Aotearoa Fisheries Limited Shareholder Hui

1. Aotearoa Fisheries LimitedShareholder Hui 25 June 2009

2. 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 Martin Snedden, Rugby World Cup 2011

3. Results to 31 March 2009 and Outlook for 30 September 2009

4. Net profit after tax a disappointing $15.4m, down $0.7m on same period last year …. Reflects Abalone acquisition Last year included sale of Paerangi • Reflects: • Improved lobster returns • Higher wetfish volumes & improved pricing • Additional abalone business • Reduced head office costs

5. … and $4.6m behind plan • Reflects: • Exchange rates • Reduced sales volume

6. Chinese New Year sales of canned abalone well below expectations • Main sales period October to December coincided with worst recession news • October sales and prices in line with last year and plan • November sales volumes fell drastically due to price competition • Volumes recovered through December and January in response to price cuts however total sales for the season remained well behind plan and last year

7. Decline in USD and AUD, coupled with lower abalone sales resulted in significant realised fx losses • Hedges taken out 12 months ahead against major trading currencies to reduce the impact of currency movements on results • Hedges cover 70% to 90% of forecast sales six months out, and 40% to 80% of forecast sales 12 months out, depending on product and currency • Rapid decline in rates put hedges out of the money & shortfall in sales increased exposure

8. Funding costs are up on last year (but in line with plan) reflecting borrowing for acquisitions • Borrowings (net of cash) have increased by $57m to $99m • Ocean Ranch acquisition, $56m, completed in October 2008 • Acquisition of CRA6 quota, $4m, completed in February 2009 • Acquisition of wetfish quota, $10m, completed in September 2008, but paid for in October 2008 • Benefit of Ocean Ranch purchase impacted by CNY problems • CRA6 quota purchase will add to earnings in the second half • Benefits of the wetfish quota purchase apparent in OPC earnings

9. Sealord trading businesses in Europe and US hit by recession • Nordic earnings effected by falls in food service demand and customer difficulty in securing credit insurance • Europacifico badly impacted by collapse of the Spanish economy • Mazetta in US also effected by falling “white table cloth” demand as consumers shift down market

10. However the news has not been all bad…. • OPC recognised as best export supplier to Sydney Fish Market for third time • Lobster prices into Asia have been exceptional reflecting short supply from Australia • Inshore fisheries have generally performed well • Prices for major wet fish species in New Zealand and Australia have been in line with last year • Wet fish sales volumes have held up well • Falling oil prices have corrected some of last year’s excessive cost

11. … and good progress has been made on key initiatives • Ocean Ranch acquisition completed and fully integrated into AFL • Acquisition of 20 tonnes of CRA6 quota completed in February 2009 • Acquisition of 843 tonnes of inshore quota completed in time for current financial year • Restructuring of AFL Inshore Division management team underway • Successful joint tender for supplying Australian Defense Force ration packs secured by PFL subsidiary Prepack • Negotiations proceeding on a number of commercial ventures • Major changes at Sealord will be covered by Graham Stuart

12. Trading conditions and possible Sealord “one offs” make forecasting full year profit difficult • AFL’s operating divisions should end the year ahead of last year • However operating profits will be behind plan: • It will not be possible to make up the shortfall in CNY abalone sales • Hedged rates are improving but will not recoup first half losses • Debt levels will be higher than expected due to lower operating cash flow • Sealord’s contribution to AFL profits is hard to predict: • Internal operations should achieve plan • Trading associates in Europe and the US will end the year behind plan • “One offs” associated with restructuring and acquisitions may result in Sealord reporting results ahead of plan and last year

13. Our best estimate is that AFL net profit after tax will be in the range $17.4m to $22.6m for the full year Potential one-offs

14. Dividend Policy

15. AFL Dividend Policy • Dividends will be paid from and including the 2009/10 financial year • Dividends will be paid once the audited financial statements for the year have been approved, most likely in November • The amount of the dividend will be determined based on actual net profit after tax, the requirement under the Maori Fisheries Act that at least 40% of net profit after tax be paid out as dividend, and the Board’s assessment of any requirement to retain cash to met future liabilities • Before making a dividend payment the Board will need to consider banking obligations, debt level and potential redemption of redeemable preference shares held by Te Ohu Kaimoana • The Board believes that AFL will be in a position to pay a dividend in the order of $8m for the 2009/10 year