Dear Grower,

On behalf of the Board of Seeka, I am pleased to invite you to participate in a new Grower Loyalty Share Scheme.

The Scheme recognises and rewards growers who supply their kiwifruit, kiwiberry or avocado crop to Seeka. This is an opportunity for our loyal growers to benefit from being part of Seeka and share in returns generated by the business. Full details are set out for you in the Offer Document

In order to participate in the scheme you must be the registered owner of the orchard and supply Seeka with all the crop from the orchard for the next three seasons.

Seeka will make a loan to fund the issue price of the shares. There is nothing to pay now and the shares are held in trust for the three season period, after which you have the option to pay for the shares if you still want to receive them. There is no obligation to take the shares at the end of the three season period.

Under the scheme up to 2.4m new shares will be issued. Entitlement of shares is based on your 2023 production:

• for production of Kiwifruit Green Conventional (Hayward Green, Wilkins, and Zespri Sweet Green) one Share for every 15 Class 1 trays produced in the season ended 30 June 2023 (“2023 Season”), based on the greater of (i) actual production and (ii) an assumed production of 5,000 trays for each canopy hectare in the 2023 Season;
• for production of Kiwifruit Green Organic (Hayward Green Organic) one Share for every 15 Class 1 trays produced in the 2023 Season, based on the greater of (i) actual production and (ii) an assumed production of 4,000 trays for each canopy hectare in the 2023 Season;
• for production of Kiwifruit Gold Conventional (Zespri SunGold) one Share for every 15 Class 1 trays produced in the 2023 Season, based on the greater of (i) actual production and (ii) an  assumed production of 8,000 trays for each canopy hectare in the 2023 Season;
• for production of Kiwifruit Gold Organic (Zespri SunGold Organic) one Share for every 15 Class 1 trays produced in the 2023 Season, based on the greater of (i) actual production and (ii) an assumed production of 5,000 trays for each canopy hectare in the 2023 Season;
• for production of Kiwifruit Red (Zespri RubyRed) one Share for every 15 Class 1 trays produced in the 2023 Season, based on the greater of (i) actual production and (ii) an  assumed production of 4,000 trays for each canopy hectare in the 2023 Season;
• for production of Kiwiberry, one Share for every six Class 1 trays produced in the 2023  Season, based on the greater of (i) actual production and (ii) an assumed production of 5,000 trays for each canopy hectare in the 2023 Season;
• for production of avocado, one Share for every two Class 1 trays, based on the production in the season ended 31 March 2024

Seeka has calculated the number of shares you are entitled to apply for using the current information it holds. If the data is incorrect and you would like to update your information, please email nicola.neilson@seeka.co.nz or call 07 573 0303. 

The issue price per Share will be the volume weighted average price of Shares on the NZX Main Board over the 10 business days ending two business days before the issue of the Shares. That price may be adjusted by the Board at its discretion to take account of any event occurring during that period of 10 business days, or any transaction or circumstance that in the opinion of the Board is exceptional or unusual.

You have until 5.00pm on 3 May 2024 to apply for the shares. Applications must be made to Link Market Services either online, or by email, mail or delivery. 

Please read the Offer document carefully. If you do have questions about the Offer you are encouraged to talk to a professional adviser.

We also encourage you to read all of our recent announcements at www.nzx.com under the ticker "SEK". You can also access information, including announcements, on our website www.seeka.co.nz.

Seeka remains committed to the success of its growers and thanks you for your continued support.

Yours sincerely,

Fred Hutchings
Chairman
Seeka Limited