SELECT HARVESTS LIMITED — Interim / Quarterly Report 2021

May 27, 2021

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

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This presentation deck accompanies a live webcast at 1.00pm AEST on Friday 28 May 2021

You can participate in the webcast:

• by using the following link

https://us02web.zoom.us/webinar/register/WN_hoo8FakHTv65ukpAYVG7eA

• or by following the links on the Select Harvests website

www.selectharvests.com.au/webcast/ and clicking on the Select Harvests 1H FY 2021 Results webcast link

You are advised to log on at least 15 minutes before 1.00pm.

If you are unable to participate in the live presentation, an archived version will be available to download shortly after the conclusion of the briefing.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 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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Click to edit Master title style Business Performance

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1H FY 2021 Financial Overview Lower global almond prices have negatively impacted earnings Click to edit Master title style

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Earnings per Share
(Basic)
$1.3m $12.8m
1.1 cents
1.1% Margin 11.1% Margin Due to the current unfavourable market
conditions no dividend has been declared for
the interim financial period.
Almond Division EBIT [1 -] $3.1m
Net Debt to Equity Operating Cash Flow
Food Division EBIT [1 -] $3.1m
$6.3m
21.7% Strong yields and a focus on operating costs
helped delivered a positive EBIT [1] in a
Positive operational cashflow due to Covid-19
challenging almond price environment
(Excluding lease liabilities) related timing of sales
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1 - Non-IFRS measure used by the company are relevant because they are consistent with 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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1H FY 2021 Operating Overview

Continue to maintain better than industry standard yields, with a record almond crop estimated for 2021 Click to edit Master title style

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Almond Crop
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28,250 MT
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Continue to maintain better than industry standard yields

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Total Almond Production Costs $5.56/kg

Growing costs remain well controlled

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Average Almond Price
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$6.00/kg
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50% of the 2021 SHV crop contracted for sale

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People and Safety

6% reductionin TRIFR[1]

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Currency

$0.73 AUD/USD

Over 80% of crop export sales hedged at approx. $0.73 Piangil Almond Orchard

Acquisition completed Capex program commenced

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1 - Total Recordable Incident Frequency Rate (TRIFR). Based on our Annual Moving Total (MAT) for March 2021.

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Operating Performance It is anticipated that the second half of 2021 will be similar to the first half result Click to edit Master title style

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Almond Sales

The 2021 crop has been fully harvested and delivered to our Carina West processing facility. The company’s focus is on selling the remainder of the 2021 crop. Without an improvement in pricing, it is anticipated that the second half result will be similar to the first half.

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Processing

40% of the 2021 total crop has been processed to date with no major issues identified. Prior year investment in processing technology has enhanced quality levels and efficiency. Higher inshell production rates and the use of on-farm conditioners is forecast to increase throughput rates and decrease processing costs per kilogram for the 2021 crop.

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Water
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2021 crop water commitments have been completed, with a lower cost per kg achieved. FY 2021 water costs impacted by a large volume of 2020 carryover water. The spot price of temporary water rights has significantly reduced.

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Water Carina West Investment

Food Division Restructure

Prior to the 2021 season capital works were completed to add capacity to stock pad, storage and inshell sorting.

The sale of SHV’s Consumer Branded and nonalmond Industrial business is progressing well. A number of parties are engaged in due diligence and SHV expects to conclude the process by the end of FY 2021.

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Corporate

Capital and cash management remain a key focus. Cashflows continue to be impacted by Covid-19 related impacts on the global shipping supply chain. As the 2021 crop is sold, 2H FY 2021 operational cashflows will increase leading to a forecasted positive net operating cashflow for FY 2021.

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1H FY 2021 Results in Context

The company remains focused on factors within its control such as almond volume, Click to edit Master title style quality and production costs

Almond Volume

Almond Price

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Total Almond Production Cost

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NPAT

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5 Yr Average
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Income Statement

Result impacted by reduction of global almond pricing Click to edit Master title style

Income Statement $ millions	**1H FY 2021 **	**1H FY 2020 **	Variance	Variance	%	■	Increased revenue due to Covid-19 delayed 2020 crop sales occurring during 1H FY 2021
Almond Volume MT	28,250	23,250		5,000	21.5%	■	1H FY 2021 EBITDA1 $12.8m (1H FY 2020 $34.5m) - decreased
Almond Price Per Kg	6.00	7.50		(1.50)	(20.0%)		result driven by lower global almond pricing
						■	Almond Division EBIT1 $3.1m (1H FY 2020 $28.1m)
Total Revenue	116.1	93.5		22.6	24.2%
							− Global almond price decreased to $6.00/kg (1H FY 2020
EBITDA	12.8	34.5		(21.7)	(62.9%)		$8.20/kg and FY 2020 $7.50/kg)
							− Additional volumes generated from Piangil acquisition
Depreciation & Amortisation	9.9	9.1		(0.8)	(8.8%)
							− Hull volumes sold decreased due to improved seasonal
Almond Division EBIT	3.1	28.1		(25.0)	(88.9%)		conditions
Food Division EBIT	3.1	1.7		1.4	82.4%
Corporate	(3.2)	(4.3)		1.1	26.1%		− Total 2021 crop costs/kg (excl. water) increased by 4.9% d
							to maturity profile and lower net yields
Total EBIT	3.0	25.4		(22.4)	(88.2%)	■	Food Division EBIT1 higher at $3.1m (1H FY 2020 $1.7m)
Net Financing costs	(1.2)	(0.7)		(0.5)	(71.4%)		− Improved margins from value-added Industrial food
Tax Expense	(0.5)	(7.3)		6.8	93.2%		products
							− Increased ranging of Lucky and Sunsol sales growth
NPAT	1.3	17.4		(16.1)	(92.5%)
							− Operational costs held flat
EBITDA Margin (%) EBIT Margin (%)	11.1% 2.6%	36.9% 27.2%		(25.9%) (24.6%)	(70.1%) (90.5%)	■	Corporate costs lower due to decreased employee payments
Click to edit Master text styles 1 -Non-IFRS measures used by the company are relevant because they are consistent Earnings Per Share (cents) 1.1 19.3				with me (18.2)	asures used inte (94.3%)	rnally	and discretionary spend by management and by some in the investment community to

• 1H FY 2021 EBITDA[1] $12.8m (1H FY 2020 $34.5m) - decreased result driven by lower global almond pricing

• Total 2021 crop costs/kg (excl. water) increased by 4.9% due to maturity profile and lower net yields

1 - Non-IFRS measures used by the company are relevant because they are consistent with 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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Group EBIT Movement 1H FY 2021 Group EBIT significantly impacted by lower global almond prices Click to edit Master title style

Group EBIT[1] Movement

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

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Current Year Almond Crop Sensitivities

40% of SHV’s 2021 total crop has been processed to date, with 50% contracted for sale. Click to edit Master title style 80% of export sales forecasts are hedged against the USD at $0.73

• A portion of the current year almond crop is classified as a biological asset and valued in accordance with AASB 141 "Agriculture". In applying this standard, the consolidated entity has made various assumptions at the interim balance date.

• The actual crop quality and yield will not be known until it is processed.

• The actual price will not be known until the crop is fully contracted and sold.

• Assumptions and sensitivities are outlined below.

Metric	Assumption	Sensitivity - EBIT Impact
CropSize	28,250 MT	1%movement =$1.7m
CropPrice	AUD$6.00/kg	1%movement =$1.7m
AUD/USD FX Rate	$0.73	1¢ movement =$2.3m

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Crop Costs

Increase in cost per kg due to maturity profile and lower net yield Click to edit Master title style

Cost per Kg – 2020 Crop vs. 2021 Crop

Crop Costs by Type

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Processing
Harvesting Lease
Other
Irrigation
Repairs &
Maintenance
Harvest Freight
Chemicals &
Spray
Bees
Depreciation
Labour
Electricity
Fertiliser
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Water
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	2020 Crop	2021 Crop	Change
Hort. Cost Per Kg	$2.06	$2.23	8.3%
Water Cost Per Kg	$0.98	$0.95	-3.1%
Cash Cost Per Kg	$4.88	$4.95	1.4%
Total Cost Per Kg	$5.37	$5.56	3.5%

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Balance Sheet

Balance Sheet remains in a strong position Click to edit Master title style

	1H FY 2021 1H FY 2020 231.8 212.1 2.8 1.3 517.4 360.9 228.3 239.1 980.3 813.4 46.4 48.9 115.4 70.4 256.7 269.5 42.0 33.0 460.5 421.8 519.8 391.6 21.7% 17.6% 0.4% 3.3%	■ Increased current assets – inventory / biological assets balance increase due to larger crop produced and on hand for sale (Piangil). Receivables higher due to increased sales ■ Non-current asset increase due to the acquisition of Piangi ■ Owned orchards, the Carina West Processing facility and Water Assets are all held on the Balance Sheet at cost. −Market value remains significantly higher – based on October 2020 orchard valuations completed and current market value of permanent water rights. ■ Net bank debt excluding finance leases $115.4m is higher due to the debt component of financing the Piangil acquisition −All covenant measures for the period ending 31 March 2021 were met. ■ Gearing (net bank debt/equity) is 21.7% ■ Return On Capital Employed (ROCE) reduced due to lower EBIT1 as a result of reduced global almond pricing.
Half Year Ending Balance Sheet
$ millions
Current Assets excl. Cash Cash Non-Current Assets AASB16 Right of Use Assets Total Assets Current Liabilities (exc. Borrowings) Borrowings (Excl. Lease Liabilities) Lease Liabilities (Incl. AASB16) Non-Current Liabilities (excl. Borrowings) Total Liabilities Total Equity Net Debt/Equity (Excl. Leases) ROCE (return over six months)

• Increased current assets – inventory / biological assets balance increase due to larger crop produced and on hand for sale (Piangil). Receivables higher due to increased sales.

• Non-current asset increase due to the acquisition of Piangil.

• Market value remains significantly higher – based on October 2020 orchard valuations completed and current market value of permanent water rights.

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

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Cash Flows

Positive operational cashflow due to Covid-19 related timing of sales Click to edit Master title style

Cash Flow $ millions 1H FY 2021 1H FY 2020 EBITDA 12.8 34.5 Change in Working Capital 6.8 (33.1) Tax Paid (5.6) (16.8) Net Interest (7.7) (7.5) Cash Flow From Operations 6.3 (22.9) Investing Cash Flows (162.9) (27.4) Capital Raising 115.4 - Increase/(decrease) in debt 51.7 59.1 Dividendspaid (2.8) (15.8) Financing Cash Flows 164.3 43.3 Net (Decrease)/Increase in Cash/Cash Equivalents 7.6 (7.0)

■ Lower EBITDA1 of $12.8m - operational performance due to lower almond pricing ■ Working capital improvement due to the Covid-19 related out of cycle sales program – sales occurred in 1H FY 2021 ■ Lower tax instalments paid due to lower earnings ■ FY 2021 Investing cash flows of $162.9m driven by: − Tree & Orchard Development: $10.1m − Property Plant & Equipment: $10.9m − Water Purchases: $4.4m (excludes Piangil) − Piangil Acquisition: $138.3m (includes $13.5m for water)

• Lower EBITDA[1] of $12.8m - operational performance due to lower almond pricing

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

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Global Almond Supply

SHV remains well positioned through its low operating costs, ability to deliver large scale value-add production and strong balance sheet to benefit from an increase in almond prices going forward Click to edit Master title style

• Australia, the U.S. (specifically California) and Spain account for approximately 93% of global almond production[1] .

• California : on 12 May 2021 the USDA released its initial Subjective Estimate for the 2021 California almond crop of 3.2 billion pounds (to be harvested from August 2021). With California currently in the grip of a serious and worsening drought, most industry forecasts are estimating a 2021 crop of between 2.8 - 2.9 billion pounds. If the Subjective Estimate comes to fruition, Californian almond supply will increase by a manageable 2.9% between 2020 and 2021. At the lower end of industry forecasts, supply would decrease by 10.7%.

• Australia : it is unlikely that the growth the Australian almond industry has experienced over the last 10 years will be repeated over the next 10 years. The major limiting factor on the future growth of Australian almond developments is the price, security and deliverability of water.

• Spain : the 2021 Spanish almond crop is expected to be down 6% vs. 2020, with spring frost affecting some growing areas in 2021.

California Almond Production (2000/01 to 2025/26)

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Chart Source: The Almond Board of California, 20 May 2021.

• 1 International Nut & Dried Fruit council (INC) 2020/21 Statistical Yearbook

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Global Almond Demand

Demand for almonds is growing in all markets, with record breaking export shipments Click to edit Master title style

• Almond shipments continue to respond strongly to the 10-year low price environment, with record-breaking monthly U.S. and Australian shipments

• Combined Australian and U.S almond export shipments were significantly higher over the last 3, 6 and 12 month periods of 2020/21 vs. the same corresponding periods in 2019/20.

• Growing consumer demand for healthy snacking and plant-based & vegan diets in all markets will continue to underpin strong global demand growth.

• Almonds remain the leading nut type for introductions into new consumer food products such as milks, confectionary and butters. This is resulting in increasing demand for value added manufactured almonds.

• According to Innova Market Insights, there were approximately 12,000 new global almond product instruction in CY 2020, with Australian almond introductions increasing by 20% CAGR between 2010 and 2020, reaching 386 new products in 2020.

Combined Australian and U.S. Almond Exports

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Chart Source: Almond Board of California and Almond Board of Australia

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

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Volume Growth

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

Select Harvests Theoretical Harvest Volume (2021 – 2028)[1]

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1 The almond crop is biennial in nature with expected +/- 10% per annum variation in tonnage 2 Assuming a 3.3MT per ha (1.35MT per acre) maturity profile for Select Harvests’ orchards and immature yields based on the average of the 2019 and 2020 crops Click to edit Master text styles

3 Assuming a 3.5MT per ha (1.4MT per acre) maturity profile for Piangil Almond Orchard.

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Triple Bottom Line

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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
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www.selectharvests.com.au/sustainability

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2021/22 Focus Areas

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Orchard Composting
Seeking a license to sell surplus
compost to third parties
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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 to integrate Thomastown capacity

Lower water costs to flow into FY 2022, with estimated savings of $6m to $8m due to favourable carryover rates

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2H FY 2021 Top 10 Priorities

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

1. Safety and Wellbeing - Ensure the safety and wellbeing of our employees

2. 2022 Horticultural Program – Deliver optimal tree health and production

3. Food Division Restructure – Complete the sale of SHV’s Consumer Branded and non-almond Industrial business by the end of FY 2021

4. Processing - Further developing the Carina West processing facility to increase the volume and range of value-added almond products

5. Cost Reductions - Continue to reduce cost per kg across all production stages

6. Marketing Program – Maximise the value of the 2022 almond crop

7. Manage Cash Position – Manage cash position and maintain balance sheet strength to enable business growth

8. Strategic Growth – Assess organic and inorganic options to deliver additional growth

9. Almond Sales – Continue to capitalise on the growing global demand for value-added almonds

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10. Capital Investment – Prioritise investment to deliver improved quality and efficiency outcomes

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Click to edit Master title style Thank You

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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Orchard Portfolio

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

Select Harvests Orchard Map[1]

Benefits of Geographic Diversity & Scale

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• 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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Orchard Profile

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

Select Harvests Orchard Profile

Select Harvests		Total Planted
Almond orchard portfolio	(as at	30 September 2020)
	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 Australia orchards which were sold by Select Harvests in 2016

Select Harvests Planted Almond Hectares[1]

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Orchard Age

Following the Piangil Almond Orchard acquisition, Select Harvests weighted average Click to edit Master title style orchard age is 13.6 years, with 98% of current planted acres cash generative

Age Profile of Select Harvests Almond Orchards[1]

(98% of current planted hectares are cash generative)

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1 Tree age is in reference to the 2021 crop

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Almond Prices

Higher quality almond varieties are in short supply and have benefitted from rising prices Click to edit Master title style

Farm Gate Almond Prices (USD/lb)

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Click to edit Master text ~~styl~~ es NPS 23/25 Cal SSR 27/30 AOL BSU5%

Source: Derco Foods

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Almond Shipment Update

U.S. and Australian almond shipments have responded strongly to lower almond prices Click to edit Master title style

U.S Shipments: Carry-in from 2019 crop Estimated 2020 crop size1 Less 2% loss/exempt 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*	2020/21 Crop YTD (Million Lbs.) Aug 2020 to Apr 2021 450 3,110 62 393 283 5 4 -82 602 285 51 331 588 267 104 1,627 724 545	2019/20 Crop YTD (Million Lbs.) Aug 2019 to Apr 2020 318 2,534 51 384 268 5 4 -72 590 207 33 212 506 223 91 1,273 499 440	% Change
			41.4%
			22.7%
			21.6%
			2.2%
			5.2%
			(0.3%)
			(19.0%)
			14.0%
			2.0%
			37.8%
			52.8%
			56.1%
			16.2%
			19.9%
			14.2%
			27.8%
			45.2%
			24.0%

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	2020/21 Crop YTD (MT) Mar 2020 to Feb 2021 26,335 8,374 12,198 17,018 4,887 7,898 76,710	2019/20 Crop YTD (MT) Mar 2019 to Feb 2020 40,661 4,895 9,129 13,771 3,805 4,295 76,556	% Change
			(35.2%)
			71.1%
			33.6%
			23.6%
			28.4%
			83.9%
			0.2%

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Source: Almond Board of California and Almond Board of Australia 1 Estimates sourced from Derco Foods April 2021 and April 2020 Almond Reports

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Water Market Update

The 2020/21 water season has seen higher allocations and a movement of prices back Click to edit Master title style towards long-term averages

Water Prices

Climate Outlook

• The 2020/21 water season has seen a movement of temporary water prices back toward their long-term averages, with favourable weather conditions, higher MDBA storage levels and higher annual water allocations announcements.

• Water is being released from the Menindee Lakes to assist with operational requirements within the River Murray. The lakes system will assist with flows to the Murray and SA and will also improve seasonal allocations in NSW, VIC, and SA.

• Total active MDBA storage is currently at 49%, compared to 35% at the same time last year.

Temporary Water Prices and Allocation Volumes[1]

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• (1) Source: State water registers (2) Source: Australian Bureau of Meteorology

• Wetter than average winter due to warmer sea temperatures North of Australia

• Higher-Median stream flows forecast over the next 3 months

• Winter days and nights likely to be warmer than average

• Increased rainfall is favourable for water prices and on farm water usage

Chance of Exceeding Median Rainfall

(June 2021 to August 2021)[2]

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Water Use Efficiency of Almonds

Almonds have the highest calories per ML of water used, the highest protein per ML of Click to edit Master title style water used and the highest dollars generated per ML of water used

Calories per ML

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Kg Protein per ML

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Dollars per ML ($)

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Water Use (ML/Ha)

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Source: March 2021 Report on the ‘Economic contribution of the Australian Almond Industry’ by RMCG Consulting for Horticulture Innovation Australia

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California Drought Monitor

94% of California is currently in a Severe Drought, with 74% of the state in Extreme Drought and Click to edit Master title style 26% in Exceptional Drought

U.S. Drought Monitor California (May 25, 2021)

May 25, 2021

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May 25, 2020

Points to Note

• 74% of California is currently experiencing Extreme Drought, with the state on track for one of the driest years in modern history.

Almonds are relatively tolerant to drought from a survival standpoint; however, yields are impacted when water applications are reduced.

Water shortages caused by the drought could lead to lower yields and smaller nut sizes distribution for both the 2021 and 2022 Californian almond crops.

High water costs due to the Extreme Drought and the impact of California’s Sustainable Groundwater Management Act (SGMA)* are leading some Californian almond growers to accelerate the removal of planted acres and reduce new plantings.

SGMA requires governments and water agencies of high and medium priority basins to halt overdraft and bring groundwater basins into balanced levels of pumping and recharge.

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Source: National Centres for Environmental Information, North American Drought Monitor

• www.water.ca.gov/programs/groundwater-management/sgma-groundwater-management

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Global Almond Product Introductions

Almonds remain the leading nut type for introductions into new consumer food products globally. Click to edit Master title style This is resulting in increasing demand for value-added manufactured almonds.

Global New Nut Introductions by Type (2013 to 2020)

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Source: Innova Market Insights, May 2021

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Australian Almond Product Introductions

Australian almond introductions increased by 20% CAGR between 2010 and 2020, reaching 386 Click to edit Master title style new products in 2020

Australian New Almond Introductions (2010 to 2020)

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Source: Innova Market Insights, May 2021

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Useful Almond Industry Websites

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Industry Associations

• Californian Almond Board

www.almondboard.com

• Almond Board of Australia

www.australianalmonds.com.au

Industry Reports

• US Crop Forecasts (Subjective, Objective)

• Monthly Almond Position Reports

• Almond Almanac

• UC Davis Almond Development Costings

https://www.almonds.com/tools-and-resources/crop-reports https://www.almonds.com/tools-and-resources/crop-reports/position-reports https://www.almonds.com/tools-and-resources/crop-reports/almond-almanac https://coststudies.ucdavis.edu/en/current/commodity/almonds/

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

1EBITDA, EBIT & ROCE are Non-IFRS measures used by the company are relevant because they are consistent with 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. Click to edit Master text styles

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