Aotearoa Fisheries Limited Shareholder Hui

Aotearoa Fisheries LimitedShareholder Hui 25 June 2009

Agenda • 1300 AFL Results and Outlook – Jeremy Fleming • 1335 AFL dividend policy – Robin Hapi • Sealord strategy - Graham Stuart • 1430 AFL culture and brand – Tutekawa Wyllie • 1500 A customers view of NZ fresh seafood - Grahame Turk, Sydney Fish Market • 1545 Afternoon Tea • 1600 Developing closer relations with supermarkets – John Brady, Kailis Bros • 1630 Opportunities for Iwi and AFL – Jeremy Fleming • 1715 Wrap up – Robin Hapi • 1730 Hui whakamutunga • 1800 Drinks • 1900 Dinner

Opportunities for AFL and Iwi

Iwi / AFL co-investment has the potential to raise the overall value of Maori investment in the sector • Sector returns are strongly scale based and are captured by players closest to the end consumer • Iwi direct investment is concentrated in quota • AFL has investment plans in place but is capital constrained • Targeted co-investment should advantage all shareholders while advancing individual Iwi investment • Investment in new processing capacity illustrates the range of potential co-investment opportunities • AFL intends to bring opportunities to Iwi which will add value to all parties

Sector returns are strongly scale based and are captured by players closest to the end consumer • The seafood industry has a long value chain, with many participants located outside New Zealand • Greater margins are made by the participants closest to the consumer • Consolidation is occurring across the value chain as players try to acquire scale and competitive advantage • Iwi co-investment with AFL should either increase the scale of investment or move Iwi involvement further down the value chain • Iwi can contribute capital, quota, and other resources as co-investment with AFL

Consolidation has occurred in recent years Number of Quota Holders 2005 – 2008(1) Number of Fishing Organisations 2000 – 2008(1) Number of Processing Organisations 2000 – 2008(1) Number of Wholesalers 2000 – 2008(1) 93 Species in QMS Average Number of Employees 4 Average Number of Employees 47 Average Number of Employees 4 Average Number of Employees 59 96 Species in QMS Note: Source (1) Statistics New Zealand, Ministry of Fisheries 6

Iwi direct investment is concentrated in quota Maori Involvement in the Seafood Value Chain Fishers Processor / Marketer Distributor / Importer Quota Owner Characteristics • Very few Iwi are directly involved in fishing their quota • Some Iwi have joint ventures with non-Maori fishing companies • 14 Iwi lease ACE to AFL under long term arrangements • As with fishing very few Iwi have direct involvement other than in joint ventures with non-Maori fishing companies • Very few Iwi export or distribute in their own right • A number of Iwi have joint venture arrangements with exporters • Ngai Tahu, Ngati Porou and Ngati Wai have interests in retail operations • All Iwi have settlement quota • Some Iwi have acquired additional quota 7

AFL has investment plans in place but is capital constrained • Processing capacity upgrade and replacement • Market and operational consolidation opportunities • New product and technology investment • Quota investment • Investment capacity constrained by balance sheet • Co-investment with Iwi can potentially allow AFL to proceed with investment initiatives while also advancing Iwi investment in the sector

Targeted co-investment should advantage all shareholders while advancing individual Iwi investment • Seeking Iwi investment on a project basis allows targeting of investment opportunities to the needs of individual Iwi • A project by project investment strategy should be guided by overriding principles: • No shareholder should be disadvantaged • To satisfy this requirement Iwi should be able to add something to the investment beyond cash • The investment, return and risk must be able to be separately measured • Complexity must be minimised • The investment must be consistent with AFL’s strategic aims 9

Targeted co-investment should advantage all shareholders while advancing individual Iwi investment • A number of AFL investment projects are compatible with these principles and support Iwi co-investment • There are a range of investment vehicles which can be used to facilitate co-investment • Taxation, quota aggregation, and competition law will have a large influence • AFL is currently progressing a number of investment opportunities e.g.: • Quota Investment Company with Multi Year ACE partners • Processing and marketing of Ngai Tahu abalone through PFL 10

Investment in new processing capacity illustrates the range of potential co-investment opportunities – bricks and mortar Iwi Investment Vehicle Illustrative Property Investment AFL quota, ACE, and fish Sell land and buildings Processing plant Iwi consortium AFL Lease back land and buildings Market product AFL 11

Investment in new processing capacity illustrates the range of potential co-investment opportunities – seafood processing Iwi Investment Vehicle AFL / Iwi Contract processor Illustrative Property Investment AFL quota, ACE, and fish Sell land and buildings AFL / Iwi Processing Joint Venture Iwi consortium AFL Lease back land and buildings 3rd party Market product 3rd party AFL 12

Investment in new processing capacity illustrates the range of potential co-investment opportunities – cooperative Iwi Investment Vehicle AFL / Iwi Cooperative Processor Illustrative Property Investment AFL quota, ACE, and fish Sell land and buildings AFL Processing Cooperative Iwi consortium Cooperative catch Lease back land and buildings Iwi Iwi quota, ACE, and fish Cooperative marketing Iwi AFL 13

AFL intends to bring opportunities to Iwi which will add value to all parties • Opportunities will fit with AFL’s business strategy • Iwi will need to assess their appetite to participate against their own strategies and: • Risk profile • Asset portfolio • Investment capacity • Appetite for direct sector exposure • Other factors 14

Aotearoa Fisheries Limited Shareholder Hui