SELECT HARVESTS LIMITED — Capital/Financing Update 2019

Mar 31, 2019

1 April 2019

SELECT HARVESTS LIMITED (SHV) CROP AND MARKET UPDATE

With SHV well into its 2019 harvest, the company’s Managing Director, Mr Paul Thompson has provided the following crop and market update.

Crop Update

With ideal conditions so far the 2019 harvest is progressing very well. Around 50% of the trees have been harvested and completion is expected around the end of April.

Results from the 25% of the crop processed so far is 10% above industry benchmark volumes.

Dry conditions, new technology and improved horticultural practices have resulted in a relatively high-quality product with lower percentage of manufacturing grade. In addition, the introduction of new processing technology has resulted in improved productivity.

We expect that, with continuing favourable harvest conditions, the yields of the still to be harvested pollinator varieties should at least meet industry benchmarks.

Market Conditions

The combination of a lower 2018 Californian crop (current estimate of 2.26 billion pounds versus the Objective Estimate of 2.45 billion pounds) and strong demand from China has had a positive impact on the market.

Select Harvests’ 2019 crop is over 50% committed for sale at prices above the previously provided range of A$8.20 - A$8.50/kg. The first shipments of in-shell product are being received by our customers this week.

The remaining uncommitted portion of Select Harvests crop is also being marketed at or above the A$8.20 – A$8.50 range.

With the estimated crop volume over 70% USD hedged and almond prices expected to remain at current levels, we are now forecasting an FY2019 almond price range of A$8.40 - A$8.70/kg.

Almond Division Production Costs

Given the ongoing focus on productivity and the assumed increased yields, Select Harvests’ cost of production per kg has decreased, with the exception of water. As previously advised, water costs for this season have increased significantly, however ongoing strategic management of the Company’s water portfolio has led to the exposure to current very high temporary water prices being minimised. While the water cost increase will have a material negative impact to the result, it is likely to be more than offset by assumed improved yields and higher almond prices.

Reporting

With the recent change to SHV’s financial year the 2019 half year results will be released towards the end of May 2019.

A full crop update will be provided once the harvest process has been completed.

ENDS

03 9474 3544 03 9474 3544 0402 823 757

FOR FURTHER INFORMATION, PLEASE CONTACT: Paul Thompson, Managing Director & CEO Brad Crump, Chief Financial Officer & Company Secretary Andrew Angus, Investor Relations

About Select Harvests:

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 (Brands - Lucky, Sunsol, Soland, NuVitality, Renshaw & Allinga Farms, as well as providing Retailer brands). Select Harvests imports a full range of nuts (in addition to its almonds) and a wide range of other ingredients for inclusion in their Consumer Products range. 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 stores, other food manufacturers, retailers and the almond trade.

The company is headquartered at Thomastown on the outskirts of Melbourne, Australia while its orchards are in North West Victoria, Southern New South Wales and South Australia. The primary Almond processing facility (Carina West) is located at Wemen in North West Victoria and the second processing, value-adding and packing facility is located at Thomastown.

For more information, visit www.selectharvests.com.au

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