Seeka Provides ASM Presentation

Annual Shareholder Meeting
22 April 2022

Agenda
2
Welcome to Seeka’s 2022 meeting
6
Retirements and general business
5
Meeting resolutions
4
Chief executive’s report
3
Chair’s commentaryand financial statements
2
Proxies and voting instructions
1
Welcome and introductions

Introducing Directors
3
Cecilia TarrantJohn Burke
Retiring today
Amiel (Mel) Diaz
Retiring today
Robert Farron
Chair audit and risk committee
Ratahi CrossMarty Brick
Fred Hutchings
Chair
Ashley Waugh

Proxies
4
Chair8,994,388
Peter Ratahi Cross1,714,410
New Zealand Shareholders' Association1,020,105
Michael Franks289,500
Total12,018,403

Meeting process
5
Online voting and asking questions
The voting boxQuestion box

Chair’s Commentary
Fred Hutchings

Delivered for our stakeholders
Excellent performance despite disrupted labour and freight
Commitment and leadership got the job done | Orchards, Post harvest, Seeka Australia, SeekaFresh and VLS laboratory all performed ahead of expectation
Generated record profits and increased underlying operating earnings
$310m Revenue | $56.8m EBITDA | $23.5m NPBT | $0.43 EPS | $0.26 dividend per share | $7.6m received from Psa kiwifruit class action
Strategic acquisitions strengthen Seeka’s regional kiwifruit presence, increase geographical diversity and deliver economies of scale
OPAC (Ōpōtiki) and Orangewood (Kerikeri) in 2021 | NZ Fruits (Gisborne, Feb 2022) | Businesses integrated | Accretive to shareholders
On-orchard investment in digital scanning technology
26% shareholding in Fruitometry| Accurate crop data aids orchard management and supply chain planning | Platform for labourefficiency gains
New banking syndicate secures additional funding for capacity and Seeka’s growth strategy
Westpac NZ led syndicate with Westpac AUS, ASB, BNZ and Rabobank
Continuous investment in capacity | $22m KKP and Transcool upgrades for 2022 | Pukenga deferred
Progressing our strategy to be a more sustainable business, and to understand the potential impacts of climate change
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2
3
4
5
7
6
7

All results and comparatives consistent with NZ IFRS 16 Leases. These financials should be read in conjunction with Seeka’s Annual Report 2021.
Financial highlights
$309.6m Revenue – up 23%
$56.8m EBITDA – up 32%
− $7.6m from Crown’s settlement of Kiwifruit Claim
$23.5m Net profit before tax – up 44%
− Guidance range $22m ~ $24m, included Psa settlement
$14.9m Net profit after tax
−Inline with FY20, which included $5.6m deferred tax
benefit
8
Year ended 31 December 2021 –audited
NZD millions
FY21
FY20
Growth
Revenue
309.6 251.5 23%
Cost of sales
236.3 198.8 19%
Gross profit
73.2 52.7 39%
EBITDA
56.842.932%
Net profit before tax
23.516.344%
Net profit after tax
14.915.2( 2%)

$23.1m
$33.3m
$34.5m
$42.9m
$56.8m
FY17FY18FY19FY20FY21
EBITDA
All results and comparatives from FY18 onwards are consistent with NZ IFRS 16 Leases. These financials should be read in conjunction with Seeka’s Annual Report 2021.
Trends in financial performance
$33.7m increase in EBITDA over five years
−19% cumulative annual growth rate since 2018
−Achieved despite one-off Covid costs
Deliberate strategy to improve underlying
operating earnings
Business reset to operate in a Covid-19 world
−Managing severe labourshortages
Investing in new technology
−Innovation and automation deliver efficiency gains
− Key to operating in a tight labourmarket
9
EBITDA reflects cash generated
NZ IFRS 16 Leases
19
%
CAGR

1. As required by NZ IAS 33, 738,636 shares held by Seeka Trustee Limited for the Grower Loyalty and Employee Share Schemes are excluded from EPS calculations. If included, the weighted average EPS would be $0.42 (FY20: $0.47).
Earnings per share and dividends
26 cents per share dividends from FY21
−13 cents paid February 2022
$5.71 net tangible assets per share – up 10%
−$229m of net tangible assets
10
NZD
FY21
FY20
Net profit ($m)
$ 14.9 m $ 15.2 m
Weighted shares on issue (m)34.8 m 29.4 m
Earnings per share
1
$ 0.43 $ 0.52
Dividends per share $ 0.26 $ 0.24
Net tangible assets ($m)
$229 m $167 m
Shares at year end (m)40.2 m 32.2 m
Net tangible assets per share ($)$ 5.71 $ 5.20

Significantly progressed our growth strategy
Acquisitions are in our foundation kiwifruit business
−33% growth in NZ kiwifruit market share
Fully servicing all major North Island orcharding regions
Experienced growers have joined our business
−As shareholders and supplying growers
Delivering material efficiencies and synergies in FY22
−11 post harvest facilities servicing New Zealand growers
−Delivering more capacity at peak periods
−Labour benefits from an early start and ongoing employment
$22m upgrade at KKP and Transcool for harvest 2022
−Deferred decision on Pukenga
−$180m invested in post harvest capacity in the last 6 years
11
Key investments to further lift shareholder returns
Peninsula
Orangewood
Aongatete
Katikati
Huka Pak
Oakside
KKP
Transpack
OPAC
NORTHLAND
EASTERN
CENTRAL
Kerikeri
NZ Fruits
Post harvest sites

Automation and technology
Testing and investing in automation
−Reliable technologies that generate a return on capital
Smart orchard-scanning technology from Fruitometry
−Optimise on-orchard work and supply-chain operations
Ongoing investment in post harvest automation
−Opportunities to redeploy labour
New packing technology in Australia
−Delivered efficiency gains and improved fruit quality
12
Implementing new technology across our value chain
12
760PERMANENT
EMPLOYEES
AND 4000
SEASONAL WORKERS
Technology is key to
efficiently handling volume
growth, and making the best
use of the available labour

Seeka is a large rural employer
Labour is an on-going challenge in NZ and Australia
−Impacting multiple industries
−Severe shortages in peak periods
Seeka focuses on employing local people
−Collaborating with iwi and government agencies
−Competitive remuneration packages
−Cadet schemes and career pathways
Access to new RSE workers in 2022
−362 long-haul RSEs in NZ, to be repatriated July 2022
−New recruits from Tonga, Samoa and Vanuatu
−850 total RSEs to date in 2022
−New accommodation to be addressed in 2022
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With a focus on employing local people
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760PERMANENT
EMPLOYEES
Te Kaha
NORTHLAND
EASTERN
CENTRAL
21
79
180
10
Coromandel
Upper Northland
Ōpōtiki
410
AND 4000
SEASONAL WORKERS
60
Gisborne
We provide fulltime and seasonal work in rural areas

Environmental impact
Seeka’s working to be an industry leader
−Transparently report our environmental impact
−Reporting on opportunities and risks in a changing climate
Publishing our annual carbon footprint
−2019 base year results calculated, verified and published
−2020 and 2021 results calculated and now being verified
−Publishing June 2022
Defined key performance indicators
−And we will set carbon-reduction targets
14
A fundamental component of our formal
sustainability reporting framework

$83.0m
Drawn
$113.0m
Drawn
$21.9m
$2.1m
$2.6m
$3.4m
$39.3m
Available
$77.4m
Available
$122.3m
Facility
$190.4m
Facility
Dec 2020OPACOrangewoodFruitometryOtherDec 2021
Banking facility
NZD millions
.
Syndicated banking facility supports growth
$190.4m facility led by Westpac NZ
−Supported by Westpac AU, ASB, BNZ and Rabobank
Enlarged facility provides headroom
−$68m increase in banking facilities
−$26.6m of debt for the OPAC, Orangewood and
Fruitometry investments
$77.4m available December 2021
−$46.0m working capital
−$31.4m available for Capex and growth
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Banking facility to invest in opportunities that drive shareholder returns
Dec 2020Dec 2021

Key achievements
Grown our foundation kiwifruit business by 33%
−Now servicing all major North Island orcharding regions
−Ongoing investment in our central kiwifruit region
−Enlarged operations set to deliver material synergies
Strengthening our retail services business
−Excellent performance in NZ despite lockdowns
Growing our Australian business
−Expanding kiwifruit
− Growing and selling exciting new fruit varieties
Ongoing investment in agritech and automation
−Improving supply-chain management
−Making better use of the available labour
16
Summary
The employer of choice
−Dedicated team that delivers an excellent service
−Strong, company-wide safety culture
−Active programmes to recruit and retain seasonal labour
Enlarged funding from syndicated banking facility
−Broad support from the banking community
Progressing Seeka’s sustainability initiatives
−Supporting our communities and caring for our environment
−Active plan to lower our carbon footprint

Chief Executive’s Report
Michael Franks

Safety
No serious harm incidents in 2021
Continue to improve our safety performance – during harvest, and after harvest
2022 health and safety
targets
Targets2021
Total recordable injury
frequency
Less than
4.5
3.3
Serious Injuries
Permanently disabled or requiring
immediate in-patient hospitalisation
00
Inspirational People
Holding and recording a H&S
meetings
90%92%
1818
75
%
Covid-19 safety improvements
−RAT kits for surveillance testing
−ThermaCheck cameras & Facegraph temperature checkers
−Assessing risk by role
−Screens up
of injuries are wrist / hand / finger / arm
−Health Provider toolbox
−Exercises to prevent repetitive strain injuries
New permit to work process
−Contractors more accountable
New Safety Focus posters
Updated traffic management protocols
−Includes Hit-Not technology

The components of your business
A New Zealand company supplying the world with safe, healthy produce
Orcharding, NZ
Growing kiwifruit, avocado and
kiwiberry
-Lease and manage orchards
-Orchard development
-Largest kiwifruit grower
Post harvest, NZ
Picking, packing, coolstoring
and produce dispatch
-11 facilities
-Investing in automation
-Delicious Nutritious Food Company
-Innovation and maintenance team
Retail services, NZ
Marketing produce in NZ,
Australia
and Asia
-Adding value
-Fruit exporter and importer
-Wholesale business
-Integrated orchard-to-customer
supply chain
Seeka Australia
Own and lease orchards plus
own post harvest facilities
-Kiwifruit, nashi, European pears,
plums and dates
-Largest kiwifruit grower
-Integrated from orchard to
market
of export kiwifruit
are grown by Seeka
11
%
of export kiwifruit
are packed by Seeka
26
%
Innovative services
and products from
our value chain
Growing and retailing
our Australian fruit
direct to the markets
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APPROXAPPROX

5.9
7.6
7.5
8.0
8.9
2.6
3.1
3.9
5.0
5.5
8.5
10.7
11.4
13.0
14.4
19.0
FY17FY18FY19FY20FY21FY22
NZ kiwifruit grown
Millions of trays
SunGold
Hayward
Orchard operations
$77.1m Revenue –up 2%
−Lift in kiwifruit volumes
$5.2m EBITDA
Eastern and Northland operations increase with
OPAC and Orangewood acquisitions
−Invested in growing 2022 crop
Developing 156 hectares of kiwifruit in partnership
with landowners, iwi and Kānoa (PGF)
$18m invested in orchard developments
20
Growing kiwifruit, avocado and kiwiberry – led by Barry Penellum
NZD millionsFY21FY20Growth
Revenue77.1 75.7 2%
EBITDA5.2 5.4 ( 4%)
EBIT3.0 3.5 ( 14%)
Segment assets73.7 63.4 16%
Forecast
Forecast

Post harvest operations
$195.9m Revenue – up 40%
$61.6m EBITDA – up 47%
−Volume growth
−Improved operating margin
3.5m trays kiwifruit packed at OPAC post
acquisition
OPAC, Orangewood and NZ Fruits will lift
volumes
Harvesting, packing, cool storing, dispatching and processing –led by Paul Crone
21
NZD millionsFY21FY20Growth
Revenue
195.9 140.1 40%
EBITDA
61.6 41.9 47%
EBIT
44.6 29.8 50%
Segment assets316.1 232.7 36%
15.6
19.2
17.4
15.7
17.7
8.7
10.814.4
16.1
17.9
25.7
31.4
33.5
33.4
40.7
49
FY17FY18FY19FY20FY21FY22
NZ kiwifruit handled
Millions of trays
Class 2 & other
OPAC
SunGold
Hayward
Forecast
to
47
forecast
range

Retail services operations
$21.6m Revenue – level with FY20
$2.3m EBITDA
Strong performance from NZ operations despite
Covid restrictions
−New Zealand wholesale and retail services
−Import and ripening of tropical fruits
Avocado sales commissions impacted by weak
Australian market for 2021/22 season
−Focus on exporting more avocado to Asia
Retail services and marketing, including Kiwi Crush –led by Verena Cunningham
22
NZD millionsFY21FY20Growth
Revenue21.6 21.8 (1%)
EBITDA2.3 3.0 (23%)
EBIT1.4 2.2 (36%)
Segment assets11.7 12.4 ( 6%)

Australian operations
$13.9m Revenue – up 6%
$1.6m EBITDA compared to $7.4m in FY20
−FY20 included $6.2m gain from kiwifruit orchard
sales
Managed lockdowns and labourshortages
Developing new orchards
−63 hectares of kiwifruit
−New-variety pears, kiwifruit, nashi and jujube dates
Growing, packing and retailing kiwifruit, nashi and European pears – led by Jon van Popering
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NZD $millionsFY21FY20Growth
Revenue13.9 13.1 6%
EBITDA1.6 7.4
EBIT(0.1)6.3
Segment assets47.7 47.2 1%
Harvested first crop of Red Nashi

New Zealand plant upgrades
Transcool upgrade
−Additional 650k store plus pre-coolers
−2,432 pallets
− Ammonia glycol refrigerant ( zero carbon footprint )
−Robotic placement of pallets
−$12m project costs includes ground strengthening
−Excludes $0.6m impairment to old store
KKP MAF Roda 8-lane packline
−High-spec machine including robotic packing
−6,500 to 8,000 trays packed per hour
−Automation reduces labour by 25%
−$10m project cost ( $8m machine plus $2m building )
−Commissioning for Hayward main-pack 2022
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Underway or ordered
Oakside upgrade
−Line #3 pre-sizer and CompacSpectriminstallation
−22% labour reduction
−10% increase in fruit throughput
−$3.2m project cost
−Commissioning 2023
NZ Fruits
−Compacrobotic packing and stacking system
−20 labour units saved
−$4.2m project cost
−Commissioning 2023

Acquired OPAC
Ōpōtiki-based kiwifruit business
−8m tray kiwifruit operation
−Post harvest and orcharding services
−Modern post harvest infrastructure
Servicing Ōpōtiki, Te Kaha, East Coast & Gisborne
−Strong growth regions
− 70% SunGold
$61m investment
−$39m equity
−$22m existing debt
−Sustainable EBITDA $6.5m plus synergies total of $8.6m
Business acquired mid season
−3.5m trays packed post acquisition
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Completed May 2021
Ōpōtiki
Seeka OPAC
To Te Kaha orchards
To Gisborne orchards
Ōpōtiki orchards

Acquired Orangewood
Kerikeri-based kiwifruit and avocado business
−2.3m tray kiwifruit operation
−Post harvest and orcharding services
−Avocado packing
Servicing Northland
− Strong growth region for SunGold and avocado
− Adds capacity and volumes to Seeka’s Kerikeri operation
$6.8m investment
−$3.4m equity
−$1.3m cash
−$2.1m existing debt
−Sustainable EBITDA $2.1m
Business acquired at the end of the 2021 season
−Integrated and set for harvest 2022
26
Completed November 2021
Kerikeri
Seeka Kerikeri
To Far North orchards
Kiwifruit orchards
Orangewood

Acquired NZ Fruits
Gisborne-based kiwifruit business
−2.2m tray kiwifruit operation
−Post harvest service
−Packing citrus and persimmon
Servicing Gisborne
− Strong growth region for SunGold
$22m investment
−$9m equity
−$9m cash
−$4m existing debt
−Sustainable EBITDA $2m before synergies,
total EBITDA $3.5m
27
Completed February 2022
Gisborne
NZ Fruits
Gisborne orchards

1. Industry data supplied by Zespri
Harvest 2022 update
Labour, weather and supply chain challenges
Proactively managed the Covid situation
−Ensure safety while maintaining service
−Tight protocols and PPE
−Work from home and site restrictions
Covid, at times, devastated parts of our business
− Key staff particularly hard hit
−Stayed operational through staff dedication and resilience
Labour is challenging
−Recent RSE arrivals have eased a very tight situation
New Zealand supply chain disruptions
Smooth Australian harvest
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Challenging harvest across New Zealand and Australia
SeekaIndustry
1
Percent of
industry
SunGold14.2 m51.7 m28%
Hayward3.2 m13.2 m24%
SunGold Organic166 k1,484 k11%
Hayward Organic104 k325 k32%
Sweet Green35 k148 k24%
Total17.7 m66.8 m26%
New Zealand kiwifruit harvest packed to date

Meeting Resolutions
Fred Hutchings

Resolution 1. Director election – Fred Hutchings
To re-elect Fred Hutchings as a Director.”
−Fred Hutchings retires by rotation and is standing for re-election
−Board supports and recommends Fred Hutchings for re-election
Fred Hutchings to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
30

Resolution 2. Director election – Robert Farron
“To elect Robert Farronas a Director.”
−Robert Farronwas appointed by the Board September 2021 and is
standing for election
−Board supports and recommends Robert Farronfor election
Robert Farronto address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
31

Resolution 3. Director election – Stewart Moss
“To elect Stewart Moss as a Director.”
−Stewart Moss was nominated by a shareholder and is standing for election
−Board supports and recommends Stewart Moss for election
Stewart Moss to address the meeting
3 minutes to address the meeting
To consider, and if thought fit, pass the following as an ordinary resolution:
32

Resolution 4. Directors’ Remuneration
“That the pool of funds available for the remuneration of Directors be increased
by an amount of $80,000 per annum, from a maximum of $530,000 per annum to
a maximum of $610,000 in each financial year payable to all Directors taken
together, effective 1 January 2022."
To consider, and if thought fit, pass the following as an ordinary resolution:
33

Resolution 4
Policy is to set an annual pool at the market mid range point
−Reviewed every 2 years
−Seek professional advice
Last review undertaken January 2020 prior to Covid
−2020 review recommendation deferred due to uncertainties of Covid
−Resolution reinstated and approved by shareholders at 2021 ASM
−Fees set at $530,000 per annum based on January 2020 review
Review undertaken January 2022
−Returning director pool to the biennial review cycle
−Seekahas grown in all key metrics in the 2 years since the last review (FY19 to FY20)
−43% increase in market capitalization
−31% increase in revenue
−31% increase in total assets
Explanatory summary
34

Resolution 4
Consultants Strategic Pay reviewed Seeka director remuneration January 2022
−Benchmarked against their database of more than 200 NZ private sector businesses
− Key metrics of FY21 market capitalisation, revenue, assets and market sector
Explanatory summary – Strategic Pay report and Board recommendation
Strategic Pay key metricsSeeka FY21Survey rangeSurvey sampleDirector feesChair fees
Market capitalisation$ 211m
$ 150m - $ 350m19$60,000$120,000
Revenue$ 310m
$ 200m - $ 500m20$75,000$146,570
Assets$ 482m
$ 200m - $ 500m22$62,750$122,000
IndustryAgribusiness
N/A8$53,000$92,500
Private sector companies
N/A200$68,135-
Seeka Board proposal April 2022$70,000$140,000
35

Resolution 4
1.Consistent with Strategic Pay advice that Chair fees are typically twice the base director fee. 2. Board Chair fee will not exceed $140,000
Explanatory summary – Proposed pool allocation
36
Propose a new fee structure
−Moves to recogniseadditional work involved as a sub committee member in line with the market trend
−Previously only Board chair and Audit and Risk Committee chair paid additional fees
Proposed pool allocationNumberDirector feeChair fee
1
Pool
Board7$70,000$140,000
2
$560,000
Audit and Risk Committee, and Due Diligence Committee3$7,500$15,000$30,000
Sustainability Committee3$2,500$5,000$10,000
Remuneration Committee3$2,500$5,000$10,000
Director pool$610,000

Resolution 5. Appointment and Remuneration of Auditors
"To record the re-appointment of PwC (PricewaterhouseCoopers) as auditor of
the Company, and to authorisethe Directors to fix the remuneration and
expenses of the auditor for the coming year."
−PwC automatically reappointed as auditors under the Companies Act 1993
−Resolution authorises the Board to fix PwC’s fees and expenses for 2022
To consider, and if thought fit, pass the following as an ordinary resolution:
37

Questions
38

Voting
Online voting
−If you have not already done so,
can shareholders now please cast your vote
39

Retirements and General Business

Retiring Directors
41
John Burke
A former CEO of Te AwanuiHuka Pak, John
joined Seeka in 2012 when Huka Pak
amalgamated with Seeka
Mel Diaz
An executive of Asian-based Farmind, Mel
joined Seeka in 2009 when Fresh MD Holdings
took a cornerstone shareholding in Seeka

Stuart McKinstry
Started in October 2016
−16 years
Guided the company through
−The plan to reshape the company
after Psa
−Purchase of Huka Pak
−Purchase of Glassfields
−Purchase of Bunbartha
− Purchase of T&G and subsequent
orchard sales
−Purchase of Aongatete
−Purchase of Orangewood
−Purchase of OPAC
−Purchase of NZ Fruits
42
Retiring Chief Financial Officer
Key member of Seeka’s Senior Management Team, and a grower, retires after an
illustrious career at Seeka with the company having grown by more than $300m
−Investment of + $150m in core
infrastructure for growers
−Implementation of a new
banking syndicate ($190m)
−Implementation of grower and
employee share schemes
−Psa Claim Committee member
Thank you Stuart

My thanks
Directors
For diligent attention to the company
Management and staff
For an excellent year in a most-testing situation
Growers and contractors
For ongoing support
Customers and consumers
For buying our produce
Shareholders
For continuing interest in your company
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Seeka in-market promotions

END OF MEETING
Shareholders have 5 minutes left to
cast your vote
44

seeka.co.nz