Seeka Limited — Management Reports 2018

Aug 3, 2018

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Investor Site Visit Briefing

3 August 2018

Orchard-to-Market Excellence

Seeka is an international fresh produce business

In Australia:

Grows, processes and markets

• Kiwifruit

In New Zealand:

Grows, processes and markets

• Kiwifruit

• Nashi pears ▪ Avocado

• European pears

• Stone fruit

• Kiwifruit pollen

Largest grower of kiwifruit in New Zealand and Australia

• Kiwiberry

• Kiwifruit pollen

Develops, leases and manages orchards Manufactures

• Kiwi Crush, avocado oil

Imports, ripens and supplies

• Bananas, tropical fruit

Australia’s largest nashi grower

Wholesales

• Seasonal produce

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2

Performance

Growth through expansion of product portfolio, geographical reach and value chain

1987 1992 1997 2002 2007 2012 2017 Revenue $1.2m Revenue $186.8m	2016 2017	2016 2017
	Revenue $191.3m	$186.8m
	EBITDA $24.8m	$23.1m
	NPBT $13.6m	$9.9m
	NPAT $10.4m	$5.8m
	Total assets $197.3m	$222.0m
	Shares 17.5m	17.5m
	Basic EPS $0.65	$0.35
	EPSexcluding extraordinary items $0.47¹	$0.44²
	Revenue CAGR FY13-FY17 = 177%

Revenue CAGR FY13-FY17 = 17.7% EBITDA CAGR FY13-FY17 = 24.9%

Significant investment in infrastructure to prepare for growth in volumes

1. Normalised EPS excludes receipt of $3.6m insurance proceeds which after tax reduces EPS from $0.65 to $0.47

2. 2017 a prior period deferred tax adjustment of $1m was expensed. This had the effect of reducing EPS by $0.06 and would have resulted in $0.41 EPS. Impairments less revaluation gains resulted in a further $0.03 reduction and would have made EPS $0.44

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3

Revenue and EBITDA by Operating Segment FY2017

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REVENUE¹
Orchard
$48.58m
Seeka Australia
$16.54m
Retail Services
$24.29m
Post Harvest
$96.70m
Orchard
EBITDA² $6.4m Seeka Australia
$2.3m
Retail Services
$2.9m
Post Harvest
$22.0m
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Orchard Division, New Zealand

Growing export crops of kiwifruit, avocado and kiwiberry from more than 220 orchards via management, lease and long-term lease contracts

Post Harvest Division, New Zealand

Contract processing service to harvest, pack, coolstore and supply kiwifruit, avocado and kiwiberry from more than 700 orchards, including all produce from our orchard operations and for independent growers

Retail Services Division, New Zealand

Markets local and imported produce in New Zealand, exports to Australia and niche international markets, and manufacturers and sells high value functional foods under the ‘Kiwi Crush’ trademark and avocado oil

Seeka Australia Division

Owns 10 large orchards plus post harvest facilities that supply Australian retailers with a large proportion of Australia’s locally grown kiwifruit, nashi and pears

1. Revenue excludes $0.7m not allocated to segments

2. EBITDA totals $23.1m with inclusion of ($10.5m) of Corporate Division

4

Led by an Experienced Management Team

NEW ZEALAND

Orcharding Operations Post Harvest Operations Retail Services Simon Wells Kevin Halliday Ray Hook GM Orchards GM Post Harvest Services GM Retail Services

Supply Kate Bryant GM Supply

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Grow all products Harvest, pack, coolstore kiwifruit, kiwiberry, and supply all products avocado

Manage the supply chain interface to market clients

Domestic marketing of local and imported fruit

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Michael Franks , Chief Executive Officer

Financial management Stuart McKinstry , Chief Financial Officer and Company Secretary

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AUSTRALIA

Grower Services Annmarie Lee GM Growers & Marketing

Australian Operations

Rob Towgood Commercial manager

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Manage relationship with Fully integrated orchard, orchard owners. Marketing to market-supply service and communications

Information systems Jason Swain , GM Information Services

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5

Operating performance

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Orchard Division, New Zealand

Volume and market returns

FY 2017

$6.4m EBITDA

• Up 13% on PCP

2017 kiwifruit volumes decreased on PCP by 21% following an industry wide drop in Hayward (Green) yields

Grew 8.45m trays of kiwifruit (30.7m kilograms)

Grew 98,356 trays of avocado (0.54m kilograms)

Millions of trays	2016A	2017A	2018F
Hayward (Green)	8.9	5.9	7.5
Zespri SunGold	2.3	2.6	3.1
Total	11.2	8.5	10.7
Turnover/ revenue ($m)	47.9	48.6
EBITDA ($m)	5.6	6.4

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New Zealand kiwifruit grown
Millions of class 1 trays
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11.2
10.7
9.2
8.5
6.9 7.2 2018 kiwifruit
volumes are
forecast to
rebound
2013 2014 2015 2016 2017 2018
Hayward SunGold
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Post Harvest Division, New Zealand

Volume and profit

FY 2017

• $22m EBITDA

• Down 18% on PCP

• 25.6m trays processed

• Down 21%

Fruit loss the best in Seeka’s history

• 1.18% Hayward (Green) conventional

• 0.42% for Hayward (Green) organic

• 0.73% for Zespri SunGold

• Innovation in management

Millions of trays	2016A	2017	2018F
Hayward (Green)	25.0	16.6	20.4
Zespri SunGold	7.4	9.0	10.7
Total	32.4	25.6	31.1
Turnover/ revenue ($m)	110.8	96.7
EBITDA ($m)	26.8	22.0

Class 1 & 2 kiwifruit trays

Millions

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32.4
31.1
27.8
25.6
21.4 2018 kiwifruit
19.6 volumes are
forecast to
rebound
2013 2014 2015 2016 2017 ¹ 2018F
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and procurement has yielded positive results

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1. Kiwifruit volumes decreased in 2017 by 21% PCP following an industry wide drop in Hayward (Green) yields

8

2018 Packed Kiwifruit Volumes Increased by 21%¹ – Class 1 Trays

	2017A	2017A	2017A	2018¹	2018¹	2018¹	Packed trays
	Packed trays	Fruit Size	Average yield	Packed trays	Fruit Size	Average yield	% Change
Hayward	14.88m	29.1	9,029	18.23m	30.3	11,772	23%
Organic	687k	33.8	5,586	948k	33.4	8,392	38%
Sweet Green	90k	34.5	6,762	52k	35.6	6,416	-42%
SunGold	8.64m	26.2	11,440	10.7m	26.7	13,044	24%
Total packed	25.11m			30.39m			21%

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1. Packed kiwifruit volumes and forecast balance of Controlled Atmosphere (CA) stores to be packed

9

Retail Services Division, New Zealand

FY 2017

$2.9m EBITDA

• Up 53% on PCP

• Seeka benefits from strong avocado market. Returns of $40.81 per tray

	2016 ($m)	2017 ($m)
Turnover	53.7	54.2
Revenue	16.8	24.3
EBITDA	1.9	2.9

• Delicious Nutritious Food Company had partial first year EBITDA totalling $0.29m

• Supply change of a key customer led to impairment of banana business by $2.03m

Banana business under review

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Kiwi Crush media campaign

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Three month ad campaign (1 June – 31 August) to drive sales and raise brand awareness

Media plan includes digital, outdoor, TV and medical centre screens

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11

Seeka Australia Division

Integrated from orchard-to-market

FY 2017 $2.3m EBITDA ▪ Up 130% on PCP Kiwifruit harvest yields and quality improved on previous year with good returns Nashi volumes down with seasonal fluctuation Major investment and growth plan, forecasted EBITDA growth from 2020¹

	2016A	2017A	2018F
Kiwifruit (tonnes)	2,375	2,982	2,589
Nashi pears (tonnes)	1,523	1,201	1,549
Packham pears (tonnes)	996	854	1,154
Other (tonnes)	884	727	854
Revenue ($m)	15.2	16.5
EBITDA ($m)	1.0	2.3

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1. Seeka management 2018

12

Key Metrics of Seeka’s Operating Segments

Revenue by segment[1 ] NZ$million

Revenue by segment1 NZ$million
	FY14	FY15	FY16	FY17
New Zealand Post Harvest	68.5	88.3	110.8	96.7
New Zealand Orchard	38.0	42.3	47.8	48.6
New Zealand Retail Services	8.7	9.6	16.8	24.3
Seeka Australia	-	1.2	15.1	16.5
Total	115.2	141.4	190.5	186.1

New Zealand orchard supply arrangements[3] ~~Hectares FY18-19~~

arrangements3 ~~Hectares FY18-19~~
	Kiwifruit	Avocado	Kiwiberry
Contract supply	1,691	381	7	2,079
Managed	573	55	3	631
Orchard lease	375	8	4	387
Long term lease	71	27	-	98
Total	2,710	471	14	3,195

EBITDA by segment[2] NZ$million

EBITDA by segment2
NZ$million	FY14	FY15	FY16	FY17
New Zealand Post Harvest	10.8	13.3	26.8	22.0
New Zealand Orchard	4.2	4.0	5.6	6.4
New Zealand Retail Services	1.8	1.7	1.9	2.9
Seeka Australia	-	(1.4)	1.0	2.3
Corporate	(5.4)	(3.7)	(10.6)	(10.5)
Total	11.4	13.9	24.7	23.1

Seeka Australia owned orchards and land[4] Hectares, FY17 (all fruit)

Production Currently in development Potential development land Bare land Total	228
	63
	213
	63
	567

1, 2. Seeka Annual Report 2017, Segment information p21. Seeka Annual Report 2015, Segment information p22. Revenue excludes other revenue

• 3, Seeka management – Orchard operations. Includes recently purchased Northland properties including 81ha kiwifruit and 28ha avocados

• Seeka management – Orchard operations

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Seeka’s growth outlook

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Seeka’s Investment Attributes

• 1 As a grower, packer and distributor, Seeka has a significant share of New Zealand kiwifruit, New Zealand avocados and Australian pears, and a dominant share of Australian kiwifruit and nashi

• 2 Seeka is anticipating volume growth in kiwifruit, avocados, nashi and new variety pears

• 3 The New Zealand kiwifruit industry is predicting export earnings to increase 165% by 2025[1 ] 4 Australian kiwifruit sales anticipated to grow 153% by 2024, including new varieties²

• 5 Avocados are experiencing major growth in plantings and demand - market access now granted to China

• 6 New ventures expected to deliver material value – Delicious Nutritious Food Company³

• Zespri 5 Year Outlook, November 2017, p5

• Seeka management

• Delicious Nutritious Food Company is a wholly owned subsidiary of Seeka Limited

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Kiwifruit is a Premium Category

High in vitamins, antioxidants, minerals and fibre content. Kiwifruit’s superior nutritional value appeals to consumers for health benefits and commands high pricing

18.6% CAGR in export value of New Zealand kiwifruit from 2013 to 2016¹

• Zespri has a $4.5 billion export target by 2025 - 9.4% CAGR over a nine year period² Strong consumer demand for kiwifruit in Asia

• 214,540 tonnes exported in 2015, NZ’s largest kiwifruit market³

• Strong export value growth in China (18.3% CAGR) and Taiwan (9.4% CAGR ) from 2009 to 2015⁴

• Seeka is a key supplier to the global kiwifruit trade with 19.7% market share of New Zealand kiwifruit production and more than 80% of Australia’s production⁵

Seeka positioned to benefit from bigger kiwifruit volumes

1. Zespri Annual Report 2017, p9

2. Zespri 5 Year Outlook, November 2017, p5

3,4, World kiwifruit review 2016, Belrose Report, p43

1. Seeka management

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New Zealand Industry Volumes Growing with New Gold Variety

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Trays submit
250 m
SunGold/Gold OB
Green Organic
SunGold/Gold
200 m
Green/Sweet
Green
150 m
100 m
50 m
0 m
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
ACTUALS, NEW ZEALAND CLASS 1 SUBMIT ZESPRI FORECAST
Harvest year
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1. Class 1 submit is the industry-standard measure of kiwifruit volumes, being kiwifruit graded for export as the crop is harvested measured in trays (~3.5kg per tray) of kiwifruit.

2. Zespri forecast from Zespri 5 Year Outlook, November 2017, p44

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17

Avocado Growth

Packed with nutrients and a source of good fats, avocados are enjoying incredible growth in consumer demand

• 15.4% CAGR in export value of New Zealand avocados from 2013 to 2016¹

• $155.5m generated from NZ exports from 2016 season²

• Seeka handles 8% to 10% of New Zealand’s avocado crop³

• Market share growing through orchard syndication

• Seeka delivers a full orchard-to-market service, drawing revenue along the full supply chain

• Seeka successfully acquiring and syndicating Northland orchards

• Seeka exports most of its New Zealand avocados to the high-returning Australian market where they are sold under the Seeka brand

• Phytosanitary protocols agreed with China provide an alternative market (plant disease border controls)

Seeka positioned to benefit from increased avocado volumes

1,2. New Zealand Avocado Annual Report 2017, p22

1. Seeka management – Seeka avocado volumes. Volumes handled refers to volumes packed and marketed by harvest season, which spans two financial years. Volumes are measured in industry standard trays (~5.5kg per tray) of avocados

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Avocados an Emerging Category

Australian avocado production, imports from New Zealand and consumption¹

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100 4.0
90
3.5
80
3.0
70
2.5
60
50 2.0
40
1.5
30
1.0
20
0.5
10
- -
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Australian production volume Imports Consumption / capita
Volume (thousands of tonnes)
Consumption (kg/capita)
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1. Talking Avocados, Spring 2017, Australian Avocados state of play: 2016/2017, p16

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Investing for Growth – Balancing Capacity to Expanding Volume

Kerikeri development plan

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Major capacity works planned at post harvest sites in Te Puke and Kerikeri to increase capacity and efficiency Seeka Oakside Year 1 $10.06m Year 2 $8.50m Total $18.56m Seeka Kerikeri Year 1 $5.44m Year 2 $9.00m Year 3 $3.18m Total $17.62m

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Investing in Australia for Growth

Volume and margin growth

Seeka owns 567 hectares in Shepparton, Victoria

• 221 hectares in production

• 63 hectares in development

• 217 hectares with development potential

Orchard investments will deliver growth over the next five years

▪ Planting green kiwifruit plus new varieties that are exclusive to Seeka Australia

• AUD$8m planned with AUD$3.7m spent

Seeka estimates that it has over 80% market share of Australian kiwifruit, and 90% of Australian nashi

Significant capital expenditure to date to facilitate growth:

• Upgraded on-site packing and coolstore facilities to handle growth

• 2,650 mega litres of high priority and temporary water shares

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Northland orchard portfolio

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Orchards from T&G Acquisition plus options to buy

Currently selling with lease to secure long term supply. Tender closes 15 August 2018

Planted canopy hectares

Gross hectares available¹ Planted canopy hectares	Gross hectares available¹ Planted canopy hectares	Gross hectares available¹ Planted canopy hectares	Gross hectares available¹ Planted canopy hectares	Gross hectares available¹ Planted canopy hectares
SunGold Enza Gold Enza Red Hayward Male	Total kiwifruit	Total avocado	Lemons Bare land	Title area³
Kiwifruit Farm 6.37 17.99	24.36		15.20 5.42	71.1⁴
Kapiro 6.29 9.60 4.91 6.85 0.77	28.42		12.49	81.0⁴
Purerua 5.84 5.51	11.35		12.23	29.8
Whites 6.44 0.91	7.35			12.5⁴
Gold Valley 3.85	3.85		0.37	7.8
Nautilis (option to buy) 2.95	2.95			13.4
Gold Crest 2.38	2.38			4.5
Hendl (option to buy)	-		8.00	11.6
Rising Sun² #1 (option to buy)	-	27.91		41.1
Rising Sun² #2 (option to buy)	-		4.00	15.4
Total 34.12 34.01 4.91 6.85 0.77	80.66	27.91	15.20 42.51	288.2

1. The lemon orchard along with the bare land is the approximate gross area with potential for development - the actual area will need to be determined by survey. When converting bare land and lemon orchards to kiwifruit, we have allocated 85% of the area to kiwifruit canopy hectares, and 15% to access ways and shelter belts. Based on this we estimate that 57.71 hectares of available development land would yield 45.65 canopy hectares of kiwifruit and 4 canopy hectares of avocado.

1. Rising Sun #2 is a contract, subject to subdivision, to buy a further 15.4 hectares of adjoining land. Rising Sun land is suitable for avocado development.

2. Title area includes access ways, shelter belts and land not suitable for horticulture.

3. Title area as per draft concept plan, and subject to completion of land subdivision.

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Appendix: Summary of Seeka’s Financial Performance

2013 Gross packed NZ kiwifruit trays¹ (excluding punnets and kiwiberry) 19,595,166	2014 2015	2016	2017
	21,272,271 27,751,496	32,438,544	25,541,753
Turnover (000s) $109,387	$148,568 $184,740	$229,397	$217,902
Revenue (000s) $97,371	$115,672 $142,112	$191,317	$186,814
EBITDA (000s) $9,448	$11,288 $13,925	$24,764	$23,128
EBITDA as a percentage of sales 9.7%	9.8% 9.8%	12.9%	12.4%
NPBT (000s) $3,001	$4,263 $5,246	$13,612	$9,908
NPAT (000s) $2,295	$3,168 $4,272	$10,385	$5,833
Earnings per share - Basic $0.16	$0.22 $0.29	$0.65	$0.35
Operating cash flow (000s) $8,829	$8,529 $1,804	$21,252	$14,058
Operating cash flow per share $0.61	$0.55 $0.11	$1.22	$0.80
Total assets (000s) $98,681	$109,791 $164,318	$197,309	$222,023
Net tangible assets per share $4.02	$4.07 $3.76	$4.34	$5.18

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1. Class 1 and Class 2 kiwifruit trays

26

Appendix: Revenue and Packed Kiwifruit Volumes

In 2017 there were lower kiwifruit volumes in New Zealand across the industry, total kiwifruit volumes decreased by 21% on the previous year, primarily driven by significantly lower Hayward (Green) volumes which were down 33% on the previous year

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$191m
$187m
In 2017 kiwifruit volumes
$142m decreased by 21%, this was
offset by
$116m •• Seeka Australia Avocados
• Delicious Nutritious Food
$97m
Company¹
Revenue
32.4m
31.1m
27.8m
25.6m
21.4m
Total kiwifruit 19.6m
trays packed²
2013 2014 2015 2016 2017 2018F
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1. Delicious Nutritious Food Company is a wholly owned subsidiary of Seeka Limited 2. Class 1 and Class 2 kiwifruit trays

27

Appendix: Net Profit After Tax and Earnings Per Share

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$0.65
$0.47
$0.44
$0.29
$0.35
$0.22
Earnings $0.16 $10.4m
per share
$5.8m
$4.3m
Net profit $3.2m
$2.3m
after tax
2013 2014 2015 2016 2017
2016 Normalised 2017 a prior period deferred tax adjustment of $1m
EPS excluding was expensed. This had the effect of reducing EPS by
insurance $0.06 and would have resulted in $0.41 EPS.
settlement Impairments less revaluation gains resulted in a further
$0.03 reduction and would have made EPS $0.44
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Appendix: Share Price

57% shareholder return over two years¹

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$4.40 $6.50
10c 10c 10c 12c
$2.10 lift in price
42 cents paid in dividends
Jul 16y 16 Sep 16 Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 Jan 18 Mar 18 May 18 July 18
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1, Total shareholder returns inclusive of dividends

29

Appendix: Senior Management Team

Michael Franks

CEO More than 20 years commercial experience and has held numerous senior finance roles. Joined Seeka in 2003 as CFO. Appointed CEO in 2006.

Jason Swain

GM Information Services 19 years experience in agribusiness, spent 10 years in Post-Harvest operations before moving into the Information Systems Division.

Simon Wells GM Orchards

20 years experience in management in kiwifruit industry; and has owned both a kiwiberry and an avocado orchard. Joined Seeka in 2007.

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Stuart McKinstry

CFO

Charted accountant , with more than 25 years experience in accounting and 18 years experience in the kiwifruit industry. Appointed CFO in 2006

Kate Bryant GM Supply

Joined Seeka in 2015, and has had 19 years experience in the kiwifruit industry, focussing on the kiwifruit supply chain.

Ray Hook

GM Retail Services Joined Seeka in April 2014 following the completion of the Glassfields (NZ) acquisition. Extensive experience in senior management especially in agribusiness.

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Rob Towgood

Commercial Manager Works on the interface with the Seeka Australian operations; also responsible for planning and construction of new infrastructure in New Zealand .

Kevin Halliday GM Post Harvest Joined Seeka in 2003 through the acquisition of Eleos, Kevin has significant experience in kiwifruit supply chain management.

Annmarie Lee

GM Growers and Marketing

30 years experience in the kiwifruit industry, with 25 years owning a kiwifruit orchard. Joined Seeka in 2005

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Appendix: Board Members

Fred Hutchings

Independent Chairman Elected September 2012. Extensive commercial and business experience as a partner of PwC for 27 years. Chair of Tui Products and a director of Speirs Group and Spiers Limited.

John Burke

Director Elected April 2012. Extensive agribusiness experience including in kiwifruit, having been the general manager of Kiwifruit Vine Health (KVH) and CEO of Te Awanui Huka Pak.

Peter Ratahi Cross

Director Chair of several Trust Boards throughout the Eastern North Island. Chair of Te Awanui Huka Pak and Ngā Tūkairangi Trust, the largest Māori kiwifruit grower.

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Cecilia Tarrant Independent Director Elected April 2017. Professional company director, with directorships on Fletcher Building, Payments NZ, and chair of Government Superannuation Fund.

Ashley Waugh Independent Director Elected May 2014. Extensive experience in fresh foods industry, and was CEO of Australia’s National Foods until its merger with Lion Nathan in 2009.

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Martyn Brick Director Elected April 2013. Extensive experience in agribusiness having worked in rural banking, finance and horticulture. Former director of Te Awanui Huka Pak.

Amiel Diaz Director Elected August 2009. 30 years executive management experience in the fresh produce industries. Head of the Philippine subsidiaries of Farmind Corporation.

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