2022 Annual Shareholders Meeting Presentations

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Annual Shareholders’ Meeting
8 June 2022
SCALES CORPORATION – 2022 ANNUAL SHAREHOLDERS’ MEETING
The attached presentation will be given at the hybrid (virtual and in person) Annual Shareholders’ Meeting of Scales
Corporation Limited starting at 3.30pm today, at The Piano, 156 Armagh Street, Christchurch, and also online via the
Computershare Online Meetings platform.
1. 2022 Scales Corporation Limited Annual Shareholders’ Meeting – Chair and Managing Director’s Addresses
2. 2022 Scales Corporation Limited Annual Shareholders’ Meeting – Presentation

ENDS


Contacts
Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975 999,
email: andy.borland@scalescorporation.co.nz

About Scales Corporation
Scales Corporation is a diversified agribusiness group. It comprises three operating divisions: Horticulture, Food
Ingredients and Logistics. The company’s diverse spread of activities gives Scales broad exposure to New Zealand’s
agribusiness sector. Scales Corporation was founded in 1897 as a shipping business by George Herbert Scales. Today
it has operations across New Zealand, Australia and the United States. Find out more at www.scalescorporation.co.nz.

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Annual Shareholders’ Meeting
8 June 2022
Address by the Chair: Tim Goodacre
[SLIDE 2: AGENDA]
Good afternoon, I’m Tim Goodacre, Chair of Scales, and it’s my pleasure to welcome you all to this, the one hundred
and tenth annual meeting of the company, and the eighth since we became a listed company.
Last year we held our first ever hybrid annual meeting, and we are doing so again this year. Whether you are here in
person or joining us online, I’d like to thank you and welcome you all.
As you may recall from last year, shareholders, proxies and guests attending the meeting virtually will be able to hear
and see a live webcast. In addition, shareholders and proxies have the ability to ask questions and vote on resolutions.
I’ll provide further details on those matters shortly.
Some housekeeping matters for those of you who have joined us in person. First, I’d like to remind you, as a matter of
courtesy, to turn your mobile phones to silent. Also, if there’s an emergency and we need to leave, please do so
through the marked exits. Staff will be available to help us.
I’m pleased to confirm that we have a quorum and therefore declare the 2022 Annual Shareholders’ Meeting of Scales
Corporation Limited open.
The items of business for this meeting and the resolutions to be considered by shareholders are contained in the
Notice of Meeting which was sent to shareholders on the 6
th
of May.
Our order of proceedings is as shown: I’ll briefly comment on the highlights of the last 12 months, followed by a review
by Andy Borland, our Managing Director. We’ll then attend to the resolutions, where we’ll cover each resolution in
turn and invite questions specific to those items. I’ll shortly open the online voting and explain the voting process.
Following that I’ll explain the process for asking questions.
Once the meeting is complete, we hope that those of you present will join us for refreshments. It will also be an
opportunity to meet the Directors and senior management of the company, and raise any questions you may have, on
an informal basis.
[SLIDE 3: VOTING PROCESS]
With regard to the online voting process, if you’re eligible to vote, you’ll be able to cast your vote under the Vote tab
as shown on screen. Once the voting has opened, the resolutions will allow votes to be submitted. To vote, simply
select your voting direction from the options shown. You can vote for all resolutions at once or by each resolution
separately. Your vote has been cast when the tick appears. To change your vote, simply select ‘Change Your Vote’.
You have the ability to change your vote up until the time I declare voting closed.
You may submit questions on each resolution being put to shareholders using the question process.

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For those of you who have joined us in person, those Shareholders who are entitled to vote and proxies who have
discretion as to how they vote, should have received a Voting or Proxy Form when they registered upon arrival at the
meeting. If you completed a postal vote, you don’t need to complete another Voting or Proxy form.
If you haven’t received a Voting or Proxy form, at the time of voting, please go to the Computershare desk in the foyer
where their representatives will be able to assist you. After voting, you should place your Voting or Proxy form in one
of the ballot boxes which will be passed around the room. I’ll invite you to vote after all the resolutions have been
introduced to the meeting.
I now declare voting open on all items of business. For those of you attending via the Computershare Online Meetings
platform, the resolutions will now be open in the Vote tab, please submit your votes at any time. I’ll give you a warning
before I move to close voting.
[SLIDE 4: QUESTION PROCESS]
I’d now like to quickly summarise the process for asking questions.
Online questions can be submitted at any time. If you have a question to submit during the meeting, please select the
Q&A tab on the right half of your screen anytime, as currently shown. Type your question into the field and press
send. Your question will be immediately submitted. Should you require assistance of any sort, you can type your
query and one of the Computershare team will assist using the chat function. Alternatively, you can call
Computershare on 0800-650-034.
Please note that while you can submit questions from now on, I won’t address them until the relevant time in the
meeting. Please also note that your questions may be moderated or, if we receive multiple questions on one topic,
amalgamated together.
Finally, due to time constraints and to ensure all shareholders have a chance to ask a question, I ask that you limit
yourself to asking two questions. We may run out of time to answer all your questions but, if this happens, we’ll
answer them in due course via email.
For those of you present, we’ll offer you an opportunity to ask questions on, or speak to, each resolution being put to
shareholders at the appropriate time. As I indicated there will also be an opportunity to ask questions of individual
Directors informally after the meeting.
[SLIDE 5: WELCOME AND CHAIR’S REVIEW]
[cover slide]
[SLIDE 6: WELCOME]
I’d now like to introduce my fellow Directors who are in attendance either in person, or online. They are:
• Andy Borland, Managing Director
• Nick Harris, Chair of Scales’ Health & Safety and Sustainability Committee and an Independent Director

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• Mark Hutton, Chair of Scales’ Nominations and Remuneration Committee, Chair of Scales’ Finance and
Treasury Committee and also an Independent Director
• Alan Isaac, Chair of Scales’ Audit and Risk Management Committee and also an Independent Director
• Nadine Tunley, member of the Health & Safety and Sustainability Committee and an Independent Director
and
• Qi Xin, Director, who is attending online.
I’d also like to note that members of Scales’ management and staff are in attendance as well as our external auditors,
Deloitte, and our lawyers, Anthony Harper. In addition, Kelly Brown, our Future Director, is in attendance.
[SLIDE 7: CHAIR’S REVIEW]
2021 was another challenging year for many businesses, including Scales. COVID-19 affected areas such as labour
availability, markets, supply chains and logistics. However, as in 2020, all of Scales’ businesses operated throughout
the lockdowns and alert level changes and we ensured that the health, wellbeing and safety was top priority for all
our staff. I’ll speak more about the efforts of our exceptional team shortly.
Notwithstanding the difficulties, an extraordinary effort was made by the Mr Apple team to pick, pack and export the
harvest.
Food Ingredients continued its remarkable growth path, exceeding its long-run EBITDA target of $25 million, a target
that was only set at the end of 2018.
And the strategic benefit provided by Logistics was evidenced, in relation to the ongoing supply chain difficulties,
ensuring both Scales businesses and its external customers were able to successfully export their products.
As a result, and with the benefit of diversification, our results exceeded our Revised Guidance, issued following our
interim results last year, with dividends being paid as planned.
[SLIDE 8: OUR STAFF]
2021 put a strain on everyone both personally and professionally, and we are extremely grateful for the tremendous
efforts of all our staff in supporting our customers, suppliers, local communities and each other throughout the year.
Across the business, our people faced the challenges that were presented to them with strength and ingenuity. Their
ability to adapt was tested, as we strived to update safe work practices in line with changing situations. Our staff’s
courage was vital to ensure that our essential products and services continued to reach customers. We are extremely
proud of their enterprising spirit, resourcefulness and extraordinary effort.
As in previous years, we also observed the importance of our critical RSE workers within our team. Compared to 2020,
the RSE workforce was approximately 14% lower over the key harvest period, which placed significant pressure on our
local permanent team.

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We’re also aware of the mental and emotional toll that the last two years have brought and considered a number of
strategies to help. One of the tools that we implemented is a partnership with Groov (previously called Mentemia), a
mental health and wellbeing platform that provides practical tips and tools to help our employees take control of their
daily mental wellbeing. Andy will touch on this again later in his address.
Despite the trying times, teams have pulled together and the positive, results-driven and supportive culture of Scales
has shone through. I’d like to take this opportunity to extend our thanks on behalf of the Board to the full team at
Scales, for their contribution and commitment which has, once again, been invaluable.
[SLIDE 9: GOVERNANCE AND ETHICS]
We’re pleased to have commenced the process around our Board succession, assisted and guided by specialist
governance advisers, BoardWorks, who have advised boards for over 25 years. As part of that process, Mark Hutton
and I have indicated at last year’s annual meeting that we will not seek re-election at the end of our current term,
which is scheduled to end in 2 years time. We’ll continue to update you on our succession plans as they progress.
We were delighted to welcome Qi Xin as our China Resources Ng Fung representative to the Board during 2021, in
addition to Kelly Brown, our fifth Future Director. Kelly’s tenure ends today, and I’d like to thank her for her
contribution over the last 12 months. Kelly treated her role seriously and I hope that she feels she has benefitted from
the experience.
In addition, Geoff Smith was appointed as our Chief Operations and Sustainability Officer at the end of January this
year. Geoff brings a wide range of operational, supply chain, strategy and investment experience from across the
agribusiness industry.
We believe that these appointments serve to strengthen our already robust leadership and senior management group.
[Pause]
I’d now like to hand you over to Andy, who’ll give you a broader update on last year, and bring you up to date on
sustainability and business operations for each of our trading businesses. Following Andy’s presentation, we’ll move
to the formal business of the meeting. As always, we welcome feedback on any of the matters raised during today’s
presentation or other general matters in relation to the Group.
Address by the Managing Director: Andy Borland
[SLIDE 10: MANAGING DIRECTOR’S REVIEW]
[Cover slide]
[SLIDE 11: MANAGING DIRECTOR’S REVIEW - AGENDA]
Thanks Tim, and good afternoon, ladies and gentlemen. The current slide summarises the topics that I’ll cover in my
presentation today, which includes:
• A review of 2021

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• An update on sustainability
• A summary of our individual business’ performance
• Commentary on the current year.
[SLIDE 12: YEAR IN REVIEW]
First, a quick recap of some of the financial and operational highlights of the 2021 financial year.
[SLIDE 13: OUR YEAR IN NUMBERS]
This slide shows some of our financial and volumetric measurements for 2021, a few of which I’ll go into in more detail
later. Despite the difficulties presented, we set a revenue record, together with a substantial 29% increase in petfood
ingredient volumes sold.
[SLIDE 14: TRENDS IN GROUP FINANCIAL PERFORMANCE]
This next slide illustrates a summary of our earnings over the last 5 years including the record revenue. The Group
also generated very pleasing increases in both Underlying EBITDA and Underlying NPAT Attributable to Shareholders.
[SLIDE 15: GROUP FINANCIAL PERFORMANCE]
Moving on to some more detail in respect of our 2021 results.
Together with the 9% increase in revenue, we achieved a 15% increase in Underlying EBITDA, 20% increase in
Underlying NPAT (which was another record result), and an 8% increase in Underlying NPAT Attributable to
Shareholders. Accordingly, earnings per share were up 27% on the prior year.
This was an overall outstanding result, which we believe was aided by our strategy of diversification, together with the
exceptional performance by all teams.
[SLIDE 16: 2020 DIVISIONAL SUMMARY]
This next slide summarises some of the divisional highlights for 2021.
In Horticulture, a lower volume of fruit and cost pressures were balanced by strong in-market pricing. Mr Apple also
commenced the automation of its Whakatu packhouse with the installation of tray de-nesting machines.
As Tim has already mentioned, Food Ingredients experienced an outstanding year, with significant increases in
volumes sold, revenue and profitability. We believe the division’s diverse geographical locations proved beneficial for
this result.
And Logistics performed strongly in what were extremely trying conditions for the logistics industry as a whole. The
expertise provided by the division was invaluable to both internal and external customers.
[SLIDE 17: TRENDS IN DIVISIONAL UNDERLYING EBITDA]
This slide shows the movements in divisional earnings over the last 5 years. Most noticeable is the significant growth
trajectory of the Food Ingredients division. More on this later.

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[SLIDE 18: BALANCE SHEET]
Moving on to our balance sheet, which continues to show a strong financial position.
The movement in capital employed mainly reflects capital expenditure, primarily at Mr Apple, and revaluation of land
and buildings in line with accounting standard requirements. Some of our capex projects are pictured on this slide.
Other movements included an increase in working capital, in line with our increase in revenue, and a revaluation of
foreign exchange derivatives, again in line with accounting requirements.
Our net cash position at 31 December decreased by around $15.5 million compared to December 2020, due primarily
to the investment in the Mr Apple’s new Whakatu coolstore. Notwithstanding this movement, we continue to be in a
strong position to invest in growth opportunities as they occur. An increase in other liabilities was due to an increase
in deferred tax liabilities.
[SLIDE 19: SUSTAINABILITY UPDATE]
The next section I’d like to cover is sustainability.
[SLIDE 20: SUSTAINABILITY OVERVIEW]
It’s been a busy year from an environmental point of view and some of our environmental projects, both big and small,
are listed on this slide. One of our bigger undertakings last year was the commissioning of our new Whakatu coolstore
and we’re proud to note that, not only does the coolstore provide operating and financial efficiencies, it also provides
environmental efficiencies such as a reduction in the movement of freight.
Other projects included a soil health project to help us understand our impact on the ecosystem, an in-house carbon
footprint assessment undertaken for Meateor NZ and the receipt of a report from AUT on the potential carbon
sequestration of apple trees. All of these are covered in more detail in the Sustainability section of our Annual Report,
which I encourage you to read.
[SLIDE 21: OUR PEOPLE]
Whilst we don’t treat our staff as just numbers, this current slide provides a few statistics about our workforce, a
number of which we are proud of.
We endeavour to provide an environment where staff can develop and grow and we were delighted that one of our
team members celebrated their 45
th
year of working with us. That level of knowledge and expertise is difficult to
replace.
We also seek to provide an equal-opportunities workplace and hope that the success of our female senior leadership
team and staff members helps to inspire others.
[SLIDE 22: COVID-19 AND HEALTH & SAFETY]

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As Tim mentioned earlier, all our businesses continued to operate during the lockdowns and level changes in 2021,
using our pandemic preparedness policies. We were also able to adapt our COVID-19 response as necessary, including
implementing new contact tracing technology.
I’d also like to stress how important health and safety is to our Group, from a physical, mental and emotional
viewpoint. A few of our health and safety initiatives are noted on this slide, including our partnership with Groov, a
business established by Sir John Kirwan and technology entrepreneur Adam Clark to help people with their mental
health. It provides an evidence-based, self-care product for workplaces, including practical tips and tools to help users
take control of their daily mental wellbeing. We’re eager to embed mental health and wellbeing into the daily working
lives of our staff and look forward to seeing the impact that it has.
[SLIDE 23: BUSINESS UPDATE]
Moving on to an update of our divisional businesses, starting with Horticulture.
[SLIDE 24: HORTICULTURE – VOLUMES AND PRICING]
Whilst we encountered an overall decrease in apple volumes in 2021, there was a pleasing 6% growth in Premium
varieties including significant growth in sales of Dazzle
TM
and Posy
TM
. Over the 10-year period, this represents a
compound annual growth rate for Premium varieties of 14%, which aligns with our orchard redevelopment strategy.
The decrease in Traditional volumes was mainly a result of inclement weather and a decrease in the number of
Traditional variety orchards due to the orchard redevelopment.
As mentioned earlier, we achieved an overall increase in pricing. This was due to a combination of reduced in-market
volumes, better fruit sizes for certain varieties and strong demand for varieties such as Dazzle
TM
, resulting in prices
that were above prior year levels for most varieties.
Total exported volumes decreased to just under 5 million TCEs with external grower volumes reflecting a challenging
season for Nelson growers.
[SLIDE 25: HORTICULTURE – AUTOMATION AND ORCHARD DEVELOPMENT]
During last year, we commenced our multi-year investment and automation plan to increase productivity and sustain
margins with the installation of tray de-nesting machines at the Whakatu packhouse. This complements the
commissioning of the Whakatu coolstore in February, which has already provided financial and operating efficiencies.
We believe that, when finished, the automation project will result in the Whakatu packhouse being one of the world’s
most automated apple packhouses and will significantly enhance labour productivity.
Mr Apple also continued to plant and redevelop its orchard, with 35 hectares converted into primarily Dazzle
TM
and
NZ Prince
TM
varieties during winter 2021. This, together with our ‘intensive planting’ techniques, are expected to help
increase prices and yields as the orchards reach commercial scale.
We believe the outcomes from these projects will help to sustain our margins.

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[SLIDE 26: HORTICULTURE – MEETING THE CHALLENGES OF A CHANGING INTERNATIONAL MARKET]
Pleasingly, we experienced strong growth in our Asia and Middle East markets last year with them accounting for
around 72% of sales and, of that, China comprising around 20%.
However, I’d like to note that sales to Russia have been suspended.
We’re continuing to invest in our branding and marketing strategies, with a particular focus on customers in these key
markets, in addition to consolidating Dazzle
TM
’s early strong and growing presence there.
We undertook market research with consumers in China, Vietnam and Thailand to provide a baseline of brand
awareness, affinity and conversion and, whilst the Mr Apple brand is seen as meaningful, the market research
identified there are opportunities to differentiate it and make it more relevant.
So, new, simplified, branding has been developed for Mr Apple, with a couple of examples shown on this slide. This
continues to link to the Mr Apple 5-point promise and is being incorporated in packaging and other marketing and
advertising material.
[SLIDE 27: FOOD INGREDIENTS – PERFORMANCE]
Moving on to Food Ingredients and its outstanding performance for the year.
As mentioned earlier, the division generated significant increases in volumes, revenue and profitability in 2021,
reflecting both the ongoing demand for global petfood and the benefit of its geographical and protein diversification
strategy. Shelby in particular continued to grow strongly, and this was assisted by increased volumes being available
through the commissioning of new plate freezing capacity in the toll processing facility at Dodge City, Kansas.
Underlying EBITDA of $35 million, a 52% increase on last year, significantly exceeded the Food Ingredients long-run
EBITDA target of $25 million, which was only set around 3 years previously.
Profruit volumes were down only slightly on last year’s record volumes due to a lower availability of product and yield.
Again, strong domestic markets helped negate some of the difficulties in export.
[SLIDE 28: FOOD INGREDIENTS – INDUSTRY UPDATE]
The petfood industry continues to grow, with a reported increase in global petfood production of over 8% in 2021, led
by a 17% increase in the Asia Pacific region. North American markets rose at the second highest rate of almost 13%.
There is also reported increases in global petfood sales, including an increase of almost 10% in the USA in 2020 and
there was a projected 5% increase for 2021. As in recent years, the strength of the industry is being attributed to an
increase in pet ownership due to COVID-19 and a focus on pets’ health and wellbeing.
Whilst supply chains continued to be impacted by strong global shipping demand as well as port and logistics
constraints, the impact on Meateor NZ and Shelby was lessened due their respective domestic customer bases

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[SLIDE 29: FOOD INGREDIENTS – STRATEGY]
The global strategy for the Food Ingredients division is to be a key global provider of petfood ingredients to a wide
range of international brands. Whilst previous travel restrictions limited our ability to pursue opportunities, industry
growth has reinforced our strategy of investigating both internal and external opportunities.
We’re pursuing opportunities that will expand our geographical presence and protein offering and are also seeking to
expand our product range with added-value and functional petfoods.
In addition, due to our confidence in the market, and particularly in the USA, our Division CEO John Sainsbury is in the
process of relocating to the USA on a permanent basis to further drive this growth. John has previously lived and
worked in the States and that, along with his leadership abilities, means he is able to hit the ground running and is
already reviewing a significant number of potential projects.
[SLIDE 30: LOGISTICS - UPDATE]
Last, but certainly not least, is the Logistics division.
The challenges faced by the supply chain and logistics industry have been well documented in the press and are
unfortunately showing no sign of abating. As a result, the expertise and experience of the Scales Logistics team proved,
and continue to prove, strategically important for our other Scales divisions as well as external customers.
An exceptional effort by the team provided a strong result with a 5% increase in revenue and a 17% increase in
Underlying EBITDA compared to 2020. This was despite a decrease in volumes freighted due to lower apple volumes
and reduced sailings.
However, pressures are unfortunately expected to continue with instability in the availability of containers and ships,
labour shortages, increased costs and high demand.
[SLIDE 31: OUTLOOK]
Moving on to the outlook for the current year.
[SLIDE 32: 2022 OUTLOOK]
Our diversified agribusiness strategy continues to provide some mitigation to the global difficulties being experienced.
Food Ingredients continues to trade strongly, and its earnings are now forecast to at least match those of last year.
Apple prices are strong compared to last year and we have had a positive start to sales in Asia and near markets. Due
to a few reasons, which I’ll go into on the next slide, Mr Apple’s crop volume was down around 9% this year.
As a result, we are pleased to reconfirm our initial market earnings guidance for 2022 at the present time.
[SLIDE 33: 2022 TRADING UPDATE]
I’d now like to give an update on trading for each of the divisions.
As mentioned, within the Horticulture division, total pick volumes of around 4.3 million TCEs were lower than both
originally forecast and 2021. However, a decrease in crop volume is not unique to Mr Apple. In May, Pipfruit New

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Zealand revised its crop estimate down by 15% for the Hawke’s Bay region and 12% for the National crop. By
comparison, Mr Apple’s total pick volumes are approximately 10% lower than its previous crop estimate for this year
and 9% down on last year.
The decrease in our pick compared to last year was due to a number of factors. This included a proportion of orchard
that was either not in production, or producing at lower levels, due to recent redevelopment into higher value
proprietary varieties. In addition, approximately 23 hectares of leased orchard, principally planted in traditional
varieties, was not renewed.
Weather also played its part, as we’ve indicated on this slide.
The effect of these factors are summarised in the volume bridge chart at the bottom right of this slide.
Notwithstanding the lower apple pick, it was another amazing effort by the team to harvest the crop.
Packing is ongoing, with the initial export packout rate in line with previous years. And, as I previously mentioned,
early pricing indications are positive, with prices in the near markets up on 2021. This has helped negate the increase
in overall costs, especially with the substantial increase in sea freight expenses. There has also been a positive start
with Posy
TM
and Dazzle
TM
being well received across all markets.
Mr Apple expects to progress the Whakatu packhouse automation project once this year’s harvest is complete, and
we expect this will continue into next year.
[SLIDE 34: 2022 TRADING UPDATE (Continued)]
Within Food Ingredients, our petfood businesses are continuing to perform strongly. In addition to organic growth,
John Sainsbury is continuing to explore opportunities in the USA and elsewhere, with value adding options also being
actively pursued.
In Australia, our exports have outperformed expectations and, as of 31 December 2023, we note that we’ll no longer
have an exclusive ongoing relationship with our existing supplier.
In terms of Scales Logistics, difficult global supply chain conditions are ongoing with restricted shipping capacity, labour
shortages and increased costs. However, we’re confident that Logistics will continue to provide significant strategic
support to its customers, including Mr Apple and Meateor.
In respect of overall Group trading, we are anticipating higher net interest income for the year. In addition, no material
M&A costs have been incurred to date.
[Pause]
And that concludes my presentation.
We’ll answer questions following the resolutions but, in the meantime, I’ll pass back to Tim to cover the formal part
of today’s meeting.
Address by the Chair: Tim Goodacre

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[SLIDE 35: ORDINARY RESOLUTIONS]
Thanks, Andy.
We’ll now move to the business of the meeting. All items of business are ordinary resolutions and are required to be
passed by a simple majority of votes.
The resolutions that we’ll be voting on today are as follows:
• Resolution 1: Authorisation for the Directors to fix the auditor’s remuneration for the coming year
• Resolution 2: Re-election of Alan Isaac, as a Non-Executive Independent Director
• Resolution 3: Re-election of Nadine Tunley as a Non-Executive Independent Director
• Resolution 4: Re-election of Andrew Borland as a Director
• Resolution 5: Election of Qi Xin as a Non-Executive Director
• Resolution 6: Authorisation that the maximum total pool of Directors’ remuneration payable by Scales to
Directors be increased
Current best practice for Shareholder voting is by way of poll. Accordingly, I require that a poll be held for each of the
resolutions.
I and my fellow directors hold the following undirected proxies:
• With respect to Resolution 1, authorisation for the Directors to fix the auditor’s remuneration for the coming
year: 202,129 shares
• With respect to Resolution 2, re-election of Alan Isaac as Non-Executive Independent Director: 208,192 shares
• With respect to Resolution 3, re-election of Nadine Tunley as Non-Executive Independent Director: 218,157
shares
• With respect to Resolution 4, re-election of Andrew Borland as Director: 206,662 shares
• With respect to Resolution 5, election of Qi Xin as Non-Executive Director: 218,157 shares
• With respect to Resolution 6, authorisation that the maximum total pool of Directors’ remuneration payable
by Scales to Directors be increased: 180,049 shares
Your Board supports these resolutions and we intend to vote all these shares in favour of these resolutions.
[SLIDE 36: RESOLUTION 1]
I’ll now move onto each of the resolutions.
Resolution 1 relates to the remuneration of auditors. This proposed ordinary resolution is to authorise the Directors
to fix the auditor’s remuneration for the coming year. In accordance with the Companies Act, Deloitte has

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automatically been reappointed as Scales’ auditor. As is usual with audit fees, due to the complexity and changing
nature of the company’s affairs, it is not possible to fix the remuneration at the beginning of the year.
I now move, as an ordinary resolution, that the Board is authorised to fix the auditor’s remuneration for the coming
year.
Are there any questions on this resolution?
[Q&A discussion on resolution 1, if any]
Thank you. We’ll now move to the next resolution.
[SLIDE 37: RESOLUTION 2]
Resolutions 2 through 4 relate to the re-election of Directors. The NZX Listing Rules state that Directors must not hold
office (without re-election) past the third annual meeting following the Director’s appointment, or 3 years, whichever
is longer. Accordingly, Alan Isaac, Nadine Tunley and Andy Borland are required to retire at this meeting.
Resolution 2 relates to the re-election of Alan Isaac.
Alan was first appointed to the Board in 2014 and a brief biography for him was included in the Notice of Meeting.
Alan, being eligible, offers himself for re-election, and the Board unanimously supports his re-election and
recommends that shareholders vote in favour of Resolution 2.
I now invite Alan to briefly address the meeting on his proposed re-election.
Over to you Alan.
[Personal remarks from Alan]
Thanks Alan.
I now move, as an ordinary resolution, having retired by rotation, that Alan Isaac be re-elected as a Non-Executive
Independent Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 2, if any]
Thank you. We’ll now move to the next resolution.
[SLIDE 38: RESOLUTION 3]
Resolution 3 relates to the re-election of Nadine Tunley.
Nadine was first appointed to the Board in 2019 and a brief biography for her was included in the Notice of Meeting.
Nadine, being eligible, offers herself for re-election, and the Board unanimously supports her re-election and
recommends that shareholders vote in favour of Resolution 3.
I now invite Nadine to briefly address the meeting on her proposed re-election.

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Over to you Nadine.
[Personal remarks from Nadine]
Thanks Nadine.
I now move, as an ordinary resolution, having retired by rotation, that Nadine Tunley be re-elected as a Non-Executive
Independent Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 3, if any]
Thank you. We’ll now move to the next resolution.
[SLIDE 39: RESOLUTION 4]
Resolution 4 relates to the re-election of Andrew (or, as we know him better, Andy) Borland.
Andy became Managing Director and was first appointed to the Board in 2011 and a brief biography for him was
included in the Notice of Meeting.
Andy, being eligible, offers himself for re-election, and the Board unanimously supports his re-election and
recommends that shareholders vote in favour of Resolution 4.
I now invite Andy to briefly address the meeting on his proposed re-election.
Over to you Andy.
[Personal remarks from Andy]
Thanks Andy.
I now move, as an ordinary resolution, having retired by rotation, that Andy Borland be re-elected as Executive
Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 4, if any]
Thank you. We’ll now move to the next resolution.
[SLIDE 40: RESOLUTION 5]
Resolution 5 relates to the election of Directors appointed since the last Annual Meeting. The NZX Listing Rules state
Directors appointed by the Board must not hold office (without re-election) past the next annual meeting following
the Director’s appointment.
Resolution 5 therefore relates to the election of Qi Xin.
Qi Xin was appointed to the Board in December 2021 and a brief biography for him was included in the Notice of
Meeting.

15

Xin, being eligible, offers himself for re-election, and the Board unanimously supports his re-election and recommends
that shareholders vote in favour of Resolution 5.
I now invite Xin to briefly address the meeting on his proposed re-election.
Over to you Xin.
[Personal remarks from Xin]
Thanks Xin.
I now move, as an ordinary resolution, having retired by rotation, that Qi Xin be re-elected as a Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 5, if any]
Thank you. We’ll now move to the next resolution.
[SLIDE 41: RESOLUTION 6]
Resolution 6 relates to a proposal to increase the maximum total pool of Directors’ remuneration available for your
Board of Directors by $50,000 per annum, from a total fee pool of $600,000 per annum to $650,000 per annum,
effective from the close of the Annual Meeting. Shareholder approval is required under NZX Listing Rule 2.11.1.
An appropriate fee structure is important to ensure that your Company can continue to attract and retain the right
directorial skills and experience to govern your business, and that those Directors are being fairly remunerated for the
work they do.
The proposed increase in the Directors’ fee pool reflects current market conditions and provides the Board with a
remuneration fee pool considered appropriate to remunerate a Board of six Non-Executive Directors, including for
associated committee work.
I now move, as an ordinary resolution, that the maximum total pool of Directors’ remuneration payable by Scales to
Directors (in their capacity as Directors) be increased by $50,000 per annum, from $600,000 per annum to $650,000
per annum.
In accordance with the NZX Listing Rules, the directors and their associated persons are restricted from voting on this
resolution.
Is there any discussion on this resolution?
[Q&A discussion on resolution 6, if any]
Thank you.
We’ll now move to finalise the voting and will answer general questions.
[SLIDE 42: VOTING & QUESTIONS]

16

Once all the votes have been cast, they will be counted by the Company’s share registrar, Computershare, and
scrutinised by the Company’s auditor. The results of today’s meeting will be released to the NZX on the completion
of verification of voting.
If you have not already done so, please cast your votes now, and give your voting forms to Computershare, while we
take questions.
[SLIDE 43: QUESTION PROCESS – REMINDER]
If there are any questions on the financial results, the business update or any other matters you would like to raise,
please do so through the Computershare Online Meetings platform. A reminder of the process is shown on screen.
For those of you present, I’ll open the floor to any questions. I want to remind everyone that if we run out of time to
answer all question now, we will respond to any additional questions in writing following the meeting.
[Q&A if any]
[After the Q&A process]
[SLIDE 44: COVER SLIDE]
Ladies and gentlemen that concludes our discussion on the items of business.
In a couple of minutes, I’ll close the voting system. Please ensure that you have cast your vote on all resolutions. I’ll
now pause to allow you time to finalise those votes.
[wait for 60 seconds]
Voting is now closed.
The results of all votes will be released to the NZX later today.
Ladies and gentlemen, there does not appear to be any further business for discussion, so that brings us to the end of
formal business for Scales Corporations’ 2022 Annual Shareholders’ Meeting. I would like to thank you all for taking
the time to connect with us today, be it online or in person.
I now declare the meeting closed. I invite those present to stay on for light refreshments and the opportunity to have
informal discussions with Directors. Thank you.
[ENDS]

---

1
Scales –2022 Annual Shareholders’ Meeting
8 June 2022
SCALES CORPORATION LIMITED
Growing Your Diversified Agribusiness
2022 Annual Shareholders’ Meeting

2
Scales –2022 Annual Shareholders’ Meeting
1.Welcome and Chair’s Review
2.Managing Director’s Review
a)Year in Review
b)Sustainability Update
c)Business Update
d)Outlook
3.Ordinary Resolutions
4.Voting and Questions

3
Scales –2022 Annual Shareholders’ Meeting
•Once the voting has been opened, the resolutions and voting
options will allow voting
•To vote, simply click on the ‘Vote’ tab, and select your voting
direction from the options shown on the screen
•You can vote for all resolutions at once or by each resolution
•Your vote has been cast when the tick appears
•To change your vote, select ‘Change Your Vote’
Shareholder and proxyholder voting

4
Scales –2022 Annual Shareholders’ Meeting
•Written Questions:
•If you have a question to submit during the 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 question will be immediately submitted
•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 to you directly
Shareholder and proxyholder Q&A participation

1. Welcome and
Chair’s Review

6
Scales –2022 Annual Shareholders’ Meeting
•Welcome to all shareholders and stakeholders, both in person and online
•Diversified strategy underpinned the Group’s outstanding result during another challenging year:
•Business operations continued during the lockdowns
•COVID-19 presented, and continues to present, challenges in areas such as labour availability, markets,
supply chains and logistics
•Our staff’s safety was, and continues to be, of ultimate importance

7
Scales –2022 Annual Shareholders’ Meeting
✓Top priority given to health and wellbeing of staff during uncertain times
✓Extraordinary effort made by the Mr Apple team to pick, pack and export the harvest
✓Food Ingredients continued its remarkable growth trajectory
✓Sufficient containers and capacity procured by Scales Logistics, enabling our businesses and customers to successfully exporttheir finished product
✓Financial performance ahead of expectations, exceeding Revised Guidance, paid dividends as scheduled
Teamwork and personal commitment succeeded over uncertainty and disruption

8
Scales –2022 Annual Shareholders’ Meeting
•Our teams rose to the challenge of another turbulent year, operating throughout all lockdowns and
traffic light settings
•We observed the importance of our critical RSE workers and were impacted by availability of this
skilled workforce during 2021:
•Compared to 2020, the RSE workforce was approximately 14 per cent lower over the key harvest period, which
placed significant pressure on our local permanent team
•Aware of the mental and emotional toll on our staff from the last two years:
•Implemented a partnership with Groov (previously Mentemia) to provide wellbeing tools and resources

9
Scales –2022 Annual Shareholders’ Meeting
•Commenced Board succession process, assisted by external advisors, Boardworks:
▪Tim Goodacre and Mark Hutton will not seek re-election at the end of their current 3-year tenure, scheduled to end at the 2024 Annual Meeting
•Qi Xin appointed as Non-Executive Director in December 2021:
▪Senior Director of a department within China Resources Enterprise, Limited
•Participated in the Institute of Directors’ Future Director programme:
▪The term of our fifth appointee, Kelly Brown, concludes today
•Appointment of Geoff Smith as Chief Operations and Sustainability Officer in January 2022:
▪Extensive operational, supply chain, strategy and investment experience across a variety of agribusinesses
•Outstanding leadership, management and teamwork throughout the Group
•The Board are delighted with the feedback received on Scales’ governance from the New Zealand Shareholders Association, proxyadvisors and
from institutional shareholders
Strengthening our Director and Senior Management Team

2. Managing Director’s Review

11
Scales –2022 Annual Shareholders’ Meeting
a)Year in Review
b)Sustainability Update
c)Business Update
d)Outlook

a) Year in Review

13
Scales –2022 Annual Shareholders’ Meeting
Fourth
carbon footprint
certification completed
* Mr Apple, outside growers and Fern Ridge Fresh
** Includes 100% of volumes from Meateor NZ; i.e. total volumes controlled directly and indirectly by the Meateor Group
Second
climate change
report prepared
4,983,000
TCEs of apples exported
*
(2020: 5,739,000)
3,651,000
TCEs of own-grown
apples exported
(2020: 3,915,000)
30,313 TEUs
of ocean freight managed
(2020: 35,502 TEUs)
$82.1m
net cash
(2020: $97.6m)
19.0 cents
dividends declared
per share
149,200 MT
petfood ingredients sold
**
(2020: 115,700 MT)
13.8%
ROCE
(2020: 12.3%)
6.5m litres
of juice sold
(2020: 6.5m litres)
$514.6m
revenue
(2020: $470.7m)

14
Scales –2022 Annual Shareholders’ Meeting
$32.3m
$35.4m
$31.8m
$27.5m
$29.7m
20172018201920202021
$393.1m
$402.5m
$484.6m
$470.7m
$514.6m
20172018201920202021
$62.0m
$67.1m
$62.2m
$64.1m
$73.8m
20172018201920202021
Underlying EBITDA
Underlying NPAT
Attributable to Shareholders
Revenue
Historic results are unadjusted for businesses that have been sold or acquired. 2017 and 2018 results have not been restated forthe effects of NZ IFRS 16 Leases.

15
Scales –2022 Annual Shareholders’ Meeting
•Record revenue of $514.6m, up 9% (2020: $470.7m)
•Underlying EBITDA of $73.8m, up 15% (2020: $64.1m)
•Record Underlying NPAT of $39.8m, up 20% (2020: $33.0m)
•Underlying NPAT attributable to shareholders of $29.7m, up 8% (2020: $27.5m)
•Earnings per share of 19.1 cents per share, up 27% (2020: 15.0 cents per share)
Outstanding results aided by diversification strategy and exceptional team performance
•Record revenue of $514.6m, up 9% (2020: $470.7m)
•Underlying EBITDA of $73.8m, up 15% (2020: $64.1m)
•Record Underlying NPAT of $39.8m, up 20% (2020: $33.0m)
•Underlying NPAT attributable to shareholders of $29.7m, up 8% (2020: $27.5m)
•Earnings per share of 19.1 cents per share, up 27% (2020: 15.0 cents per share)
Income Statement
NPAT Attributable to
Shareholders
$m20212020
% chg.
1
20212020
% chg.
1
20212020
% chg.
1
20212020
% chg.
1
Underlying (excluding NZ IFRS 16)514.6470.79%63.053.917%40.433.820%30.428.28%
NZ IFRS 16 Leases10.810.3(0.7)(0.7)(0.7)(0.7)
Underlying (including NZ IFRS 16)514.6470.79%73.864.115%39.833.020%29.727.58%
NZ IFRS & other adjustments:
Impairment of non-current assets1.6(4.3)1.2(3.1)1.2(3.1)
Other NZ IFRS adjustments(3.8)(3.1)(4.0)(3.4)(4.0)(3.4)
Reported
2
514.6470.79%71.656.726%36.926.639%26.921.028%
Notes:
1. %'s are calculated based on non-rounded figures, figures may not sum due to rounding
2. Earnings are shown before the deduction of share of NPAT for Non-Controlling Interests (Fern Ridge and Shelby)
NPATRevenueEBITDA

16
Scales –2022 Annual Shareholders’ Meeting
Horticulture•Very strong result given significant market uncertainty, supply chain challenges and lower volumes of fruit
•All fruit picked, extraordinary effort by the entire Mr Apple team to pick, pack and export the harvest
•Strong in-market pricing balanced reduced volumes and cost pressures (labour and shipping)
•Commencement of the Whakatu packhouse automation project with the installation of tray de-nesting machines
Food•Outstanding performance, reflecting ongoing demand for global petfood
Ingredients•Significant increases in volumes sold, revenue and Underlying EBITDA
•Diversified geographical locations proving strategically beneficial
Logistics•Strong 2021 despite difficult conditions
•Invaluable expertise and strategic value provided to customers, including Mr Apple and Meateor

17
Scales –2022 Annual Shareholders’ Meeting
$38.9m
$42.6m
$48.3m
$40.8m
$39.1m
20172018201920202021
$8.0m
$10.2m
$13.6m
$23.1m
$35.1m
20172018201920202021
$3.3m
$4.9m
$4.1m
$4.2m
$4.9m
20172018201920202021
HorticultureLogisticsFood Ingredients
The Logistics division was previously ‘Storage and Logistics’ up to and including 2018, graph shows performance of continuingbusiness only. 2017 and 2018 results have not been restated for the effects of NZ IFRS 16 Leases.

18
Scales –2022 Annual Shareholders’ Meeting
Strong financial position
•Movement in capital employed
*
reflects:
◦Revaluation of land and buildings
◦Capital expenditure, including orchard redevelopment, the Whakatu coolstore and the
Mr Apple automation project
◦Increase in working capital
◦Revaluation of FX derivatives
•Movement in Net Cash reflects increased capital expenditure
•Increase in Other Liabilities due to an increase in deferred tax liabilities
Coolstore interiorAutomated tray de-nesting machinesTukituki orchard

b. Sustainability Update

20
Scales –2022 Annual Shareholders’ Meeting
Responding to new challenges
Environment
•Reduced freight movements as a result of the commissioning of the Whakatu coolstore
•Creation of sustainability champions at packhouses to increase communication and feedback
between sites and head office
•LED replacement at an orchard accommodation site to reduce electricity usage
•Project commenced to monitor and improve soil health, helping us to understand our impact on the
ecosystem
•In-house carbon footprint assessment undertaken for Meateor NZ
•Participation in a Sustainable is Attainable initiative, aiming to find the most cost effective and
valuable disposal method for waste streams
•Installation of liner-less labellers for carton end labels at the Whakatu packhouse
•Received initial report on the potential carbon sequestration of apple trees from AUT

21
Scales –2022 Annual Shareholders’ Meeting
>500
Permanent staff members
30%
Female senior leadership /
management staff
~1,150
RSE workers
38%
Permanent female staff
Scales wide
45 years
Longest serving employee
5th
Future Director appointed

22
Scales –2022 Annual Shareholders’ Meeting
COVID-19
•Business operations continued during the lockdowns, in line with our pandemic preparedness policies
•Reducing risk, whilst supporting all our staff, is of ultimate importance
•Adaptable COVID-19 response planning put in place, embracing new contact tracing technology
Health and Safety
•Targeted injury management focus with specific prevention initiatives developed across the businesses
•Leading engagement with forklift simulator programme, including upskilling and cross-site safety standard
auditing
•Partnership with Groov (previously Mentemia) to provide wellbeing tools and resources to our employees
•Continued growth of wellbeing strategy
Health and safety remains our primary priority

c. Business Update

24
Scales –2022 Annual Shareholders’ Meeting
Continued strong growth in Premium varieties, benefitted from both geographical and channel diversification
•Increase in Premium varieties of 6% compared to 2020:
◦Compound Annual Growth Rate (CAGR) of 14% since 2012
◦Significant growth in sales of Dazzle
TM
and Posy
TM
•Weather and orchard redevelopment (reducing planted hectares of traditional varieties)
impacted Traditional volumes
•Benefitted from geographical and channel diversification:
◦Strong growth in Asia and Middle East, UK was stable, Europe affected by lower Traditional volumes
•Pricing above prior year levels for most varieties, reflecting:
◦Reduced market volumes
◦Larger fruit for certain varieties
◦Strong market demand for Dazzle
TM
•Total volumes sold (including those on behalf of other growers), were 4,983k TCEs (2020:
5,739k TCEs):
◦Reduced external grower volumes largely reflected a challenging season for Nelson growers
Mr Apple Own Export Volumes (TCE 000s)
Growth in Premium Volumes (TCE 000s)
741
1,059
1,036
1,454
1,656
1,616
1,901
2,161
2,238
2,366
1,404
1,773
1,716
1,701
1,890
1,929
1,966
1,661
1,678
1,285
2,144
2,833
2,752
3,155
3,546
3,545
3,867
3,822
3,915
3,651
2012201320142015201620172018201920202021
Premium VarietiesTraditional Varieties
214
343
406
457
538
534
510
185
245
245
282
301
253
359
378
401
426
393
585
574
831
866
809
959
1,046
1,049
1,061
199
253
370
741
1,059
1,036
1,454
1,656
1,616
1,901
2,161
2,238
2,366
2012201320142015201620172018201920202021
NZ QueenPink LadyHigh Colour Fuji & Royal GalaOther

25
Scales –2022 Annual Shareholders’ Meeting
2,161
2,238
2,366
2,374
2,540
2,689
2,760
1,661
1,678
1,285
1,530
1,490
1,496
1,484
3,822
3,915
3,651
3,904
4,031 4,184 4,244
2019202020212022T2023T2024T2025T
Premium VarietiesTraditional Varieties
0%
2%
4%
6%
8%
10%
12%
14%
16%
20172018201920202021202220232024
Target
Commencement of automation plan helping to stabilise Mr Apple margins
•Multi-year investment and automation plan implemented to increase productivity and
sustain margins
•First phase was Whakatu coolstore –reducing: power consumption, double-handling
of fruit, transport costs and carbon emissions
•Automation of the Whakatu packhouse has commenced with installation of tray de-
nesting machines:
◦The project will result in the Whakatu packhouse becoming one of the world’s most
automated apple packhouses
◦This multi-year project will reduce our reliance on scarce local seasonal labour
•Continued progress on our orchard redevelopment programme:
◦35 ha of orchard planted / redeveloped during the 2021 winter, primarily into Dazzle
TM
and
NZ Prince
TM
◦Ongoing implementation of our ‘intensive planting’ techniques, to enable pruning, thinning and
picking efficiencies
Mr Apple Own Export Volumes (Actual/Target
**
) (TCE 000s)
Mr Apple EBIT Margins Through Time*
* EBIT Margins are calculated on an Underlying basis and prior to the impact of IFRS-16
** Target based on average yields

26
Scales –2022 Annual Shareholders’ Meeting
Investment made in brand positioning, design and digital infrastructure
•Continued growth in Asia and Middle East markets despite disruptions:
◦China and Hong Kong represented ~20% of Mr Apple total export sales (2020: ~17%)
◦Near Markets (Asia, India and Middle East) accounted for ~72% of Mr Apple export sales (2020: ~62%)
◦Sales to Russia have been suspended
•Focus on key customers in these markets to generate impact and deliver value
•Consolidating Dazzle
TM
’searly strong and growing presence in key markets
•Market research undertaken with China, Vietnam and Thailand consumers suggested Mr Apple brand is seen as meaningful, but there are opportunities
to differentiate it and make it more salient
•New, simplified branding generated for Mr Apple:
◦Incorporates new brand design, logo, packaging and direction, providing consistency and linking the Mr Apple story to the 5 point promise
◦Impact of COVID-19 has increased preference for packaged product in China

27
Scales –2022 Annual Shareholders’ Meeting
27.7
29.0
111.0
115.7
149.2
20172018201920202021
Outstanding performance, reflecting ongoing demand for global petfood
•Excellent full year result:
◦29% increase in volumes sold
◦26% increase in revenue
◦52% increase in Underlying EBITDA, exceeding the division’s long-run EBITDA target
◦Increased profitability reflects movements in product origin, mix and margin together with the changing contribution of operations within the division
◦One-off US wage subsidy scheme of NZ$0.9m received by Shelby during the year
•Profruit sales volumes down only slightly on record 2020 year:
◦Lower availability of product and reduced yield
◦Local demand helped to offset shipping difficulties for export sales
Pet Food Ingredients Sold (MT 000s)

28
Scales –2022 Annual Shareholders’ Meeting
•Growth of 8.2% in global petfood production, with a 17.1% increase in Asia-Pacific
*
•Reported increases in USA
**
and worldwide petfood sales
***
•Strength of the industry largely attributed to:
◦Rise in pet ownership due to the COVID-19 pandemic
◦Focus on pets’ health and well-being
•Supply chains impacted by strong global shipping demand and port & logistics constraints:
◦Impact on Shelby lessened due to domestic customer base
◦Similarly, Meateor NZ also increased sales to domestic petfood manufacturers
* https://www.petfoodindustry.com/articles/10971-global-pet-food-production-up-82-in-2021-asia-led
** https://www.petfoodindustry.com/articles/10128-us-pet-food-sales-rose-10-in-2020-5-projected-for-2021
https://www.petfoodindustry.com/blogs/7-adventures-in-pet-food/post/10737-us-pet-food-spending-worldwide-pet-food-sales-up-in-
2020?utm_source=Omeda&utm_medium=Email&utm_content=NL-Petfood+Industry+News&utm_campaign=NL-Petfood+Industry+News_20211025_0200&oly_enc_id=3803J1451478D1W

29
Scales –2022 Annual Shareholders’ Meeting
•Strategy is to be a key global provider of petfood ingredients to a
wide range of international brands
•Whilst previous travel restrictions limited our ability to pursue
opportunities, internal and external growth opportunities continue
to be actively investigated:
◦We are pursuing opportunities that will expand our geographical
presence and protein offering
◦We are also seeking to expand our product range with added-value and
functional petfoods
◦Due to our confidence in available opportunities, John Sainsbury
(Division CEO) is in the process of relocating to the USA on a
permanent basis to further drive growth
◦A significant number of potential projects are already being reviewed

30
Scales –2022 Annual Shareholders’ Meeting
2021 performance underlines strategic benefit of division
•Strong full year performance:
◦5% increase in revenue
◦17% increase in Underlying EBITDA, with performance returning to previous levels
◦Decrease in volumes due to reduced volumes of agricultural exports and impact of COVID-19
•Exceptional effort by the entire team
•Invaluable expertise and strategic value provided to customers:
◦Team’s resilience and ability to innovate and adapt ensured produce shipped and airfreighted
as required
◦Reinforces benefit of the full logistics services provided by the division
•Supply chain pressures and challenges expected to continue throughout this year:
◦Scarcity of containers and shipping capacity
◦Labour shortages
◦High shipping, airfreight and fuel costs
◦High demand and port congestion

d. Outlook

32
Scales –2022 Annual Shareholders’ Meeting
•Outlook summary:
◦Food Ingredients earnings now forecast to at least match 2021
◦Apple prices strong compared to the same time last year due to variety mix and positive sales results from
near markets
◦Crop volume down 9% on 2021
•As a result, Directors have reconfirmed market profit guidance for 2022:
◦Underlying Net Profit Attributable to Shareholders of $23.5m to $28.5m, in line with 2021 initial guidance
◦Implying an Underlying Net Profit range of $30.5m to $35.5m and an Underlying EBITDA of $62.0m to $67.0m
Scales’ diversification continues to mitigate global complexity

33
Scales –2022 Annual Shareholders’ Meeting
4.8
4.3
2021 Gross PickReplanting / Leases
not Renewed
RSE / CycloneFruit Size2022 Gross Pick
Horticulture
•Volumes lower than originally forecast, early pricing indications positive:
◦Hawke’s Bay and other growing regions, impacted by adverse weather events during key growing period
◦Pipfruit New Zealand has revised its crop estimate down for the Hawke’s Bay region by 15%, and for the
National crop by 12%
•Harvest completed with total pick of 4.3m TCEs, another incredible team effort to harvest the crop
•Mr Apple own-grown volumes lower than both forecast and 2021 due to:
◦RSEavailability
◦Effect of severe winds due to cyclone event
◦Orchards not being in production or producing at lower levels due to orchard redevelopment
◦Orchard leases, principally planted in lower varieties, not renewed
◦Cloudy weather conditions impacting size and brix of apples
•Export packout rate of picked fruit in line with previous periods (final packout rates will only be
confirmed once the season is completed)
•To date, sales and pricing are positive:
◦Pricing in near markets above 2021, Posy
TM
and Dazzle
TM
being well received across all markets
•Increased shipping costs being incurred, and logistics capacity constraints being experienced
•Whakatu packhouse automation project will continue at the completion of the current season
Mr Apple Pick and Packout
4.4
5.1
4.8
5.1
4.8
4.3
80%
76%
79%
76%
77%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0.0
1.0
2.0
3.0
4.0
5.0
201720182019202020212022
Total Pick (TCEs millions)Packout (%)
Gross Pick -Volume Bridge (2021 to 2022)

34
Scales –2022 Annual Shareholders’ Meeting
Food Ingredients
•Our petfood businesses have continued to grow and perform strongly
•We are actively reviewing a number of growth opportunities:
◦John Sainsbury is investigating opportunities both in the USA and elsewhere
◦Value adding options are also being actively pursued
Logistics
•Pressure on the global supply chain is ongoing, with restricted shipping capacity, labourshortages and increased costs
•The business is continuing to prove strategically important in ensuring customers’ product is shipped on time
Group
•Higher net interest income expected for 2022
•No material M&A due diligence costs incurred in the year to date

3. Ordinary Resolutions

36
Scales –2022 Annual Shareholders’ Meeting
That the Board is authorised to fix the auditor’s remuneration for the coming year

37
Scales –2022 Annual Shareholders’ Meeting
Having retired by rotation, that Alan Isaac be re-elected as a Non Executive Independent Director
•Alan’s current external roles include:
◦Chair of the Basin Reserve Trust
◦Director of Oceania Healthcare (NZ) Limited
◦Director of Skellerup Holdings Limited
◦Director of a number of other private companies

38
Scales –2022 Annual Shareholders’ Meeting
Having retired by rotation, that Nadine Tunley be re-elected as a Non Executive Independent Director
•Nadine’s current external roles include:
◦CEO of Horticulture New Zealand
◦Director of Plant & Food Research
◦Member of Nga-Pouwhiro Taimatua
◦A range of other governance and advisory roles

39
Scales –2022 Annual Shareholders’ Meeting
Having retired by rotation, that Andrew Borland be re-elected as a Director
•Andy’s current external roles include:
◦Chair of Primary Collaboration New Zealand Limited
◦Chair of Primary Collaboration New Zealand
(Shanghai) Co. Limited
◦Chair of Rabobank New Zealand Limited

40
Scales –2022 Annual Shareholders’ Meeting
Having been appointed during the year by the Board and holding office only until the Annual Meeting, that Qi Xin be
elected as a Non-Executive Director
•Xin is a Senior Director of a department within
China Resources Enterprise, Limited

41
Scales –2022 Annual Shareholders’ Meeting
That the maximum total pool of directors’ remuneration payable by Scales to directors (in their capacity as
directors) be increased by $50,000 per annum, from a total pool of $600,000 per annum to $650,000 per annum,
effective from the close of the Annual Meeting, with such sum to be divided amongst the directors as the Board
may from time to time determine

4. Voting and Questions

43
Scales –2022 Annual Shareholders’ Meeting
•Written Questions:
•If you have a question to submit during the 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 question will be immediately submitted
•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 to you directly
Shareholder and proxyholder Q&A participation

44
Scales –2022 Annual Shareholders’ Meeting
Scales Corporation Limited
2022 Annual Shareholders’ Meeting

45
Scales –2022 Annual Shareholders’ Meeting
Theinformation in this presentation has been prepared by Scales Corporation Limited with due care and attention. However, neither Scales Corporation Limited nor any of its directors, employees,
shareholders nor any other person shall have any liability whatsoever to any person for any loss (including, without limitation,arising from any fault or negligence) arising from this presentation or
any information supplied in connection with it.
This presentation supplements our full year results announcement. It should be read subject to and in conjunction with the additional information in that release, and other material which we have
released to the NZX.
This presentation may contain projections or forward-looking statements regarding a variety of items. Such projections or forward-looking statements are based on current expectations, estimates
and assumptions and are subject to a number of risks, uncertainties and assumptions. There is no assurance that results contemplated in any projections and forward-looking statements in this
presentation will be realised. Actual results may differ materially from those projected in this presentation. No person is under any obligation to update this presentation at any time after its release
to you or to provide you with further information about Scales Corporation Limited.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial measures used in
this presentation include:
•EBITDA. We calculate EBITDA by adding back (or deducting) depreciation, amortisation, finance charges / (revenue), and taxation expense to net earnings / (loss) from continuing operations
•EBIT. We calculate EBIT by adding back (or deducting) finance charges / (revenue), and taxation expense to net earnings / (loss)from continuing operations
•Underlying EBITDA and EBIT are calculated by adding back (or deducting) certain non cash NZ IFRS and other adjustments
•Underlying Net Profit is calculated by adding back or (or deducting) the after-tax effect of certain non cash NZ IFRS and other adjustments
A full reconciliation of Underlying to reported measures is provided in our Annual Report.
We believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding of our financial performance, financial position or returns, but that they
should not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled
amounts reported by other companies.
Forward-looking statements are subject to any material adverse events, significant one-off expenses or other unforeseeable circumstances.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing in this presentation constitutes
legal, financial, tax or other advice.