growth we have grown the range
by almost 4x to date and will continue to grow.

Leverage our platform to expand our food based offerings
and disrupt the B2C market
Horizonone
Horizontwo
Our platform will enable the successful execution of our growth strategy
Brand, Database, Nationwide Coverage, Capability
Our Growth Strategy
Curated
Meal
Solutions
New Zealand’s
Most Loved
Provider of
Consumer
Solutions

18
Summary
•FY21 ahead of PFI
•MFB reaffirms FY22 PFI forecast
•Extended our choice offer to Bargain Box and
Fresh Start
•Expanding beyond weeknight dinners with the
introduction of My Food Bag Kitchen.
•Continue to progress strategic plans to expand
beyond our current offerings and disrupt the B2C
market

Financial statements
3
19

20
•Opportunity for shareholders to ask any
questions specifically on the financial
statements, the auditor’s report or the
company’s 2021 annual report.
•There will be an opportunity to ask any
general questions once all items on the
agenda have been considered.
Financial statements

Ordinary resolution
4
21

22
Auditors remuneration
That the Directors of My Food Bag be
authorised to fix the fees and expenses of the
auditor of My Food bag for the ensuing year.
Ordinary resolution

Other business
5
23

Thank you
24

Disclaimer
25
This presentation has been prepared by My Food Bag Group Limited (the “Company”
and, together with My Food Bag Limited, "My Food Bag") for the purpose of the annual
shareholders' meeting and is dated 20 August 2021. This presentation contains summary
information about My Food Bag and its activities, which is current as at the date of this
presentation (or otherwise stated). The information in this presentation is of a general
nature and does not purport to be complete nor does it contain all the information which
an investor may require when evaluating an investment in the Company.
This presentation may include certain “forward-looking statements” about My Food Bag
and the environment in which My Food Bag operates. These forward-looking statements
may be identified by words such as ‘guidance’, 'projections', ‘anticipate’, ‘believe’,
‘estimate’, ‘expect’, ‘will’, ‘plan’, ‘may’, ‘could’ and similar expressions.
Forward-looking information is inherently uncertain and subject to contingencies, known
and unknown risks and uncertainties and other factors, many of which are outside of My
Food Bag's control, and may involve elements of subjective judgement and assumptions
as to future events which may or may not be correct. A number of important factors
could cause actual results or performance to differ materially from the forward-looking
statements. No assurance can be given that actual outcomes or performance will not
materially differ from the forward-looking statements. The forward-looking statements are
based on information available to My Food Bag as at the date of this presentation.
Except as required by law or regulation (including the NZX Listing Rules), the Company is
under no obligation to update this presentation whether as a result of new information,
future events or otherwise.