SELECT HARVESTS LIMITED — Annual Report 2021

Nov 25, 2021

Click to edit Master title style Select Harvests Limited (ASX:SHV)

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This presentation deck accompanies a live webcast at 11.30am AEDT on Friday 26 November 2021

You can participate in the webcast by using the following link

■ https://us02web.zoom.us/webinar/register/WN_vCpIWsPXRmKs8oskD7QlSQ

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You are advised to log on at least 15 minutes before 11.30am.

If you are unable to participate in the live presentation, an archived version will be available to download from the investor section of the Select Harvests website shortly after the briefing.

FOR FURTHER INFORMATION, PLEASE CONTACT : Andrew Angus, Investor Relations: andrewangus@overlandadvisers.com.au

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Disclaimer & Basis of Preparation Click to edit Master title style

This presentation is provided for information purposes only and has been prepared using information provided by the company. The information contained in this presentation is not intended to be relied upon as advice to investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider their own individual investment and financial circumstances in relation to any investment decision.

Certain statements contained in this presentation may constitute forward-looking statements or statements about Insert Title future matters that are based upon information known and assumptions made as of the date of this presentation. These statements are subject to risks and uncertainties. Actual results may differ materially from any future results or performance expressed, predicted or implied by the statements contained in this presentation.

The Select Harvests Limited financial statements are prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001. This includes application of AASB 141 Agriculture in accounting for the current year almond crop, which is classified as a biological asset. In applying this standard to determine the value of the current year crop, the Company makes various assumptions at the balance date as the selling price of the crop can only be estimated and the actual crop yield will not be known until it is completely processed and sold. The resulting accounting estimates will, by definition, seldom equal the related actual results, and have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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FY2021 Financial Overview

A lower almond price has impacted earnings. Gearing remains low, with operating cash Click to edit Master title style flows strengthening due to the improved timing of export shipments

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Reported Reported
$15.1m $40.4m
NPAT from continuing operations $25.3m EBITDA from continuing operations $53.7m
Net Debt to Equity Reported
18.6% $18.2m
(Excluding lease liabilities) EBIT from continuing operations $32.6m
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Earnings per Share (Basic)
12.7 cents
Final dividend of 8.0c fully franked
DRP with 2.5% discount
Operating Cash Flow
$38.2m
Increase of $25.0m, with FY2020 impacted
by COVID-19 related shipping delays
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Note: certain financial measures mentioned in this presentation (including EBITDA, EBIT & ROCE) are Non-IFRS measures. They are used by the company and are relevant because they are consistent with Click to edit Master text styles measures used internally by management and by some in the investment community to assess the operating performance of the business. The non-IFRS measures have not been subject to audit or review.

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Discontinued Operations

Discontinued operations include the Lucky, Sunsol and NuVitality Consumer Brands and non- Click to edit Master title style almond Industrial Business currently manufactured at the Thomastown Production Facility

FY2021 Discontinued Operations ($m)

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(5.5) (0.1)
(2.2)
4.4
(6.8)
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(10.2)
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• Following a detailed strategic review, Select Harvests commenced a process to sell the Consumer Foods section of the Food Division

• This process resulted in the decision to close the Thomastown processing facility and exit the branded and non-almond related areas of the business

• As part of this process, Select Harvests completed the sale of the Lucky and Sunsol brands to Prolife Foods on the 30[th] of September 2021

• The Thomastown almonds Industrial Business is being transferred to the Carina West processing facility, with the private label packing and non-almond processing business to be either sold or wound down

• Select Harvests is planning to finalise all production out of Thomastown by Q2 of FY2022

• A capital program is currently underway at Carina West to:

• Increase production and efficiency levels of current almond production

• Allow for the production of additional almond based products previously produced at Thomastown

EBIT from Interest Loss on Restructuring Income tax Loss from 1 discontinued expense sale of brands expense benefit discontinued operations operations

• Develop new products in the growing branded almond based value-added sector

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1. With the sale of the Lucky and Sunsol consumer brands and the impending closure of the Thomastown factory, a provision for the restructuring costs of the business amounting to $4.3m and recognising an impairment for the assets held at Thomastown facility amounting to $2.5m

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FY2021 Operating Overview

A third consecutive year of yield outperformance across all age cohorts and growing regions[1] , Click to edit Master title style with the acquisition of Piangil helping to deliver a record almond crop, 22% higher than FY2020

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Almond Crop
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28,250 MT

Continue to maintain better than industry standard yields

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Total Almond Production Costs $5.63/kg Growing costs remain well controlled

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Average Almond Price $6.80/kg

Record U.S. almond crop and market access issues reduced the price by $0.70/kg People and Safety 2 25% LTIFR

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Water Costs
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$26.8m

Lower water costs to flow into FY2022, with estimated savings of $6m to $8m Piangil Orchard 4,592 MT

Yield and quality in line with expectations

Click to edit Master text styles 1. Excludes Central Region in FY2021, which was adversely impacted by a power outage on the regions largest farm 2. Lost time injury frequency rate

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FY2021 Results in Context

Strong production volume and contained production costs per kg were offset by a reduction in Click to edit Master title style the almond price. Select Harvests did not receive any JobKeeper payments in FY2021 or FY2020

Almond Volume (MT)

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28,250
22,690 23,250
15,700
14,100
FY17 FY18 FY19 FY20 FY21
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Almond Price ($/kg)

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8.60
8.05
7.43 7.50
6.80
FY17 FY18 FY19 FY20 FY21
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Total Almond Production Cost ($/kg)

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7.05
6.27
5.47 5.63
4.73
FY17 FY18 FY19 FY20 FY21
Cli Cost per Kilogram (ex. Water Costs) ck to edit Master text styles Water Costs per Kilogram
5 Year Average
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NPAT ($m)

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53.0
25.0 25.3
20.4
15.1
9.2
FY17 FY18 FY19 FY20 FY21 FY21
Continuing
operations
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Click to edit Master title style Financial Performance

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Income Statement

Results impacted by a lower almond price, despite a record crop volume and contained production costs Click to edit Master title style

$ millions (except where indicated)	FY2021	FY2020	Variance	% Change
Almondvolume (Mt) 28,250 23,250 5,000 21.5%
Almondprice($/kg) 6.80 7.50 (0.70) (9.3%)
Continuing operations:
Revenue 228.6 187.1 41.5 22.2%
EBITDA 53.7 63.0 (9.3) (14.8%)
EBITDA margin(%) 23.5% 33.7% (10.2%) (30.3%)
Depreciation and amortisation (21.1) (18.4) (2.7) (14.7%)
EBIT 32.6 44.6 (12.0) (26.9%)
EBIT margin(%) 14.3% 23.8% (9.5%) (39.9%)
Interest expense (2.2) (1.9) (0.3) (15.8%)
Tax expense (5.1) (13.5) 8.4 62.2%
Netprofit after tax 25.3 29.2 (3.9) (13.4%)
Earningsper share(cents) 21.3 30.4 (9.1) (29.9%)
Discontinued operations:
EBIT (5.5) (5.8) 0.3 5.2%
Interest expense (0.1) (0.1) 0.0 0.0%
Loss on sale of brands (2.2) - (2.2) -
Restructuringexpense (6.8) - (6.8) -
Income tax benefit 4.4 1.8 2.6 144.4%
Loss from discontinued operations (10.2) (4.2) (6.0) (142.9%)
Reported Netprofit after tax 15.1 25.0 (9.9) (39.6%)
Earningsper share(cents) 12.7 26.0 (13.3) (51.2%)

• Increase in revenue due to the opening of export markets following COVID-19 related global lockdowns in key markets

• FY2021 EBITDAfrom continuing operations of $53.7m (FY2020 $63.0m) – decreased result driven by a lower almond price, despite an increase in volume

• EBIT from continuing operations of $32.6m (FY2020 $44.6m)

• Almond price decrease to $6.80/kg (FY2020 $7.50/kg)

• 2.9% increase in the almond production cost per kilogram due to the increasing age profiles of our immature orchards

• Higher income received from processing external almonds

• An increase in hull volumes delivered to contracted sales

• Strong sales volumes and margins achieved from the Industrial Value-Add Almond Business, despite lower almond prices

• One-off loss from discontinued operations ($10.2m):

• Restructuring cost provision of $4.3m

• Thomastown asset impairment of $2.5m

• Loss on sale of Lucky and Sunsol brands $2.2m

• Reported NPAT down 39.6% - lower earnings partially offset by lower tax expense

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Note: the above Income Statement includes both continuing and discontinued operations and should be read in conjunction with the notes to the FY2021 Financial Statements

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EBIT Movement

FY2021 EBIT from continuing operations impacted by lower almond price Click to edit Master title style

Movement in EBIT from Continuing Operations ($m)

44.6 6.7 1.0 32.6 1.2 1.1 (5.7) (16.3) FY2020 EBIT 9.3% Almond Price 21.5% Tonnage 4.5% Higher Almond 4.0% Lower Value Added Other FY2021 EBIT Reduction Increase Production Cost Water Cost Almond Product Income/Costs (Continuing ($7.50/kg to (23,250MT to ($4.48/kg to ($0.99/kg to (Continuing Operations) $6.80/kg) 28,250MT) $4.68/kg) $0.95/kg) Operations) (excl. Water)

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Cost Performance

Cost management and yield outperformance helped contain orchard, harvest and processing costs Click to edit Master title style

Total Almond Production Cost ($/kg)

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↑ 2.9%
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5.63
5.47
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↓ 4.0%
0.99 0.95
Orchard Water Harvest Processing Rents Depreciation Total
FY2020 FY2021
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Balance Sheet

Balance sheet remains in a strong position, with low net bank debt and sufficient capacity for growth Click to edit Master title style

$ millions (except where indicated) FY2021 FY2020 Current assets ex. cash 255.8 215.9 Cash 2.0 1.5 Right of use assets 222.6 236.4 Non-current assets 523.4 371.1 Total assets 1,003.8 824.9 Current liabilities(ex. borrowings) 111.0 84.8 Borrowings 100.1 59.0 Lease liabilities 253.2 264.8 Non-current liabilities(ex. borrowings) 265.8 276.1 Total liabilities 476.8 419.9 Total equity 527.0 405.0 Netdebt/equity (%) 18.6% 14.2% Returnoncapitalemployed (%) 4.1% 7.7%

■ Increased current assets – inventory/biological assets balance increase due to larger crop. Trade receivables higher due to increased sales ■ Non-current assets increased due to the acquisition of Piangil Orchard ■ Company owned orchards, Carina West processing facility and permanent water rights are all held on the balance sheet at cost − The market value of the company’s land assets remain significantl higher than the book value reflected in the balance sheet, as detailed in the FY2020 financial statements − Company’s portfolio of permanent water rights was valued at $106.9m at the end of FY2021, vs. a book value of $55.1m ■ Net bank debt excluding finance leases of $100.1m is higher as a result of the debt portion of funding for the Piangil Orchard acquisition − All covenant measures for the period ending 30 September 2021 were met ■ Gearing (net bank debt/equity) of 18.6% remains within target range ■ Management has taken an impairment loss of $2.5m of the total $3.2m Net Book Value of assets held at Thomastown

• The market value of the company’s land assets remain significantly higher than the book value reflected in the balance sheet, as detailed in the FY2020 financial statements

• Management has taken an impairment loss of $2.5m of the total $3.2m Net Book Value of assets held at Thomastown

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Note: the above Balance Sheet includes both continuing and discontinued operations and should be read in conjunction with the notes to the FY2021 Financial Statements

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Capital Management

Consistent and sustainable capital expenditure, improvement in net working capital post COVID-19 Click to edit Master title style peak, gearing within target range and a +50% dividend payout ratio maintained

Capex for continuing operations ($m)[1]

Working capital ($m)

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35.0 35.3
33.2
29.9 29.1
10.2
9.6
15.9
13.0 12.0
23.6 25.0
16.9 19.1 17.1
FY17 FY18 FY19 FY20 FY21
Net PP&E Tree Development Costs
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82.5% 0.9
250
74.5% 0.8
200 60.0% 62.8% 0.7
150 44.5% 48.6% 184.8 204.8 172.9 180.9 0.60.5
132.8 145.0 0.4
100
0.3
0.2
50
0.1
0 0
31 Mar 19 30 Sep 19 31 Mar 20 30 Sep 20 31 Mar 21 30 Sep 21
Average Net Working Capital 2 aNWC/Annual Revenue2
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Bank debt and gearing ($m)

Dividend payment (cents per share)

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37.6% 40.0%
120.0
35.0%
100.0
104.4 30.0%
98.1
80.0 25.0%
18.6%
60.0 20.0%
14.2% 15.0%
40.0 9.1%
6.6% 57.5 10.0%
20.0 34.3 27.4 5.0%
0.0 0.0%
FY17 FY18 FY19 FY20 FY21
Click t o e Net Bank Debt dit Ma ste Gearing Ratio r text styles
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35.0 79.4% 90.0%
80.0%
30.0 32.0
63.0% 70.0%
25.0 57.7%
51.7% 50.0% 60.0%
20.0 50.0%
15.0 40.0%
30.0%
10.0 13.0
12.0
10.0 20.0%
5.0 8.0 10.0%
0.0 0.0%
2017 2018 2019 2020 2021
Dividend per Share Dividend Payout Ratio
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1. Includes discontinued operations. Excludes acquisitions/divestments, purchase of water rights and government grants

2. Average net working capital for the 6-month period. Annual revenue includes discontinued operations

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Cash Flows

Operating cash flows strengthening due to the improved timing of export shipments Click to edit Master title style

$ millions (except where indicated)	FY2021	FY2020
EBITDA1 40.4 57.8
Change in workingcapital (15.9) (39.9)
Taxpaid (7.2) (18.3)
Net interest (15.1) (15.4)
Other items 36.0 29.0
Cash flow from operations 38.2 13.2
Netproperty, plant and equipment (17.1) (25.0)
Net water rights (17.3) -
Tree developments costs (12.0) (10.2)
Bearerplants andplantation land (124.9) -
Other items 1.6 -
Investing cash flows (169.7) (35.2)
Issue of shares 115.4 -
Increase/(decrease)in debt 42.3 52.8
Lease(payments)/proceeds (21.5) (21.8)
Dividendspaid (2.8) (21.5)
Financing cash flows 133.3 9.4

• Improved operating cash flow position due to:

• Higher almond production levels

• − Faster sales vs. last year, with less market disruption

• Anticipate normal cash flow cycle next year

• Lowertax paid due to lower earnings

• FY2021 investing cash flows of $169.7m driven by:

• Piangil Orchard acquisition $138.3m (includes $13.1m for permanent water rights)

• Tree development costs $12.0m

• Net Property, plant and equipment $17.1m

• $115.4m of shares issued in October 2021 as part of the Piangil Orchard acquisition

Note: The above statement of cash flows includes both continuing and discontinued operations and should be read in conjunction with the notes to the FY2021 Financial Statements Click to edit Master text styles 1. EBITDA from continuing and discontinued operations

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Click to edit Master title style Operational Performance

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Health, Safety and Wellbeing Focused towards achieving Zero Harm, with annual targets to improve year on year performance Click to edit Master title style

Injury Frequency Rate

Strategic Priorities in FY2021

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Recordable Injury Frequency Rate Lost Time Injury Frequency Rate
115.0 26.0
99.0
19.0
81.1 18.4
70.0 16.1
15.1
58.2 57.5
53.0 12.2
7.7
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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• COVID-19 management and response plan

• Hazard identification and eradicating risks before an incident occurs

• Hazard identifications up 152.3% vs. last year

• Process improvement and systems implementation

• Building on the safety culture and safety leadership

• Commence policy review to enhance employee wellbeing and safety culture

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Note: Injury frequency rate figures from FY15 to FY18 are for a June financial year end, with FY19 to FY21 representing a September financial year end

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Yield Performance

A third consecutive year of yield outperformance across all age cohorts and growing regions[1] . Click to edit Master title style Immature orchards delivered an additional 1,876 MT above industry standard yields in FY2021

FY2021 Yield Performance (MT/Hectare)

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Immature Mature
4
3
2
1
0
3rd Leaf 4th Leaf 5th Leaf 6th Leaf Central Piangil Northern Southern Total
Industry standard yield Yield above industry standard
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Points to Note

• Biennial Nature of Crop

• The almond crop is biennial in nature with +/10% per annum variation in tonnage possible

• Variation between Regions and Farms

• Yields are not uniform and vary across both farms and growing regions

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1. Excludes Central Region in FY2021, which was adversely impacted by a power outage on the regions largest farm

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Almond Pricing and Market Conditions

Market participants are awaiting a clearer indication of the 2021 Californian almond crop, which will Click to edit Master title style emerge towards the end of CY2021

Farm Gate Almond Prices (US$/Lb)

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Market Conditions

• Market prices have recovered from their ten-year lows. However, there is instability in the market with market access issues continuing

• European and Asian exports are down 25% and 13% respectively for the Californian season to date (Aug to Oct)

• Market participants are awaiting a clearer indication of the 2021 California almond crop, before making large forward purchase commitments

• Market pricing is likely to be somewhat uncertain until a clear indication of the 2021 crop emerges towards the end of CY2021

U.S. and Australian Almond Exports[1] (MT)

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1,200,000 24.2%
2019/20
2020/21
1,000,000
800,000
26.7%
600,000
9.1%
400,000
200,000
0
Aust US Aust + US Aust US Aust + US Aust US Aust + US
Click to edit Master text styles 3 Months (Jul to Sep) 6 Months (Apr to Sep) 12 Months (Oct to Sep)
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• Industry consensus continues to forecast a 2021 Californian almond crop of between 2.8 to 2.9 billion pounds

• Despite the recent rains, California remains in severe drought, with dam levels at, or near, historic lows

• Australian almond exports are up 34% for the season to date (Mar to Sept), with limited carry-over expected into next season

• Select Harvests anticipates market access issues to improve in Q1 CY2022 post the Chinese New Year closures

Chart source: Almond Price: Derco Foods | Almond Exports: Almond Board’s of California and Australia’s September 2021 export reports. 1. Australia and the U.S (specifically California) account for approximately 87% of global almond production

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Operating Outlook Too early in the horticultural cycle to be able to confidently forecast the 2022 crop Click to edit Master title style

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Crop Volume

Favorourable conditions to date, with trees receiving sufficient chill hours and pollination completed without issue. A limited number of frost events have been mitigated by frost fans. Isolated storm events have done minimal damage to orchard areas.

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Processing

An extensive capital program is underway at Carina West to: increase current production and efficiency levels; accommodate the transition of almond production from Thomastown; and develop new value-add industrial almond products.

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Sales

There continues to be delays in available shipping spaces and disruptions to port facilities. Select Harvests is not exposed to the current almond price decline; our 2022 marketing campaign will commence when there is more certainty in the market.

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Water

The 2020/21 water season has seen higher allocations and a movement of prices below the long-term average. Lower water costs will flow into FY2022, with an estimated savings of $6m to $8m due to favourable carry-over rates.

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Horticulture

Committed to increasing the use of technology to provide a more targeted horticulture management approach, delivering improvements in yield, quality and lower water usage.

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Orchard Base

Opportunities to expand Select Harvests orchard base, via domestic almond greenfield developments, mature almond orchard acquisitions and diversification into other nuts, continues to be assessed.

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Click to edit Master title style Strategy & Priorities

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Triple Bottom Line Focus

Sustainability is a core value underpinning our business strategy and centres across three Click to edit Master title style platforms: Planet, People and Profit

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People
Ethics & Integrity, OHS &
Wellbeing, Inclusion &
Diversity, Human Health &
Nutrition, Food Safety,
Sourcing Sustainability
Profit
Positive absolute
Planet
shareholder returns,
Resource Efficiency, 20% or higher EPS
Sustainable Farm CAGR over 3 years, TSR
at or above 75 [th]
Management, Climate
Change & Water, Bee percentile over 3 years,
Stewardship for capital deployment
ROCE> WACC [1]
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1. ROCE: Return on Capital Employed. WACC: Weighted Average Cost of Capital

www.selectharvests.com.au/sustainability

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2021/22 Triple Bottom Line Focus Areas Sustainability is embedded in everything we do Click to edit Master title style

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Co-Waste Projects
Continue developing three promising
co-waste projects
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Water Efficiency
100% of our orchards use drip
irrigation tree and soil monitoring
systems
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Planet
People
Profit
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Sustainability

Develop sustainability targets to build on 2020 Sustainability Report

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HRIS System
HRIS System to be implemented over
the next 12 months
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Investment in Skills

Securing Labour

Commenced securing harvest labour for 2022

Graduate program and ongoing career development in place

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Carina West Investment

Water Costs

Increase the volume and range of value-added almond products

Lower water costs to flow into FY2022, with estimated savings of $6m to $8m due to favourable carryover rates

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Triple Bottom Line in Action: Co-Waste Projects Select Harvests is undertaking three co-waste projects to increase sustainability and Click to edit Master title style generate positive commercial outcomes for the business

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Almond Hull to Energy

Almond Hull to Fertiliser

Fly Ash to Liquid Fertiliser

Waste Ash to Compost

• Select Harvests co-generation power station is the integral link for our three sustainable cowaste projects, bringing together several sustainability initiatives through waste recycling, compost generation as well as carbon neutral power

• Select Harvests has developed a novel process for digesting almond hull and olive pit waste with urea to produce liquid and solid fertilizers

• Received a 1:1 grant to scale this process up. A pilot plant has been commissioned for Q1 2022, with agronomy trials planned for Q2 2022

• Almost 30% of Select Harvests almond biproduct is consumed by the H2E Power Station to produce low carbon emissions energy that is used to power our Carina West processing facility and neighbouring orchards

• A provisional patent application has been issued with full patent pending

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• In 2021/22 the waste ash byproduct generated by Select Harvests co-generation power station will be used to produce over 45,000 MTs of high-quality compost that will be returned to Select Harvests almond orchards

• Burning almond hull generates an ash. In 2020/21 Select Harvests developed a novel process to convert waste ash into high-grade potassium rich liquid fertilizer.

• On farm trials conducted in Select Harvests almond orchards

• 2020/21 demonstrated that this product could be delivered as a ■ Led to a significant reduction in potassium supply while also the requirements for external providing benefits in drip irrigation chemical fertigation, improved cleaning soil health, generated cost saving and returned carbon to soils

• A pilot plant has been identified using a Lamella clarifier to scale up ■ Currently seeking EPA approval the process. Lamella is a thin layer, for a commercial license to membrane or tissue designed to supply 3rd party horticulture remove particulates from liquids. producers

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Select Harvests Strategy Select Harvests – in control of our destiny Click to edit Master title style

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Delivering on our Strategic Priorities Strategic Priorities – the pathway to achieving our vision Click to edit Master title style

Click to edit Master text styles 1. Excludes Central Region in FY2021, which was adversely impacted by a power outage on the regions largest farm

1. Excludes West Australian orchards which were sold by Select Harvests in 2016

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Volume Growth

Our investment in greenfield developments and orchard acquisitions will underpin long term growth Click to edit Master title style

Select Harvests Theoretical Harvest Volume (MT)

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33%
30,980
22% 29,537
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
Theoretical
Volume
1 1 2
Yield from Existing Portfolio Yield from Committed & Immature New Plantings Piangil Orchard
28,250
22,690 23,250
15,700
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Click to edit Master text styles 1. Assumes a 3.3MT per ha (1.35MT per acre) mature yields and immature yields based on the average of the 2019, 2020 and 2021 crops 2. Assumes a 3.5MT per ha (1.40MT per acre) mature yields for Piangil Orchard.

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Industrial Value-Add Almond Business

Demand for our value-added industrial almond products continues to increase. +600 customers Click to edit Master title style globally, across multiple customer categories with net sales approaching $60m

Australian New Almond Product Introductions

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386
308 308
302
286 281
237
146 141
111
63
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Source: Australian new almond product introductions source: Innova Market Insights, May 2021

Multiple Customer Categories

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Confectionery

Bakery

Beverages

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Cereal
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Ice Cream
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Snacking

Approaching $60m in Net Sales

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FY17 FY21
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FY2022 Priorities

Continue to execute on our growth strategy, underpinned by a world class portfolio of almond assets Click to edit Master title style

VISION To be a Leader in the Supply of Better for You Plant Based Foods

STRATEGIC

PRIORITIES

THE PATHWAY TO ACHIEVING OUR VISION

Food Division

Restructure

Transition Thomastown almond production to Carina West

Carina West

Development

Further develop the Carina West processing facility

Strategic Growth

Opportunities

Continue to assess options to deliver additional growth

OPERATIONAL

Safety and Wellbeing

2022 Hort. Program

Cost Reductions

FOCUS

WHAT WE DO EVERYDAY

Ensure the safety and wellbeing of our employees

Deliver optimal tree health and productivity

Continue to reduce cost per kg across all production stages

Marketing Program

Maximise the value of the 2022 almond crop

Manage Cash Position

Manage cash position and maintain balance sheet strength

Value-Added Almonds

Capitalise on the growing global demand for value-added almonds

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Click to edit Master title style Thank You & Questions

Please direct any queries to:

Paul Thompson Brad Crump Andrew Angus Managing Director CFO and Company Secretary Investor Relations +61 3 9474 3544 +61 3 9474 3544 +61 402 823 757

Investor Relations

Please note that background material/data regarding the global almond industry can be found on the Select Harvests Limited website.

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Historical Financial Summary

Select Harvests consolidated results for year ended 30 September/June Click to edit Master title style

SELECT HARVESTS CONSOLIDATED	2009 2010 2011 2012 2013 2014* 2015 2016 2017 2018 2019 2020 2021**	2009 2010 2011 2012 2013 2014* 2015 2016 2017 2018 2019 2020 2021**
RESULTS FOR YEARS ENDED 30 SEPTEMBER/JUNE	30-June	30-September
Total sales Earnings before interest and tax Operating profit before tax Net profit after tax Earnings per share (Basic) (cents) Return on shareholders' equity (%) Dividend per ordinary share (cents) Dividend franking (%) Dividend payout ratio (%)	248,581 238,376 248,316 246,766 190,918 188,088 223,474 285,917 242,142 210,238 298,474 248,26 288,217 26,827 26,032 22,612 (2,495) 5,241 31,288 85,845 49,785 16,979 34,869 80,065 38,726 18,165 23,047 23,603 18,473 (8,743) 198 26,833 80,514 44,290 11,978 29,464 76,108 36,662 15,892 16,712 17,253 17,674 (4,469) 2,872 21,643 56,766 33,796 9,249 20,371 53,022 25,001 15,116 42.6 43.3 33.7 (7.9) 5.0 37.5 82.9 46.7 12.6 23.2 55.5 26.0 12.7 16.6 15.2 10.5 (2.8) 1.8 12.3 19.8 11.6 3.3 5.4 12.7 6.2 2.9 12 21 13 8 12 20 50 46 10 12 32 13 8 100 100 100 100 100 55 - 54 100 100 100 100 100 28.2 48.5 38.6 (101.3) 239.8 53.5 62.8 99.1 79.4 51.7 57.7 50.0 62.9
Financial ratios Net tangible assets per share ($) Net interest cover (times) Net debt/equity ratio (%) Current asset ratio (times)	1.56 1.87 2.17 2.19 2.14 2.38 3.35 3.22 2.95 3.34 3.60 3.46 3.68 7.10 10.70 6.70 (0.4) 1.0 6.9 15.9 9.0 3.4 6.4 20.0 18.7 8.0 51.9 39.6 43.3 41.7 49.6 54.0 38.2 23.1 52.5 18.7 6.6 79.6^ 66.7 0.79 1.44 1.96 1.42 1.61 4.02 3.36 1.90 1.05 4.49 2.74 2.39 2.22
Balance sheet data as at 30 June Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Net assets	81,075 83,993 91,228 76,936 123,303 136,639 207,782 155,521 136,610 162,118 173,666 217,397 257,838 133,884 145,612 214,352 202,371 180,542 194,080 280,130 294,251 343,081 354,435 379,190 607,497 745,967 214,959 229,605 305,580 279,307 303,845 330,719 487,912 449,772 479,691 516,553 552,856 824,8941,003,805 102,348 58,469 46,454 54,369 76,800 33,988 61,893 81,783 130,371 36,104 63,455 91,062 116,050 11,735 57,515 90,311 64,608 67,540 121,325 138,632 77,088 71,701 101,809 73,398 328,822 360,799 114,083 115,984 136,765 118,977 144,340 155,313 200,525 158,871 202,072 137,913 136,853 419,884 476,849 100,876 113,621 168,815 160,330 159,505 175,406 287,387 290,901 277,619 378,640 416,003 405,010 526,956
Shareholders' equity Share capital Reserves Retained profits Total shareholders'equity	46,433 47,470 95,066 95,957 97,007 99,750 170,198 178,553 181,164 268,567 271,750 279,096 397,343 12,949 11,327 11,201 10,472 9,144 12,190 12,818 11,168 11,602 9,601 10,417 14,280 7,657 41,494 54,824 62,548 53,901 53,354 63,466 104,371 101,180 84,853 100,472 133,836 111,634 121,956 100,576 113,621 168,815 160,330 159,505 175,406 287,387 290,901 277,619 378,640 416,003 405,010 526,956
Other data as at 30 June Fully paid shares (000) Number of shareholders	39,519 39,779 56,227 56,813 57,463 57,999 71,436 72,919 73,607 95,226 95,737 96,637 120,224 3,296 3,039 3,227 3,359 3,065 3,779 4,328 8,908 11,461 11,943 10,331 11,258 10,236
Select Harvests' share price -close ($)	2.16 3.46 1.84 1.30 3.27 5.14 11.00 6.74 4.90 6.90 7.69 5.57 8.29
Market capitalisation	85,361 137,635 103,458 73,857 187,904 298,115 785,796 491,474 360,674 657,059 736,218 538,268 996,660

$'000 (except where indicated)

• The 2014 result has been restated due to the early adoption of changes to Accounting Standards, AASB 116 Property, Plant and Equipment, and AASB 141 Agriculture, impacting 'bearer plants’. ^As a result of implementation of AASB16 Leases on 1 October 2019, the Company recognised Right-of-use assets and lease liabilities in its books Click to edit Master text styles

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Orchard Portfolio

One of the world’s largest almond growers, with a geographically diverse 9,262-hectare orchard portfolio Click to edit Master title style

Select Harvests Orchard Map

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Benefits of Geographic Diversity & Scale

• Geographic diversity limits exposure to:

• Weather

• Disease spread

• Insect infestation

• Positions the company to maximise harvest volume and reduce variance

• Enables sequential progression of harvest period across regions for better utilization of:

• Farm equipment

• Processing

• Labour

• Secure access to diverse water sources:

• River Water

• Aquifers

• Maximises economies of scales to achieve

• Global bottom quartile almond farming and processing costs

• Scalable adoption of proven on-farm technologies and processes

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Planted Hectares

2.6x growth in planted hectares since 2012[1] Click to edit Master title style

Select Harvests Orchard Profile

Select Harvests Planted Almond Hectares[1]

Select Harvests		Total Planted
Almond orchard portfolio	(as at	30 September 2021)
	hectares	acres
Central Region
Company Owned	1,693	4,183
Piangil Orchard	1,566	3,870
Leased	1,385	3,422
Total	4,644	11,475
Northern Region Company Owned	727	1,797
Leased	1,221	3,017
Total	1,948	4,814
Southern Region
Company Owned	1,120	2,769
Leased	1,549	3,828
Total	2,670	6,597
Total
Company Owned	5,107	12,619
Leased	4,155	10,267
Total	9,262	22,886

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1. Excludes West Australian orchards which were sold by Select Harvests in 2016

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9,262 9,262
20%
7,677 7,696
7,135
6,686
5,387 [5,594]
4,056
3,563
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
SHV Orchards Piangil Orchard
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Orchard Age Profile

Select Harvests weighted average orchard age is 13.5 years, with 100% of current planted Click to edit Master title style acres cash generative[1]

Age Profile of Select Harvests Almond Orchards[1]

(100% of current planted hectares are cash generative)

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25% 71% 4%
Planted orchards are Planted orchards in economic sweetspot - Planted orchards post
immature low capex & high cash generation economic maturity
16%
14%
12%
10%
8%
6%
4%
2%
0%
1
Tree Age (Years)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38
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1. Tree age is in reference to the 2022 crop

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Orchard Acquisition & Development History

26 separate almond orchard acquisitions and greenfield developments since 2010: 7,968 hectares in total[1] Click to edit Master title style

• Pre 2010 (1,294 ha) 2011 2014 2016 • • • • Kyndalyn Park (405 ha) Belvedere (603 ha) Allinga (253 ha) Mountview (81 ha)

• • • • • Boundary Bend (127 ha) Bannerton (48 ha Amaroo (782 ha) Mountview greenfield (43 ha)

• • added to Carina) • • Wemen (163 ha) Mullroo (163 ha) Amaroo greenfield (135 ha)

• • • Blaxland (157 ha • • 2018 Lake Powell Lot 2 (202 AOAL greenfield Mullroo greenfield (129 ha)

• • ha)Lake Powell Lot 5&6 • added to Carina)Lake Powell Lot 1 (51 ha, added to Carina) • Bunargool greenfield (578 ha) • Billa Downs greenfield 2020 • Piangil (213 ha) (208 ha) (1,566 ha)

• (397 ha) 2010 2011 2013 2014 2015 2016 2017 2018 2019 2020 2021

• 2010 2013 2015 2017 2019 • • • • • Yilgah (1,006 ha) Maxdy (120 ha added to Allinga greenfield Jubilee (465 ha) Pocock (19 ha)

• • Mooral (215 ha) Carina) (384 ha) • Farm 7 greenfield • Agrico (279 ha added to (158 ha) Today (9,262 ha)

• Carina) • AOAL greenfield (13

• • AOAL (118 ha added to ha, added to Carina) Carina) • Amaroo greenfield (181 ha)

Click to edit Master text styles

1. Excludes West Australian orchards which were sold by Select Harvests in 2016

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Almond Export Update

Exports continue to be impacted by shipping and logistics issues. Despite this, Australia exports Click to edit Master title style are up 34% for the season to date

U.S. and Australian Almond Shipments

Points to Note

U.S Shipments: Carry-in from previous crop Estimated current crop size1 Less 2% loss/exempt1 Less shipments to date: US Domestic: Shelled Manufactured Products Inshell Internal Industry Activity Total Domestic Export: North East Asia (inc. China) Sth East Asia (inc. Vietnam) Sth Asia (inc. India) Europe Mid East/Africa Others Total Export Less Commitments Remaining Unsold Supply	2021/22 Crop YTD (Thousand MT) Aug 2021 to Oct 2021 276 1,270 25 58 42 1 1 -12 89 45 5 56 59 26 15 207 339 885	2020/21 Crop YTD (Thousand MT) Aug 2020 to Oct 2020 204 1,361 27 54 44 1 1 -7 92 44 8 70 79 35 19 254 455 736	% Change
			35.1%
			(6.7%)
			(6.7%)
			6.2%
			(4.6%)
			45.7%
			(9.5%)
			66.9%
			(3.7%)
			2.7%
			(31.5%)
			(20.4%)
			(24.6%)
			(25.5%)
			(18.7%)
			(18.6%)
			(25.4%)
			20.3%

Click to e~~d~~ Australian Shipments: Exports: Nth East Asia (inc. China) Sth East Asia (inc. Vietnam) Sth/Central Asia (inc India) Europe Mid East/Africa Others Total Exports	~~it Master text~~ 2020/21 Crop YTD (Thousand MT) Mar 2021 to Sep 2021 26 7 16 9 4 2 63	~~styles~~ 2019/20 Crop YTD (Thousand MT) Mar 2020 to Sep 2020 16 4 9 12 3 4 47	% Change
			64.1%
			82.6%
			68.1%
			(21.7%)
			46.7%
			(50.3%)
			34.0%

Source: Almond Board of California and Australia October 2021 and September 2021 export reports

• U.S. shipments and forward commitments have been impacted by the ongoing global shipping and logistics issues, with lower shipments for the crop year to date vs. last year

• U.S. export shipments to Europe and South Asia (inc. India) are down 25% and 20% respectively

• Carry-in European inventories remain elevated due to higher purchasing last season and earlier purchasing this season for holiday production

• India was a significant growth market in the 2021/21 season, as lower prices stimulated increased demand.

• Shipping and logistics issues are also impacting Australian almond exports. Despite these issues, Australian exports are performing strongly this season, up 34%

• The key Australian markets of India and China are up 75% and 65% respectively

• The inshell markets of India and China have led this strong growth, with total Australian inshell exports up 90% for the season to date to 42,271 MT

• Estimates sourced from Derco Foods October 2021 and October 2020 almond reports

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Tree Nut Pricing

Almonds have been the best value of the major tree nuts for two years Click to edit Master title style

Selected Tree Nut Pricing (A$/kg CFR)

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18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
Vietnamese Cashew WW320 Pistachio Inshell R&S California Walnuts LH&P Almond Kernel SSR
Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21
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Click to edit Master text styles

Source: Select Harvests Company Data

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Australian Water and Climate Update

The 2020/21 Murray-Darling Basin water season has seen higher allocations and a movement Click to edit Master title style of prices below the long-term average

Water Prices

Climate Outlook

• The 2021/22 water season has seen favourable weather conditions, higher MDBA storage levels and higher annual water allocations announcements

• Every MDB entitlement type has reached full allocation, excluding NSW Murray 11 at 97%. This is the highest combined allocation received in over 14 years

• The Murrumbidgee Inter-Valley Trade (IVT) account was opened on 15 November with 100GL transferred out before it closed. This additional volume softened temporary water prices by $5/ML - $10/ML

• Total active MDBA storage is currently at 94%, vs. 62% at the same time last year

• Climate models indicate that La Niña thresholds will be met in November and maintained until at least January 2022. This pattern is likely to contribute to a wetter than average outlook for eastern Australia.

• Rainfall from December to February is likely to be above median for most of NSW and Victoria

• There is an increased chance of unusually high rainfall (in the top 20% of records) for December to February for much of the eastern two thirds of Australia

Temporary Water Prices and Allocation Volumes[1]

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8,000 700
7,000 600
6,000
500
5,000
400
4,000
300
3,000
Average Price: $180/ML 200
2,000
1,000 100
- 0
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 YTD FY22
Total allocated water against major MDB surface water entitlement types (GL | LHS)
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1. Source: State water registers

2. Source: Australian Bureau of Meteorology

3. Minimum temperature for December to February are likely to be warmer than the median for most of Australia

Chance of Exceeding Median Rainfall

(December 2021 to February 2022)[2]

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Californian Water and Climate Update

80% of California remains in Extreme Drought, with 38% of the state in Exceptional Drought. Click to edit Master title style The combined storage level of California’s major reservoirs is only at 31% of total capacity

California Drought Monitor

November 16, 2021

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November 17, 2020

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California Reservoir Storage Levels (as of November 14, 2021)

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77%
Storage as % of Total Capacity 75%
16.3 AF
Million Acre Feet (AF) of Storage 15.7 AF
57% 58%
12.0 AF 12.2 AF 54%
11.3 AF
45% Average (50% | 10.4 AF) 46%
9.4 AF 9.6 AF
31%
28% 26% 6.4 AF
5.9 AF 5.5 AF
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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• Major Californian reservoir storage is currently at similar levels as during the 2014/15 Californian drought

• Since the 2014/15 drought there has been a significant increase in plantings of permanent crops in California

• On industry estimate is that an additional 855,000 acres of Almonds, Pistachio’s and Walnuts have been planted since 2014

• This equates to at least an additional 3.2-million-acre feet of water being required by permanent crops since the last Californian drought, equivalent to 15% of California’s major reservoir storage

Source: California Department of Water Resources

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Useful Almond Industry Websites

Industry Associations Click to edit Master title style

• Californian Almond Board

www.almondboard.com www.australianalmonds.com.au www.nutfruit.org/about-us/history

• Almond Board of Australia

• International Nut and Dried Fruit Council

Industry Reports

• US Crop Forecasts (Subjective, Objective)

• Monthly Almond Position Reports

• Almond Almanac

• UC Davis Almond Development Costings

• INC Nuts & Dried Fruits Yearbook

• INC World Tree Nut Trade Flows

www.almonds.com/tools-and-resources/crop-reports www.almonds.com/tools-and-resources/crop-reports/position-reports www.almonds.com/tools-and-resources/crop-reports/almond-almanac https://coststudies.ucdavis.edu/en/current/commodity/almonds/ https://www.nutfruit.org/files/tech/1625230833_INC_Stats_2021.pdf https://www.nutfruit.org/files/multimedia/1621524924_Trade_Map_Series.pdf

Almond Companies

• Blue Diamond Growers

www.bluediamond.com

• Blue Diamond Ingredients

• Almond Insights

• Derco Foods

• RPAC Almonds

• Wonderful Pistachios & Almonds

www.bdingredients.com/category/almond-market-analysis www.almondinsights.com www.dercofoods.com/en/english-reports/english-almond-reports www.rpacalmonds.com/marketnews www.wonderfulpistachiosandalmonds.com/#ourdifference

Definition & Explanations

Certain financial measures mentioned in this presentation (including EBITDA, EBIT & ROCE) are Non-IFRS measures. They are used by the company

and are relevant because they are consistent with measures used internally by management and by some in the investment community to assess Click to edit Master text styles the operating performance of the business. The non-IFRS measures have not been subject to audit or review.

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