SELECT HARVESTS LIMITED — AGM Information 2011

Oct 24, 2011

==> picture [720 x 136] intentionally omitted <==

Annual General Meeting

25[th] October 2011 John Bird, Chief Executive Officer

==> picture [720 x 136] intentionally omitted <==

==> picture [720 x 135] intentionally omitted <==

Agenda

==> picture [121 x 70] intentionally omitted <==

FY11 Performance

Olam contract Strategy Strong Fundamentals Outlook

2

FY11 Performance

==> picture [121 x 70] intentionally omitted <==

• NPAT $17.7m including discount on acquisition of $5.6m

• NPAT $12.5m, excluding discount on acquisition and one-off costs related to food business

• EPS 33.7 cents per share (FY10: 43.3 cents per share)

• Final dividend of 3 cents resulting in fully franked full year dividend of 13 cents (FY11: 21 cents)

• FY11 crop below forecasts:

• Trees recovering from drought years

• Adverse climatic conditions during growing cycle

• Heavy and frequent rainfall before and during harvest impacting on quality of almonds

• Delay in processing and marketing of almonds

• Strong AUD and weaker than anticipated almond price impacts revenue

3

Reduced yields across industry

==> picture [121 x 70] intentionally omitted <==

==> picture [720 x 356] intentionally omitted <==

----- Start of picture text -----

2010: SHV � 16%
2011: SHV � 30%
----- End of picture text -----

Standard Industry Yields – standard yield per acre applied by Almond Board of Australia to project annual industry crops

4

Almond price impacted by strong AUD

==> picture [121 x 70] intentionally omitted <==

==> picture [720 x 129] intentionally omitted <==

==> picture [720 x 129] intentionally omitted <==

5

Agenda

==> picture [121 x 70] intentionally omitted <==

Financial & Operating Performance

Olam contract

Strategy

Strong Fundamentals Outlook

6

Olam Contract

==> picture [121 x 70] intentionally omitted <==

In May 2011 we announced that Olam would not extend orchard management contract beyond the 2012 crop:

• Decision consistent with their strategy to manage their nuts businesses inhouse

• Initial three-year contract gave us time to expand our Company Orchards portfolio

• No impact FY12 earnings; part impact on FY13 earnings

• By 2013 we will see continued benefits of Company Orchards expansion

7

Agenda

==> picture [121 x 70] intentionally omitted <==

Financial & Operating Performance

Olam contract

Strategy

Strong Fundamentals Outlook

8

Strategy

==> picture [121 x 70] intentionally omitted <==

• Select Harvests’ strategy is to increase orchards under management, broadening our access to the full almond value chain:

• Expand Company Orchards through acquisition, long-lease or by establishing new orchards

• Leverage our world-leading management capabilities, and expanding Company Orchards footprint, to secure managed services contracts

==> picture [720 x 129] intentionally omitted <==

9

Strategy implementation

==> picture [121 x 70] intentionally omitted <==

==> picture [720 x 401] intentionally omitted <==

----- Start of picture text -----

2009 Today
Wheatbelt Region, WA: Riverina Region,
Company Orchards: NSW:
2,000 acres – Stage 1
Company Orchards:
2,300 acres – Stage 2
4,500 acres
Sunraysia Region, VIC:
Managed Orchards: 34,900
acres
Company Orchards: 3,400
Sunraysia Region, VIC:
acres
Managed Orchards: 33,980 acres
Processing Facility
Company Orchards: 4,300 acres
Processing Facility
----- End of picture text -----

10

Crop profile

==> picture [121 x 70] intentionally omitted <==

==> picture [626 x 150] intentionally omitted <==

==> picture [626 x 150] intentionally omitted <==

Standard Industry Yields – standard yield per acre applied by Almond Board of Australia to project annual industry crops

11

Agenda

==> picture [121 x 70] intentionally omitted <==

Financial & Operating Performance

Olam contract Strategy

Strong Fundamentals

Outlook

12

Global supply-demand outlook

==> picture [121 x 70] intentionally omitted <==

• Global market worth an estimated US$4.5 billion

• Supply and demand have grown at 8% CAGR over past decade

• Current demand growth trending above average growth rate; average supply growth cannot be maintained due to slow-down in recent planting activity

• Annual consumption has exceeded production over past two years

Global Almonds - Supply and Demand Outlook

==> picture [720 x 175] intentionally omitted <==

----- Start of picture text -----

3,500
3,000
2,500
2,000
1,500
1,000
500
0
World Production World Production - Lower Estimate Demand Consumption 5%
Million lbs
----- End of picture text -----

13

Supply expected to tighten

==> picture [121 x 70] intentionally omitted <==

• US and Australian plantings have slowed since 2006

• Bulk of new plantings are reaching maturity with supply expected to plateau

• Select Harvests has continued to invest for growth to meet future demand

==> picture [720 x 129] intentionally omitted <==

==> picture [720 x 129] intentionally omitted <==

14

Growth across mature and emerging markets

==> picture [121 x 70] intentionally omitted <==

==> picture [720 x 392] intentionally omitted <==

----- Start of picture text -----

600
500
400
300
200
100
0
Americas Western Europe Asia Pacific Middle East/Africa Eastern Europe
2005 2009 2010
Source: Almond Board of California, 2011
Million lbs
----- End of picture text -----

15

Almonds vs other nut categories

==> picture [121 x 70] intentionally omitted <==

• Almonds are currently trading below other edible nut categories which have tighter supply scenarios

==> picture [720 x 129] intentionally omitted <==

==> picture [720 x 129] intentionally omitted <==

16

Agenda

==> picture [121 x 70] intentionally omitted <==

FY11 Performance Strategy Olam contract Strong Fundamentals Outlook

1 7

Strong foundations

• Intellectual property and expertise across value chain

• Unique integrated business model

• Enables us to control costs

• Provides access to full almond value chain

• State of the art processing facility with capacity to meet industry demand

• Established routes to market

• Strong relationships with major buyers

• Well located to serve Asian markets, counter-seasonal timing

• Potential for strong cash generation from existing portfolio

==> picture [121 x 70] intentionally omitted <==

==> picture [278 x 397] intentionally omitted <==

18

Future revenue drivers

==> picture [121 x 70] intentionally omitted <==

• Volume growth from existing orchards under management as they reach full maturity:

• 17,600 acres under management excluding Olam

• Potential to yield 23,000 tonnes at full maturity; strong cash generation

• Continued investment in Company Orchards

• Expansion of Company Orchards portfolio where it makes sense to do so

• Farm services, processing and marketing contracts:

• Leverage managed services capabilities

• Utilise available processing capacity and marketing capabilities to meet industry demand

19

Outlook

FY12 performance expected to be better than FY11 based on “standard” growing and harvesting conditions

• Flowering and pollination conditions supportive an improved crop set

• Cumulative effect of higher water allocations

• Expanded acreage and improved maturity profile of Company orchards

• Volume driven increase in processing and marketing fee income derived from Managed Orchards

Attractive Company Orchards maturity profile to coincide with tightening supply

Well positioned to benefit from tightening supply-demand fundamentals

==> picture [121 x 70] intentionally omitted <==

==> picture [159 x 120] intentionally omitted <==

==> picture [159 x 131] intentionally omitted <==

==> picture [159 x 121] intentionally omitted <==

20