SELECT HARVESTS LIMITED — AGM Information 2005

Oct 23, 2005

SELECT HARVESTS

Annual General Meeting 24th October 2005

Managing Directors Presentation

• Where We Came From
• Our Model
• Our Business Today
• Year in Review
• Our Market Position
• Competitive Position
• The Year Ahead

Annual General Meeting 24th October 2005

OUR PLAN:

To build a significant integrated agri-food business:

• Sustainable earnings
• Reduced volatility from agricultural risk
• Growth prospects

HOW:

• Develop and manage externally owned orchards on a long-term fee for service basis

• Become more involved in the processing and marketing of almonds and associated products and move closer to our customer.

PERFORMANCE INDICATORS

• Increased acres of new almond developments $+17%$
• Expansion of total acres under management $+29%$
• Increased production from managed orchards $+121%$
• Increased yields from SHV owned orchards $+26%$
• Higher almond price achieved from owned orchards +11%
• Growth of Food Products division sales by acquisition of Chiquita Nibbles business and branded sales market growth $+48%$

DIVISIONAL PERFORMANCE

year in review

a sama sama manazara na manaza

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ALMOND DIVISION

EBIT FY 2004 - $18.264m

EBIT FY 2005 $26.297m 4 43.9%

• 4100 acres of new investor owned orchards planted in 2005 compared with 3500 acres in 2004 increasing establishment fees
• 2005 crop 6070 tonnes up from 3570 tonnes in 2004
• SHV 2005 crop production costs per kilogram down 6% on 2004 crop
• International almond prices increased over the year
• SHV average almond price per kg up 11% on previous year
• Price outlook remains positive
• Increasing interest in almond orchards as investments
• We are planning new developments of 7000 acres in 2006

FOOD PRODUCTS DIVISION

EBIT FY 2004 - $6.813m EBITA FY 2004 - $8.226m

EBIT FY 2005 - $8.115m 19.1% EBITA FY 2005 - $9.629m 17.0%

year in review

• Consumption growth continues particularly in natural / health areas
• Sales up 48% for the year as a result of Chiquita Nibbles business and growth of branded product sales
• Increased sales and market share in branded cooking, health and muesli categories
  • cooking category growth +23% in last 12 months
  • SHV market share up 3 points to 58.7%
• Increase in almond sales increasing in-house usage of our almond production
• Increased commodity pricing in most nut varieties due to increasing world demand
• Some time lag in passing on these increases to retailers
• Aggressive housebrand strategies continue to impact business in terms of margin and competition to branded product
• Continue to focus on growing branded product business

Planted 4100 acres of new managed orchards for investors $\bullet$

Completed $2.0 million upgrade of shelling and sorting facility increasing capacity to approximately 10,000 tonnes p.a. to accommodate 2006 and 2007 crops

• Established nursery site to produce 1 million trees for 2006 and 2007 developments

• Expanded almond export markets and increased sales tonnage by 98% to 2589 tonnes

• Acquired Chiquita Nibbles business to improve distribution into the fresh produce category

Category handles around 35% of supermarket nut sales around 15% of domestic almond consumption

Launched a number of branded products targeting natural snacking and health $\bullet$ sectors

• Established in-house microbiological laboratory to enhance food safety program

Divestment of Pesticides business to concentrate focus on our core business $\bullet$

ALMONDS

• Australia $\bullet$
  • We manage over 60% of Australian orchards
  • $-$ We will handle approximately 38% of Australia's 2005 crop
  • $-$ We expect to handle over 60% of Australia's crop in the future
• World
  • SHV in top 3 growers internationally
  • Will be in top 5 packers internationally in the future
  • $-$ Australia will move to the No 2 producer over the next 10 years contributing over 7% of world supply

WorldSupply2005	CROP - MT	STARE
USA	390,000 mt	80%
Spain	40,000 mt	8%
Australia	16,000 mt	3%
Italy	15,000 mt	3%
Turkey	15,000 mt	3%
Greece	7,000 mt	1%
Others	10,000 mt	2%

FOOD PRODUCTS

• Distribution
  • Major supermarkets
  • Independents
  • $-$ Route trade
  • Health food stores
  • Food manufacturers
  • Other distributors

Annual sales $131 million

• 35% of almond production processed in-house
• Major supplier of nut products to Australian supermarkets
  • $=$ Produce
  • $-$ Health
  • Cooking
  • $-$ Snack
  • Breakfast foods
• Supply approximately 35% of nut based products to Australian supermarkets
• Leading cooking brand has over 55% market share

WHY ALMONDS

• Australia is able to compete in the global market
• Increasing nut consumption
• Strong fundamentals of international almond market

• Cost of production per acre comparable with USA
• Yield per acre higher than USA average
• Lower cost per kg produced
• Less defects and damage to crop
• Higher average return
• Equal access and competitive freight costs to market

INTERNATIONAL

• Most consuming countries are reporting ongoing consumption growth
• Firming prices for all tree nuts indicates strong demand
• USA domestic consumption of almonds continues to increase at higher prices
• Increase marketing activity on the theme of good taste and good for you
• Growing awareness of health benefits

AUSTRALIA

• Continuing evidence of a move towards "natural whole foods" and increased snacking of natural nut products. Greater focus being given to health and natural snacking categories in supermarkets
• Cooking / natural snack supermarket category grew by 24% in 12 months to September 2005
• SHV brands in this category grew by 30% outperforming the market
• Increased marketing focus on nut products by retailers, suppliers and industry groups
• Recent study showed major positive shift in Australian GP's attitude towards consumption of nuts over last 2 years

WORLD ALMOND CONSUMPTION

• Last 10 years consumption 84%
• 5% p.a. • Annual compound growth
• Growth now constrained by supply ۰

USA ALMOND CROP - AGE OF TREES

Annual plantings

CAAS Almond Acreage Report May, 2005

USA ALMOND CROP

USA ALMOND CROP ANNUAL SHIPMENTS

INTERNATIONAL ALMOND PRICE

PLANS FOR COMING YEAR

• Establish further 7000 acres of new almond orchards taking area under management to 25,000 acres and future tonnage to over 30,000 tonnes
• Progress scale-up of tree nursery and development resources to support future almond developments
• Complete plans for new shelling and processing facility to commence operations in 2008
• Further develop our branded food business
• Consolidate the Melbourne and Brisbane operations into one national business unit
• Continue to investigate opportunities to further expand the business by acquisition which would complement and add value to our existing business

SELECT HARVESTS

Annual General Meeting 24th October 2005