SELECT HARVESTS LIMITED — Capital/Financing Update 2011

May 8, 2011

ASX ANNOUNCEMENT

MARKET UPDATE

9[th] May 2011

Olam Contract

Select Harvests (ASX: SHV) has been notified by Olam International Limited (“Olam”) that it does not intend to extend its management services agreement with Select Harvests beyond the 2012 crop. The decision will not impact Select Harvests’ 2011 or 2012 earnings. There will be a part year impact on 2013 earnings.

Since the collapse of Timbercorp, and the transition of ownership of Timbercorp’s orchards to Olam in 2009, Select Harvests has embarked on a strategy of expanding its Company Orchards through acquisition, long-lease and by establishing greenfield orchards.

Over the last 18 months Select Harvests’ has increased its Company Orchards from 3,400 to 10,800 acres. This will increase to 13,100 acres upon completion of the Stage 2 planting of the greenfield development in Western Australian in winter 2011.

Excluding the Olam orchards and following the planting of Stage 2 in WA, Select Harvests will be the manager of 17,600 acres. These orchards have the potential to produce approximately 23,000 tonnes of almonds at full maturity.

Select Harvests will continue to grow its Company Orchards and management services business and continues to evaluate a number of opportunities in the market, including the potential to develop up to a total of 10,000 acres in Western Australia.

By 2013, Select Harvests will benefit from an improved maturity profile across its existing Company Orchards. The company will also benefit from the first yields from Stage 1 of its greenfield development in Western Australia.

Trading Update

At our 1H11 financial results Select Harvests advised the market that based on the 2011 crop estimate and almond price at that time, and normal harvesting conditions, the Company expected underlying FY11 net profit after tax to be above the previous year.

Since that time, we have experienced the continued strengthening of the Australian dollar and a weaker than anticipated almond price. In addition the crop is below our initial estimate. High levels and frequency of rainfall before and during the harvest have delayed harvesting and further impacted yields.

As a result of these factors the Company currently anticipates underlying net profit after tax will be between 15 and 20 percent lower than FY10.

John Bird, Chief Executive, Select Harvests, said:

“Securing a three year contract with Olam gave us the time and opportunity to develop our strategy to expand our Company Orchards. By winter 2011 we will have nearly quadrupled Company Orchards from 3,400 acres to 13,100 acres in less than 2 years.

We have strong momentum in our strategy and will continue to evaluate opportunities to increase Company Orchards by acquisition or long-lease, enabling us to benefit from the full almond value chain and maintain significant scale in our management services business.

“While the business is facing some external headwinds, we remain well positioned to benefit from the continued favourable supply dynamics in the world almond market.”

Ashok Krishen, Global Head of Olam’s Edible Nuts business, said:

“This decision is consistent with our global strategy to manage all of our nuts businesses across the full value chain. We look forward to continuing to work with Select Harvests until the contract is completed.”

For further information please contact:

Investors and analysts

John Bird, Managing Director 03 9474 3544 Paul Chambers, Chief Financial Officer 03 9474 3544 Media nightingale communications 03 9614 6930 Tim Williamson 0458 680 130 Kate Inverarity 0413 163 020