Seeka Limited — Investor Presentation 2021

May 6, 2021

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Introducing Seeka

Supplying premium, healthy produce to international consumers

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Our origins

Our roots extend to the very beginning of the kiwifruit industry

Formed by pioneer kiwifruit growers seeking better ways to care for their produce

In 1987 we started coolstoring kiwifruit in Te Puke

In 1990 we started packing kiwifruit for local growers

In the 1990s we started working with land holders to grow kiwifruit

Since 2005 we’ve been extending our geographical reach and product range across New Zealand and Australia

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Seeka connects landowners with their markets

Helping New Zealand orchard owners supply the world with safe, healthy produce

Orcharding, NZ

Growing kiwifruit, avocado and kiwiberry

• Owned, leased, managed and long term leased orchards

• Orchard development

• Large kiwifruit grower

Post harvest, NZ

Retail services, NZ Marketing produce in NZ, Australia and Asia

Picking, packing, coolstoring and produce dispatch

• 9 modern facilities

• Marketing and exporting New Zealand produce

• Delicious Nutritious Food Company

• Importing and ripening services

• Innovation and maintenance - Wholesale business in team Auckland and Christchurch

Seeka Australia Own and lease orchards plus own post harvest facilities

• Adding value

• Kiwifruit, nashi, European pears

• Largest kiwifruit grower

• Fully integrated business

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of export kiwifruit
10 [%]
APPROX are grown by Seeka
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Innovative services of export kiwifruit and products from 25[%] APPROX are packed by Seeka our value chain

Growing and retailing our Australian fruit direct to the markets

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Seeka is New Zealand’s largest kiwifruit grower

17m TRAYS Kiwifruit, avocado and kiwiberry

SunGold

7.6m

Avocado and other

Hayward 9.4m

350 ORCHARDS From Northland to the Coromandel, Bay of Plenty, East Cape and Gisborne

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We operate 9 modern packing and coolstorage facilities

Kerikeri

Peninsula

Main Road

Aongatete Huka Pak

Oakside

KKP

Transpack

OPAC

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Seeka Oakside

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We’re a cornerstone supplier to Zespri

Handling 25% of NZ’s $2b annual kiwifruit crop

Supporting our marketer by supplying product in full, on time and to specification

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We make innovative products

value Generating from the full crop with Kiwi Crush

We produce and sell Kiwi Crush to healthcare professionals, operate a wholesale produce market in Auckland, and directly supply kiwifruit to New Zealand and Australian supermarkets

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We’re a major exporter of NZ avocado

Growing and exporting Seeka-branded produce to Australia & Asia

We grow, handle and market New Zealand avocado and kiwiberry, directly selling Seeka-branded fruit to Australian retailers, export to Asia and supply New Zealand retailers

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We own and lease orchards in Australia

Directly supplying premium Australian-grown kiwifruit, nashi and pears

We’re Australia’s largest kiwifruit and nashi grower, with Seeka-branded produce sold year-round across Australia’s major supermarket chains

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We’re serious about safety

our Protecting people as we supply safe & healthy food

We’ve invested in the latest systems and machines to protect our people and our produce, on the orchard and across our supply system, so the international consumer can confidently buy and enjoy our healthy, greattasting produce

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LED

Hybrid vehicles

We’re serious about sustainability

Worm farm

Solar energy

better Growing a future with Seeka’s regenerative horticulture

LED lighting

Waste audits

Regenerative horticulture

The environment is pivotal to the health of our crops and our business; we’re transforming our operations to match tomorrow’s challenges, and reporting our performance as we implement new carbon-reduction initiatives across our supply and production systems

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Seeka worm farm

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We’re connected to our growers and our shareholders

2300 SHAREHOLDERS Nearly all growers are shareholders

We’re an NZX-listed company with close links to our supply chain partners, including iwi orchard owners and Asian produce handlers

Nearly all growers and key staff are active investors, with Seeka operating innovative loyalty share schemes

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We operate in fast growing industries

Zespri’s forecasting a INCREASE 30[% ] in New Zealand kiwifruit volumes by 2025 with avocado plantings also set to double

Consumers are demanding high-quality, safe and nutritious produce; Asia wants our core kiwifruit and avocado products, with the industry predicting a 50% increase in SunGold volumes by 2025, and avocado set to double production with large-scale commercial plantings

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Forecast kiwifruit volume increases are 5 years from 2020, see Zespri 5 Year Outlook, December 2020

We’ve invested in fast-growing regions

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From our kiwifruit heartland, we’ve expanded to the Northland and Eastern growth regions

Since 2018, Seeka’s been developing its Kerikeri facility to service new Northland kiwifruit and avocado orchards, and in 2021 Seeka acquired a large orcharding and post harvest business in Ōpōtiki to deliver a premium service to the fast-developing Te Kaha, 14 Eastern BoP and Gisborne regions

Seeka Kerikeri

Packing 43m trays of NZ kiwifruit

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Seeka’s forecast harvest 2021 supply base

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17m trays grown Kiwifruit post harvest volumes 2021
by Seeka (39%) 23m trays Millions of trays 10.5m SunGold Hayward
SunGold
43m
(54%) 9.0m
trays
7.1m
20m trays
Hayward 5.7m
4.3m
3.3m
2.6m
0.5m
Northland / Coromandel Katikati / Tauranga Te Puke East BoP / Gisborne
Northern growth regions Kiwifruit heartland Eastern growth regions
Volumes include full-season supply from OPAC, acquired May 2021.
SunGold is the main commercial gold variety of kiwifruit, Hayward is the main commercial green variety of kiwifruit.
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Growing 17m trays of NZ kiwifruit

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Forecast production from Seeka’s orchard operations

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Kiwifruit production volumes 2021
Millions of class 1 trays
7.6m trays
9.4m trays
17m trays SunGold
Hayward
(45%)
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Kiwifruit production volumes 2021 4.7m
SunGold Hayward
Millions of class 1 trays
7.6m trays
9.4m trays
17m trays SunGold
Hayward
(45%)
2.8m
2.3m
2.1m
1.6m 1.6m 1.6m
0.3m
Northland / Coromandel Katikati / Tauranga Te Puke East BoP / Gisborne
Northern growth regions Kiwifruit heartland Eastern growth regions
Seeka orchard operations includes Seeka managed, leased, and long-term leased orchards.
Volumes include full-season supply from OPAC, acquired May 2021
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We’re growing our business in New Zealand and Australia

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We’re developing new orchards

We’ve grown our core kiwifruit business

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240 hectares being developed
On Seeka leased and managed land
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67
63
48
41
11
9
SunGold Hayward Avocado Kiwifruit Rico pears Nashi
Kiwifruit
NEW ZEALAND AUSTRALIA
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150 hectares of new developments are on Seeka owned or long-term-leased land

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NZ Kiwifruit handled
by Seeka 43.0m Packing 25%
Millions of trays of the national crop
33.5m 33.4m
31.4m
25.7m
Growing 10%
of the national crop
2017 2018 2019 2020 2021
Forecast
Partnering with iwi and PGF
to develop new orchards in
rural New Zealand
17.0m
13.0m
11.4m
10.7m
8.5m
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Partnering with iwi and PGF to develop new orchards in rural New Zealand

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Volumes include full-season supply from OPAC, acquired May 2021

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Our financial performance

2021 revenue growth and 2020 financial results

$300m forecast Seeka Group revenue 2021[1]

• −Up 19% on 2020

• −Business reset to operate in a Covid-19 world

2020 financial performance

• −$43m EBITDA – up 24% on 2019

−$15.2m Net profit after tax – up 120%

• −52 cents earnings per share

• −22 cents per share dividend paid or declared

• −$5.20 net tangible assets per share – up 14%

Performing for our stakeholders

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Revenue EBITDA
NZD million NZD million
$300m $43m
$252m
$35m
$237m
$33m
$204m
$187m
$23m
2017 2018 2019 2020 2021 2017 2018 2019 2020
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1. 2021 indicative revenue includes full-year OPAC revenue, acquired May 2021

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seeka.co.nz