SELECT HARVESTS LIMITED — Capital/Financing Update 2015

Jul 13, 2015

14 July 2015

Global Market & Local Crop Update

Select Harvests’ Managing Director Paul Thompson reports that world almond prices remain firm and the release of the US June Almond Industry Position Report on 10 July has reinforced the continuing strong demand for almonds in the face of restricted global supply.

While US domestic market shipments are down 0.1% year to date (“YTD”), export shipments are down 9.4% YTD and total shipments are down 6.4% YTD, these shipment numbers align to the USA crop receipts which are down 7.0% year on year. The drop in supply has maintained the pressure on almond pricing.

In addition to being the largest almond producer, the US is also the largest global almond consumer and despite strong prices, they have just posted a record for June domestic shipments with 54.3 million pounds, up 1.8%. Even more importantly, forward US domestic commitments are 135.5 million pounds, up 15.0% on June 2014, presenting a confident forward outlook.

Strong demand is evident other key global markets, with China up 62% year on year for the month of June and India up 25% YTD. It is clear that global consumers continue to demand more almonds, at current prices.

Mr. Thompson said “With 72% of 2015 crop now processed, we now have greater clarity on both volume and quality. Subsequently, we have lifted the volume estimate to 14,500 tonnes (up from 13,400 tonnes previously). We now have 70% of the crop committed for sale and as a result of mix, quality and favourable currency, we have lifted the price estimate to A$11.45/kg (up from A$11.00/kg previously).

The USDA released its Objective Crop Estimate on 1 July. The estimate concludes a 2015 crop of 1.80 billion pounds, which is similar in size to 2014 (1.87 billion pounds), with no sign of the significant US drought abating.

While it is early days for the Select Harvests’ 2016 crop, the recent cold snap has ensured that the orchards have received sufficient chill hours between seasons and we now have everything in place for the important bloom period in late August.

Paul Thompson said “With global demand intact and strong, in particular the strength of the Asian markets, and global supply constrained, we see pricing remaining stable for the foreseeable future. Select Harvests remains focussed and committed to its strategy to improve yield, quality and mitigate risk and deliver improved outcomes for shareholders”.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Paul Thompson, Managing Director 03 9474 3544 Paul Chambers, Chief Financial Officer 03 9474 3544 Andrew Angus, Investor Relations 0402 823 757

BACKGROUND:

Select Harvests Ltd (ASX:SHV) is an ASX listed, fully integrated almond business consisting of orchards (company owned, leased, joint venture and managed), primary processing (hulling & shelling), secondary processing (blanching, roasting, slicing, dicing, meal), trading (industrial products) and consumer products (Private Label & Brands - Lucky, Sunsol, Soland, Nuvit, Renshaw & Allinga Farms). Select Harvests also import a full range of nuts (in addition to almonds) for inclusion in their Consumer Products range of nut products. Australia is a significant global almond producer and Select Harvests are one of Australia’s largest almond companies, supplying almonds domestically and internationally, to supermarkets, health food shops, industrial segments and the almond trade. The company is headquartered at Thomastown on the outskirts of Melbourne, Australia while its orchards are located in North West Victoria, Southern New South Wales and South Australia. Its primary processing facility (Carina West) is located at Wemen in North West Victoria and the secondary processing facility is located at Thomastown .