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Results Presentation Year Ended 30 June 2007

FINANCIAL RESULTS YEAR ENDED 30 JUNE 2007

(A$’000)	Year ended 30/06/06	Year ended 30/06/07	% increase
Sales Revenue	217,866	229,498	+5%
Operating EBIT	38,369	40,549	+6%
Interest Expense	-466	-535
Profit from Pesticides Division	4,356	-
Net Profit before tax	42,259	40,014
Tax expense	-11,458	-11,916
Net profit after tax	30,801	28,098
NPAT – ContinuingOperations	26,492	28,098	+6%
Earnings per share	67.1	71.0	+6%
Ordinary Dividend	53.0	57.0	+7%

EARNINGS HISTORY

Ordinary Dividend Per Share

Earnings Per Share

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57.0c EPS year-end 72.5c 71.0c
60 +7.5% 80
+6%
+26% +18%
70
50
+42%
+62% 60
40
50
+28%
40
30 +41%
+23%
+37% 30
20
20
10 10
0
0
cents cents
2002 2003 2004 2005 2006 2007
2002 2003 2004 2005 2006 2007
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BALANCE SHEET

	2006 $’000	2007 $’000
Current Assets	49,898	64,059
Cash On Hand	22,557	6,924
Non Current Assets	79,421	89,170
Total Assets	151,876	160,153
Current Liabilities	38,952	52,281
Borrowings	1,303	1,636
Non Current Liabilities	10,140	10,732
Total Liabilities	50,395	64,649
TOTAL EQUITY	101,481	95,504
Debt to Equity	1.3%	1.7%

FUNDING

Projected Net Debt Levels

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50.0
40.0
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
'06/07 '07/08 Estimate
$m
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OUR BUSINESS TODAY
Orchard Development
Nursery 2007 EBIT
$5.1 M
Orchard establishment
Orchard Management
Managed Orchards Owned Orchards
2007 EBIT Almond Growing 2007 EBIT
$16.1 M Harvesting $11.6 M
Processing
Primary Processing Value-Added Processing
2007 EBIT
$4.0 M Almond Nuts
Retail/Processing
2007 EBIT
$5.7 M
Sales & Marketing
2007 EBIT
Almond Pool Sales Added Value Products
$1.7 M
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DIVISIONAL PERFORMANCE

Group EBIT	2002	2003	2004	2005	2006	2007
$’000
Owned orchards	6,350	7,687	8,804	13,706	14,147	11,567
Managed orchards	3,959	6,099	9,460	12,564	17,928	25,260
Total Almond Division	10,309	13,786	18,264	26,270	32,075	36,827
Food Division	5,003	4,598	7,027	9,342	9,212	7,422
Pesticides	1,175	886	752	1,260	215	-
Corporate costs	(1,738)	(1,849)	(2,207)	(2,540)	(2,918)	(3,700)
TOTAL EBIT	14,749	17,421	23,836	34,332	38,584	40,549

ALMOND DIVISION

EBIT FY 2007 - $36.827m EBIT FY 2006 $32.075m 15%

Developed 11,800 acre of new almond orchards
Increased total area under management by 43% to 39,000 acres
Increased development fees
Increased base for recurring fee income
Included in new developments 1,000 acres of new leased orchards for SHV
Good yields for 2007 almond crop 12,000 mt (6,200 mt, 2006)
Almond price retract from record highs on the back of a record USA 2007 Crop
Australian dollar rises

FOOD PRODUCTS DIVISION

EBIT FY 2007 - $7.422m EBIT FY 2006 $9.212m 19%

Sales for the year down by 9% to $138 million
Aggressive private-label strategies continue to impact business in terms of margin and competition to branded product
Increased sales in the premium private label sector
Increased competition from competing brands seeking to maintain their position
SHV maintained branded position in key categories
Increased promotional spend and marketing activity
Increased sales outside of key retailers
Enhanced Management team
Consolidation of businesses into one operating company and management team

ORCHARD DEVELOPMENT

Activities

Tree supply

Orchard Development (acres)

Orchard feasibility studies
Land acquisition
Orchard design
Irrigation installation
Land preparation
Tree planting

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12000
11000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
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Key Strategies

Support current customers to develop new orchards
4,200 acres for Timbercorp in 2008
Develop alternative markets/investors to replace MIS structure
Diversify into other locations/water sources
WA Development
Diversify into other tree nut crops

ORCHARD MANAGEMENT

Key Strategies

Enhanced technical team
Water Management
Develop scenarios for handling potential reduced water availability in 2007/2008
Commence a number of research trials in conjunction with irrigation and horticulture experts to reduce ongoing water use – target 20% reduction over next 3 years

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Acres under
management
38,644 Acres
Managed Owned/leased
91% 9%
% of Australia’s
Almond Acreage
60%
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Continue to maximise yields consistent with cost and water economics
Undertaking bench mark study against USA

PROCESSING - Primary Processing

Key Strategies

Construction of stage 1 of a processing facility in Robinvale at a cost of $32 million
Increase total capacity to 40,000 mt
Highly mechanised
Commissioning in February 2008
Pasteurisation capacity

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State of the art sorting and packing line

Future Tonnage from Existing Trees

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60,000
50,000
40,000
30,000
20,000
10,000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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PROCESSING - Added Value Processing

Rationalisation, consolidation and alignment of core capabilities over the next 12 months
Focus on cost efficient production
Upgrade of processing and packaging technology
“Fit for purpose” warehousing and distribution
Complete business process/services efficiency review
Low cost processor
Improved food hygiene management

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SALES AND MARKETING - Almond Pool Management

2007 Almond Pool increased from 6,000 mt in 2006 to 12,000 mt in 2007

2007 almond crop 70% sold
Increased export focus
2007 export percentage to increase to approximately 60% from 40% in 2006

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Almond Price AUD/KG Distribution Curve of World Almond Price 1993 - 2007
$14.00 35
$12.00 30
$10.00 25
$8.00 20
$6.00 15
$4.00 10
$2.00 5
$0.00 0
-5$0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00
Price
Frequency
Aug-93 Feb-94 Aug-94 Feb-95 Aug-95 Feb-96 Aug-96 Feb-97 Aug-97 Feb-98 Aug-98 Feb-99 Aug-99 Feb-00 Aug-00 Feb-01 Aug-01 Feb-02 Aug-02 Feb-03 Aug-03 Feb-04 Aug-04 Feb-05 Aug-05 Feb-06 Aug-06 Feb-07 Aug-07
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World almond price declined due to improved supply
Higher Australian Dollar

SALES AND MARKETING - Almond Pool Management Continued

USA ANNUAL PRODUCTION

USA Production VS Shipments

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1400
1200
1000
800
600
400
200
0
Crop (million lbs) Bearing acres kg/acre
Estimated 2007 Supply
Australia, 3%
Greece 37.5
India 2.6
Italy 26.5 Greece
Spain 88 India
Italy
Turkey 30.2
Spain
California 1310
Turkey
Australia 50 California
Australia
Total 1544.8
CA% of
Total 85%
California,
85%
1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
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1400
1200
1000
800
600
400
200
0
Production bearing acres Shipments Carry-in
Australian Almond Production Outlook
55,000
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Acres Tonnage
(million lbs)
1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
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SALES AND MARKETING - Added Value

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Key Strategies

Re-alignment of business to a nut/almond nut focus
Focus on maximising added value opportunities from almond pool
Concentration of investment in key brand “Lucky”
Re-launch of Lucky brand in spring 2007
House brand focus on premium private label and fresh produce

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Consolidation of sales force
Development of other channels
Development of export markets for packaged and processed almonds

OUTLOOK Key growth areas

Increased revenue from existing managed orchards

Development of new almond orchards & other tree nut crops

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80000
70000 (Estimated fee revenue
60000 based on current
50000 plantings)
40000
30000
20000
10000
0
2008 2009 2010 2011 2012 2013 2014 2015
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Increased tonnage from Select Harvests owned orchards

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5000
4000
3000
2000
1000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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