Chairman’s Address. November 2022 AGM

“This last year has been an interesting time in the development of Leaf Resources and its goal of becoming
a leading natural and renewable pine chemical company. Whilst we have been recovering from the set back
of events last year, I believe we have opened up a large window to a much better future and much larger
development of sustainable pine chemicals

I would now like to confirm that the Board of Leaf Resources has made the definitive decision to build our
first plant in New Zealand.

As pointed out in our quarterly announcement dated 31st October 2022 and by our Managing Director Ray
Mountfort in his recent webinar there are substantial advantages in relocating to Rotorua. In Rotorua, Leaf
would be executing the same business plan with the same plant in a well suited and strategic location that
has potential for greater growth. Australia and Queensland are still in our planning but given the reasons
outlined below New Zealand has moved to the top of the list.

Proposed factory:
Leaf has executed an MOU to lease a site in Rotorua that Ray believes is hugely advantageous. The site is
well located and has a wood/stump supply on its doorstep. It is part of an industrial park so many (but not
all) of the permits required are in place, as is much of the necessary external infrastructure such as roads
and power supply. The site can be secured on a long-term lease at market rates and has ample room for
the current plant as well as considerable scope for expansion
Work on turning the MOU into a lease has started.”

Read the full announcement here