2024 Climate-related Disclosure Report

Contents

03. 04. 05. 06.

understanding

The role of the Executive team

Click on any of the text headings to navigate through this report.

8 Strategy

Scenario analysis

1. T&G's climate
2. scenarios Rationale for scenarios
3. T&G's scenario narratives

10 Limitations of scenarios

Transition plan aspects of T&G's strategy

37

37

48

53

53

54

Message

Generations of people have contributed to building T&G into what it is today. As we work to grow and strengthen our business for the benefit of future generations, it is crucial that we also support Aotearoa New Zealand's transition to a resilient, low-emissions economy. This role is integral to our purpose of growing healthier futures.

Our sustainability framework, known as Kaitiakitanga, underpins our growth strategy. It's focused on people, planet and produce. Within this, climate action is a key focus area. Established this year, our climate action framework outlines how we will do this, through decarbonisation and adaptation, and this has helped guide elements of the transition plan aspects of

our strategy.

Shaping our decarbonisation pathway are our near- term Science-based Targets (SBTs) for scopes 1, 2 and 3, which are in line with the Paris Agreement to limit global warming to 1.5°C above pre-industrial levels. The targets were this year independently validated by the Science-based Targets initiative (SBTi).

In 2024, overall total scope 1 - not related to Forest, Land and Agriculture (FLAG) - and scope 2 (market- based) emissions of 27,221.83 tCO2e decreased by 16% from our base year of 2021 (32,520.74 tCO2e).

It has been pleasing to see positive progress on some of our hard-to-abate emissions. At our Reporoa tomato glasshouses, renewable heat and biomethane is now coming from Ecogas' adjacent organics processing facility. And at our Geraghty glasshouses in Tūākau, the installation of thermal screens has contributed to a 29%

reduction in natural gas emissions from our 2021 base year. In the coming years, we expect to see the benefits of our 2024 investment in 21 more fuel-efficient Euro 6 trucks in our heavy fleet, combined with the recent commissioning of a transport management system, to provide further efficiencies and emissions reductions. This shift has already helped reduce transport emissions by 3% from 2023.

While we have a pathway towards achieving a significant portion of our 2030 emissions reduction SBTs, we still require a further ~5,267 tCO2e of abatement initiatives to deliver the overall total scope 1 (non-FLAG) and scope 2 (market-based) target. We are actively seeking technology solutions and opportunities to help close this gap.

Work to capture and measure scope 3 emissions across our complex value chain continues and this will be reported in our 2025 Climate-related Disclosure.

To support our climate adaptation and resilience, this year we refined and updated our climate-related risks and opportunities. Extensive modelling was performed to guide the materiality of each risk and opportunity, looking at critical attributes such as yield and fruit quality, with supporting adaptation plans developed and owned by key business leads. In the year ahead, we will continue to refine our climate risk and opportunity modelling, ahead of disclosing anticipated financial impacts in 2025.

Pivotal to the success and growth of our business is our relationships with our independent growers. Just as we are continually strengthening our internal capabilities and knowledge on climate, we want to share our insights and learnings with our network of growers

to help support them as they strengthen the resilience of their own businesses. We commenced this in 2024, running sessions with Aotearoa New Zealand's National Institute of Water and Atmospheric Research (NIWA), and sharing our high-level growing and post-harvest adaptation plans. We look forward to working alongside our growers and building on this with decarbonisation in the years ahead.

T&G is pleased to release its second Climate- related Disclosure.

GARETH EDGECOMBE

CHIEF EXECUTIVE OFFICER 3 MARCH 2025

BENEDIKT MANGOLD

CHAIR T&G GLOBAL,

CHAIR OF THE SUSTAINABILITY COMMITTEE 3 MARCH 2025

CAROL CAMPBELL

INDEPENDENT DIRECTOR,

CHAIR OF THE FINANCE, RISK AND INVESTMENT COMMITTEE 3 MARCH 2025

About T&G

T&G's story began over 125 years ago as Turners and Growers, and today we help grow healthier futures for people around the world.

Located in 13 countries, our team of 1,800 people grow fresh produce, partner with over 700 growers, and market and sell fruit and vegetables to customers and consumers in over 55 countries.

We do this guided by kaitiakitanga - treating the land, people, produce, resources and community with the greatest of respect and care.

Further information about T&G can be found in our

2024 Annual Report and on our website: https://tandg.global/investors/reporting.

• Best genetics in apples and berries
• Unique varieties and brands loved by consumers
• World-classin growing and post-harvest, with global partners maximising our intellectual property

• Unlock markets selected for premium and potential
• Close to customers with capability in-market
• Most efficient end-to-end supply chain

• Win in chosen categories
• Offer the best channels to market
• Build long-term relationships

Our business model

T&G is a vertically integrated fresh produce business. Our operations include:

Apples

Our Apples business spans each step of the value chain from unique varieties, growing, post-harvest, quality and logistics, through to in-market marketing and sales. It ensures consumers around the world can access our high quality, premium apples 365 days of the year.

Our premium apples portfolio consists of ENVY™, JAZZ™ and JOLI™ branded apples, and they are grown under license by specially selected growers in over 11 countries and across both hemispheres. Our premium brands are complemented by a wide portfolio of commercial varieties including Royal Gala, Pacific Queen™ and Pacific Rose™.

In Aotearoa New Zealand, T&G has extensive own-growing and post-harvest operations in Hawke's Bay, and partners with over 100 independent growers in Hawke's Bay, Tairāwhiti Gisborne, Nelson and Otago.

T&G Fresh

T&G Fresh grows tomatoes, citrus, berries and stone fruit, and partners with over 600 growers to provide New Zealanders with delicious, healthy fresh fruit and vegetables. With 10 market sites, T&G Fresh connects hard-working growers to buyers, from supermarkets, fruit shops and foodservice businesses. To supplement local supply, T&G Fresh imports fresh produce from over 100 growers that can't be grown locally or to cover seasonal gaps in local production. It also manages our Australian and Pacific Islands operations.

VentureFruit Global Limited

VentureFruit is T&G's global plant variety management business that collaborates with breeders, research partners, growers, and sales and marketing organisations around the world to bring new, high value and superior quality fruit to markets and consumers globally.

02. Governance

Appendices

Our approach to climate governance

T&G recognises that strong corporate governance is essential in protecting and strengthening the interests of the Company, its shareholders and stakeholders, and in creating long-term sustainable value.

At T&G, climate governance is managed through the Three Lines of Defence Model (see Figure 3).

Climate-related risks and opportunities

Risk appetite

Board

Direction and strategy

Direction and strategy

CEO and Executive team

Our Planet Steering Committee

Expertise

Risk, compliance and sustainability teams

Understand overall risk for the Group and provide support for risk mitigation, realisation of opportunities and development of strategy

Climate and sustainability experts/consultants review

External audit

The role of the Board

T&G's purpose and overall strategic direction is set by our Board of Directors, which has visibility and oversight of our risk management strategy, framework, policies and risk appetite, including those related to sustainability and climate change.

Our Board members are detailed on page 52 of the 2024 Annual Report and on our website https://tandg.global/our-story/our-team. The Board has responsibility for ensuring that T&G's climate-related matters are recognised, assessed and monitored. There are two Board committees which support the Board with this responsibility - the Sustainability Committee (SC) and the Finance, Risk and Investment Committee (FRIC), both of which operate under respective Board-approved charters.1

• Sustainability Committee (SC)

The SC is responsible for overseeing T&G's Kaitiakitanga sustainability framework, including its climate action strategy, targets, initiatives, policies and the annual allocation of internal carbon price funds, prior to recommending them to the Board for approval. Once approved, it monitors performance in these areas through standing agenda items.

The SC oversees the Company's sustainability and Climate-related Disclosures, before recommending them to FRIC for subsequent review and tabling with the Board for approval. From 2025, the SC will also oversee climate-related risks and opportunities (currently sitting with FRIC). The SC is comprised of three Directors, including one Independent Director.

• Finance, Risk and Investment Committee (FRIC)

The FRIC ensures that management has established procedures and processes to identify, escalate, manage and monitor primary business and climate- related risks and opportunities according to its Risk Management Policy. The FRIC reviews T&G's annual corporate disclosures, including its Annual Report and Climate-related Disclosure, before recommending them to the Board for approval.

It is comprised of three Directors, including two Independent Directors.

Both the SC and FRIC benefit from climate-related expertise from the Executive team, Our Planet Steering Committee, internal subject matter experts and external advisors who provide specialist advice on climate science and changing regulatory requirements.

Meeting at least four times a year, both Committees review management's progress in addressing climate- related risks and opportunities through standing agenda items and detailed papers. As and where required, additional reporting to the Committees and Board is undertaken, such as updates on strategic climate- related initiatives.

Directors' climate capabilities and understanding

The Board continues to expand its climate-related capability through knowledge-sharing, engagement with internal and external subject matter experts, and participation in external events.

Three Directors have previously completed Cambridge Institute for Sustainability Leadership programmes and two Directors are members of Chapter Zero, a global network of directors committed to taking action on climate change. A skills and experience matrix for Directors is on page 54 of the 2024 Annual Report.

The role of the Executive team

Daily management of risks and opportunities is delegated by the Board to our Executive team and the Our Planet Steering Committee via the Chief Executive Officer.

The Executive team, with the support of the Our Planet Steering Committee, oversees our Kaitiakitanga sustainability framework, including our climate action framework, targets and performance; financial planning and capital allocation; the identification, assessment, monitoring and management of climate-related risks and opportunities; and climate-related reporting and regulatory compliance. This is achieved through at least quarterly meetings with standing agenda items.

Members of the Executive team are outlined on our website https://tandg.global/our-story/our-teamand in our 2024 Annual Report.

The Our Planet Steering Committee was established in 2024. It comprises the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer Apples, Managing Director T&G Fresh, Head of Corporate Affairs and General Manager VentureFruit. This steering committee is responsible for overseeing the strategic implementation of the Company's climate action and low-impact operations strategies, targets and initiatives, and monitoring performance. In addition, it discusses risk appetite on related areas, identifies areas of alignment and opportunity across the business, and makes recommendations to the SC. It meets at least four times a year with standing agenda items.

The Chief Executive Officer, Chief Financial Officer and Head of Corporate Affairs attend each SC meeting.

Likewise, the Chief Executive Officer and Chief Financial Officer attend all FRIC meetings, with other Executive members attending as required. Annual updates of climate-related risks and opportunities are provided to the FRIC and in the year ahead, this will shift to the SC.

An overview of T&G's climate-related risk and opportunity management model, including key climate-related roles and responsibilities, is provided in Figure 3.