#1神山 果 China's Zespri China Shenshan Orchard Holdings Co. Ltd. Investor Presentation March 2022#2Disclaimer The information contained in this presentation has not been independently verified. The Company assumes no responsibility or liability whatsoever (in negligence or otherwise) for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. It is not the intention to provide, and you may not rely on this presentation as providing a fair, accurate, complete or comprehensive analysis of all material information concerning the Company, or the Company's financial or trading position or prospects. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. This presentation contains projections and forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Unless otherwise stated, financial results presented herein are with respect to Great Resolute Limited and its subsidiaries, prior to the acquisition of Great Resolute Limited and the disposal of Sea Will International Limited by the Company. 2#3Who We Are China Shenshan Orchard Holdings Co. Ltd.#4of 1,100 millimeter of 17°C Largest Kiwifruit Producer in China Annual average sunshine duration of 2,500 hours 00 Annual precipitation Annual average temperature % Average Location Land area (mu) Main kiwifruit variety cultivated Average You Ling 2,323.2 Xianwo No.2 altitude of humidity of 273 meter 38% Yuping Peninsula 1,422 Yannong No.1 Yuping 683 Yannong No.1 西湖(Westlake) 御屏半岛(Yuping Peninsula) Westlake 1,114.5 Yannong No.1 Daqiao 2,697.9 Yannong No.3 大桥(Daqiao) 御屏(Yuping) Shenshan Town Luzhuang 1 621.1 Xianwo No.4 油岭(You Ling) (Luzhuang]) 麦园岭(Maiyuanling) Luzhuang 2 (also known 630.5 Yannong No.3 Chibi Shenshan Xingnong Guantangyi Town Hongling) Agriculture Technology Co.,Ltd Zhonghuopu Town Luzhuang2 (also known Chibi Municipal Government as Hongling) Maiyuanling 339.7 Xianwo No.4 Xindian Town 新店(Xindian) Location of Xingnong Orchard Chibi Shenshan Xingnong Technology Co., Ltd Xindian Total area (mu) 603.60 Xianwo No.4 10,435.5 1 mu = 666.67 sqm Secured 50 years forest/land use rights (save for Luzhuang 2) which will expire between 2058 and 2059. 4#5Largest Kiwifruit Producer in China More than 10 years' experience in kiwifruit planting and cultivation in China Largest kiwifruit producer in China Adopt the highest quality standards in China's plantation industry Strong research and development capabilities More than 60 self-developed kiwifruit varieties Has complete end-to-end value chain Well-established distribution network Incorporated new R&D centre Has the most premium kiwifruit variety rights in China TM Has 83 trademarks and 56 patents 5#6In-House Kiwifruit Variety Owned 6 plant variety rights, 5 are pending for approval (Xianwo No. 1) (Xianwo No. 2) (Xianwo No. 3) (Xianwo No. 4) (Xianwo No. 5) 先沃六号(Xianwo No.6) ■ A mouth-watering kiwi with vibrant yellow flesh and high sugar content ▪Irrefutably sweet and explosive juiciness 6#7Advanced Technology and Management Scaffolding built with high standards Water and fertilizer integrated system Insecticidal technology Self-developed traction facility spectrim Automatic sorting system Traceable from source ☐ Adhere to the highest standards in China. ■ UNSC2- Utilised the most advanced agricultural machineries in the country. The daily operations are maintained by only 180 full time employees. 7#8Steady Growth in Revenue and Profitability Revenue 4,000 RMB mil 3,500 140 3,000 107.7 111.2 120 99.5 2,500 2,216 100 2,000 80 61.7 1,500 1,563,380 1,664 60 49.5 40 1,000 20 0 500 FY2017 FY2018 FY2019 FY2020# 6M2021 #* FY2017 Adjusted Gross Profit and Gross Profit Margin** RMB mil 140 97.1% 90.0% 120 100 80 40 20 0 Notes: 82 59.9 60 44.6 FY2017 FY2018 FY refers to financial year ended 31 December #Unaudited financial results Production volume 3,394 3,394 3,186 2,844 3,769 3,769 FY2018 FY2019 FY2020# 6M2021 #* Net Profit and Net Profit Margin RMB mil 92.2% 94.3% 100 95.0% 53.7% 90 105.6 101.6 80 91.7 2852322 43.5% 63.1% 41.0% 39.4% 70.1 70 60 FY2019 FY2020# 6M2021 #* 50 40 30 25.3 19.5 20 10 0 FY2017 FY2018 FY2019 FY2020# 6M2021 # 4* 53.4 46.9 ** * Six months ended 31 December 2021 with respect to the continuing operations of the Group, being the kiwifruit business Adjusted to include the gain arising from changes in fair value less costs to sell of biological assets, and the corresponding impact to cost of sales Volume harvested (tonnes) Volume sold (tonnes) 8#9Kiwifruit Industry in China#10Attractive Growth Potential in China's Kiwifruit Industry Market size of kiwifruit industry in China (1) Kiwifruit apparent consumption per capita* (2) RMB (bil) 25 Grams CAGR: 6.2% 25.6 2500 21.7 20.8 21.8 20 20 19.2 2000 17.8 CAGR: 16.3% 15 10 1500 1000 5 0 2013 2014 2015 2016 2017 2018 500 Apparent consumption per capita in China Apparent consumption per capita in overseas 0 1997 2007 2014 2018 2025E China's total kiwifruit planting area and production volume (2) 2 1 65432 - 3.6 2.6 2018 China's kiwifruit import values and volume (2) 600 4.4 500 3.0 Planting area (mil 400 mu) Production volume 300 (mil tonnes) 200 I Import (USD mil) Import volumes (kilotonnes) 2019 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 10 Sources: 1. https://www.chyxx.com/industry/201911/801766.html 2. China Kiwifruit Industry Development Report (2020) * Apparent consumption = Production plus imports minus exports#11Kiwifruit Cultivation in China is Highly Fragmented China's kiwifruit planting area in the main production regions (1) • • Kiwifruit planting area in China is fragmented Local kiwifruits are largely produced. by smallholder household farmers (2) Lack experience in selective breeding, are unable to upgrade their growing technologies and non- standardized management leads to low quality kiwifruits (2) Mu (mil) 3.00 3.03 2.95 2.66 0.24 0.22 2.45 2.32 2.50 0.20 0.44 0.47 2.19 0.17 0.17 0.40 0.20 0.20 • 0.16 0.36 Henan 2.00 0.33 0.23 0.19 0.25 0.26 0.16 ■Guizhou 0.14 0.12 0.22 0.21 0.20 0.21 ■Hubei 1.50 0.69 0.70 Hunan 0.65 0.53 0.57 0.60 Sichuan 1.00 ■Shaanxi 1.15 1.16 0.50 0.93 0.93 0.95 1.00 0.00 2014 2015 2016 2017 2018 2019 Sources: 1. 2. China Kiwifruit Industry Development Report (2020) https://www.producereport.com/article/kiwifruit-prices-china-continue-fall 11#12• Summary of Kiwifruit Industry in China Huge market and has been growing at CAGR of 6.2% during 2013-2018 World's total kiwifruit production (1) World's total kiwifruit plantation area (¹) ■China 45% 55% ■ Other countries 28% • ■China ■ Other countries • 72% • Premium kiwifruit: Imported, Regular kiwifruit: Local production Imported volume vs local production volume in 2018 (1) Imported value vs local production volume in 2018 (1) 4.3% Imported ■ Local 95.7% Source: 1. China Kiwifruit Industry Development Report (2020) 11.5% Imported ■ Local 88.5% Kiwifruit industry in China is fragmented as most of the kiwifruits are produced by household farmers and small kiwifruit plantation firms Little premium varieties with no branding Lack of standards, technological knowledge, systematic management and distribution channels. 12 12#13Approach to becoming China's Zespri#14From Orchards to Markets Consumers Provide premium kiwifruits Retailers Distributors/Wholesalers SHOP Provide premium kiwifruits Revenue Revenue Provide kiwifruit variety licensing ◉ Enforce centralized management ☐ Sorting and packaging ◉ Branding and marketing. 神果 Growers Revenue Acquire qualified kiwifruits from growers Provide premium kiwifruits 14#15Two-Pronged Strategy ◉ Expand own kiwifruit plantation More than 10 years' experience in kiwifruit planting and cultivation in China Self-developed kiwifruit varieties have been proven successful with high quality Adhere to the highest standards in China Established distribution network ☐ Commercialisation of kiwifruit varieties and technology License kiwifruit varieties to individual farmers and expertise in kiwifruit planting to third-party kiwifruit growers Manage kiwifruit plantation and cultivation operations in third-party kiwifruit plantations Generate additional revenue stream Expand planting area of self-developed kiwifruit varieties without purchasing additional land 15#16Key Takeaways We are the largest kiwifruit producer in China with well-established track record across the entire value chain We have the most high-end kiwifruit variety rights in China with orchard-to-market operations expertise Kiwifruit variety licensing allows the Group to expand planting area rapidly without owning additional land Key growth drivers: organic growth + kiwifruit variety and technology licensing • Revenue is expected to grow rapidly in 2023* Note: 1. Barring unforeseen circumstances 16#17Thank you Scan to follow us on WeChat#18Appendix#19Intellectual Property and Awards IP 83 trademarks 56 patents (expiring between 2027 to 2030) 2020 2019 2019 2018 2018 2017 Certificate of Good Agricultural Practice Key Leading Enterprise of Agricultural Industrialisation in Hubei Province Agricultural Product Processing Industry (Target Gross Product of RMB100 Billion) in 2018 - Outstanding Contribution Award Agricultural Industrialisation Excellence - Key Leading Enterprise Top 30 Private Enterprises in 2017 Xianning Modern Agricultural Industrial Park 19#20End to End Value Chain go Acquiring and Developing Kiwifruit Planting Cultivating Varieties Harvesting and post-harvesting Processing and packing Sales and Marketing 20 20#21Sales and Marketing 2009长江国际莓熊桃技术论坛 Chibi Shenstan Xingnong Technolog 赤壁神山兴农科技有限公司 ■ Sold through 3 existing channels, namely 。 Distributorship Wholesale E-commerce platforms such as Tmall.com, Taobao, and JD.com Various marketing and promotion efforts, as well as the brand awareness and profile of its kiwifruits: o Attending nationwide kiwifruits trade fairs Outdoor advertisements o Online promotions The 12th iFresh Asia Fruit and Vegetable Industry Expo 2019 Yangtze River Kiwifruit Industry Summit 2020 神山兴农站 我为赤壁代言 [直播帶货主播大賽 更多惊喜 更多优惠更多才艺 直播时间:2021年1月14日 (神仙果农抖音10:00-17:00全天食品) Live Streaming 9 21#22Biological Assets The harvested kiwifruits is recognised as the biological assets which are accounted for under inventories Harvested kiwifruits are measured at their fair value less costs to sell at the point of their harvest Fair value Comparable market price less transportation costs, at point of their harvest Cost = related packing costs of harvested kiwifruits as assessed by an independent valuer appointed The non-cash gain or loss arising from the difference between such fair value and the costs to sell the harvested kiwifruit is included as a line item in profit or loss for the period in which it arises ■ Such non-cash gain or loss arising from changes in fair value less costs to sell of biological assets are recorded as part of cost of sales when the harvested kiwifruits are eventually sold 22 22#23Biological Assets Based on track record, our biological assets are sold within the same year and converted into cash or recorded as account receivables RMB'000 FY2017 FY2018 FY2019 FY2020# 6M2021#* Revenue 49,500 61,708 99,490 107,741 111,176 Cost of Sales (44,640) (55,418) (88,468) (95,639) (96,342) Gain arising from changes in fair value less costs to sell of biological assets Adjusted Gross Profit** 39,712 53,615 80,697 89,517 (90,814) 44,572 59,905 91,719 101,618 105,648 Notes: FY refers to financial year ended 31 December #Unaudited financial results * Six months ended 31 December 2021 with respect to the continuing operations of the Group, being the kiwifruit business ** * Adjusted to include the gain arising from changes in fair value less costs to sell of biological assets, and the corresponding impact to cost of sales 23 23#24Balance Sheet The Group is in net cash position RMB mil As at 31 Dec 2021 (Unaudited) As at 30 Jun 2020 (Audited) Non-current assets 1,162.7 385.7 Current assets 156.5 890.2 Cash and cash equivalents 98.3 121.9 Current liabilities 39.2 319.1 Non-current liabilities 266.8 11.0 Bank loans 18.0 115.0 Equity 1,013.2 945.7 24 24