SELECT HARVESTS LIMITED — Capital/Financing Update 2015

Apr 27, 2015

28 April 2015

Global Market & Local Harvest Update

Select Harvests’ Managing Director Paul Thompson reports that world almond prices have firmed following the release of the US March Almond Industry Position Report on 10 April, reflecting the continuing strong demand for almonds, in the face of restricted global supply.

US domestic market shipments are down 1.7% year to date (“YTD”) and export shipments down 12.2% YTD, with total shipments down 8.9% YTD and forward commitment down 1.1%. These shipment numbers compare favourably to the USA crop receipts which are down 7.1% year on year. The current forecast shows the carry over inventory will be 287.6 million pounds, 18.0% lower than last year end. The market has been led by the continued strength of American consumption, which despite higher prices has consumed almonds at levels broadly consistent with last year, despite the higher prices and 7% less supply. The reemergence of key global markets, China up 149% year on year for the month of March and India up 23% YTD, is encouraging and demonstrates the broad global base of almond demand.

Turning to Select Harvests’ current crop, Mr. Thompson said that with additional investment in harvest equipment, the company had been able to harvest 95% of its farms and at this stage anticipates finishing harvest within a week. The crop estimate remains at 13,400 tonnes, which is 20% above last year’s crop, with better quality than last year. 30% of the crop has been processed and 55% of the crop sold, with cash already banked from some Indian sales.

Select Harvests remains committed to its strategy to improve yield, quality and mitigate risk. Its investment in additional equipment, night harvesting activities and the dryer have been key factors in improving the harvest productivity and delivering these outcomes.

Mr Thompson concluded saying “Select Harvests is now confident lifting the average almond price to A$11.00/kg, up from the prior estimate of A$10.20/kg and 29% up on last year’s average price of A$8.50/kg. With current macro fundamentals firmly in place, driven by the outstanding health & nutritional credentials of almonds, continuing strong demand and reduced world supply, we expect prices to remain firm”.

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 .