SELECT HARVESTS LIMITED — AGM Information 2011

Oct 24, 2011

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Annual General Meeting

25[th] October 2011 Curt Leonard, Chairman

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Select Harvests Board

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• Curt Leonard, Chairman

• Michael Iwaniw, Non-Executive Director, Appointed June 2011, standing for re-election

• Fred Grimwade, Non-Executive Director, Appointed July 2010

• Ross Herron, Non-Executive Director, Appointed January 2005

• Michael Carroll, Non-Executive Director, Appointed March 2009, standing for re-election

• John Bird, Chief Executive Officer, appointed January 1998

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Operating environment

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• Strategy has evolved to reflect structural changes in industry

• Select Harvests has transitioned from being a manager of almond orchards to being a manager and owner of almond orchards

• Expansion of Company Orchards enables access to entire almond value chain, requires more capital

• External pressures impacted company performance and share price

• We are confident that our strategy, underpinned by positive external factors, will deliver improvement in earnings

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FY11 performance

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• Strong progress despite challenging operating conditions

• External pressures included adverse climatic conditions, wet harvest, strong Australian dollar

• Net Profit After Tax $17.7 million, $12.5m excluding discount on acquisition

• Final fully franked dividend of 3c per share took dividend for the year to 13c per share

• Dividend reflects confidence in business and profit performance for year

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Progress towards strategy

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• Considerable progress made towards strategy to expand and diversify our orchard portfolio

• Now on track to almost quadruple our Company Orchards:

  • 3,400 acres in 2009

  • 13,100 acres upon completion of Stage 2, WA

• Three-year Olam contract gave us time to expand Company Orchards

• Strong position to transition earnings following expiry of Olam contract

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Capital structure and cash generation

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• Adapted capital structure to support Company Orchards strategy - orchard acquisition; investment in crop cycle

• Successfully completed $45 million capital raising in September 2010

• Further strengthened capital structure with up to $115m debt facility

• Investing cash flows reflect expansion of Company Orchards:

  • $25 million acquisitions

  • $20 million WA greenfield development

  • $14 million tree development

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People

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• Capability across the almond value chain a key strength of Select Harvests

• Need to ensure appropriate pay and incentive structures are in place that aligns the executive team’s interests with those of shareholders

• Board undertook a review of incentive plans and proposed some changes to remuneration structure

• Objective has been to put in place an incentive scheme which is effective at retaining and incentivizing our team and aligns their interests with those of shareholders

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Outlook

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• Strong progress made in executing strategy, positioning company for longterm sustainable growth

• Almond market supply and demand fundamentals compelling

• Expanded and diversified Company Orchards portfolio in place

• Opportunity to leverage our integrated business model, processing capacity and established routes to international and domestic markets

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