SELECT HARVESTS LIMITED — Interim / Quarterly Report 2022

May 26, 2022

1H FY2022 Half Year Results Presentation

27 May 2022

Paul Thompson Managing Director & CEO Brad Crump CFO & Company Secretary

Disclaimer & Basis of Preparation

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.

2

Business Performance

Operating Performance

Harvest has been hampered by ongoing rain events, preventing access to the orchard and providing insufficient on orchard drying time. Approximately 4,000MT of kernel product remain to be harvested.

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Almond Sales

With the global market starting to become increasingly active the company’s focus is on selling the remainder of the 2022 crop. The focus will be direct access markets China and SE Asia.

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Processing

Over 38% of the 2022 total crop has been processed to date with no major issues identified (other than lower inshell production). Recent investment in the new sorting and packing line has led to increased packing throughput and less quality issues.

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Water

2022 crop water commitments have been completed, with a lower cost per kg achieved. The market cost of temporary water continued to decline as the 2022 crop year progressed.

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Food Division Restructure

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Water Shipping & Logistics

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Corporate

The company will have fully exited from the Thomastown site by 30 June 2022, with costs lower than those provisioned in FY2021.

The Company closely monitors and manages its export program based on accessibility, freight rates and associated costs. Where possible recent freight price increases will be passed on to our customers.

Capital and cash management remain a key focus. Inventory levels remain higher than the same period last year as the sales program slowed resulting in higher levels of 2021 crop being held and reduced 2022 inshell sales.

4

Almond Price

The Industrial Value-Add Almond Business was impacted by a higher raw material input cost, with higher value prior year almond crops used in production.

Almond Prices (US$/Lb)

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Source: Stratamarkets

5

Triple Bottom Line Focus

Sustainability is a core value underpinning our business strategy and centres across three platforms: Planet, People and Profit.

6

1. ROCE: Return on Capital Employed. WACC: Weighted Average Cost of Capital

1H FY2022 Financial Overview

A lower almond price has impacted earnings. Without an improvement in almond pricing, it is anticipated that the second half result will be similar to the first half result.

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Reported Reported Earnings per Share (Basic)
1.7 cents
$2.0m $15.8mMichael Iwaniw - Chairman
Due to unfavourable market conditions no
NPAT from continuing operations $3.8m EBITDA from continuing operations $17.7m dividend has been declared
Net Debt to Equity Reported Operating Cash Flow
23.7% $4.6m $15.3m
(Excluding lease liabilities) EBIT from continuing operations $7.1m Impacted by ongoing delays in shipments
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Note: certain financial measures mentioned in this presentation (including EBITDA, EBIT & ROCE) are Non-IFRS measures. They are used by the company and 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.

7

1H FY2022 Operating Overview

Continue to maintain better than industry standard yields, with a record almond crop estimated for 2022. Growing costs remain well controlled and per kg are lower overall due to the decreased water costs.

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Almond Crop Fair Value Almond Price
29,630 MT $6.64/kg
Continue to maintain better than industry 51% of the 2022 crop has been contracted
standard yields for sale
Total Almond Production People and Safety
Costs
1
$5.60/kg 8.5% LTIFR
Growing costs remain well controlled Over the last 6 months to March 2022
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Currency $0.72 AUD/USD Crop export sales fully hedged Water Costs 30% Reduction In water costs vs. 2021 crop

8

1. Lost time injury frequency rate

1H FY2022 Results in Context Focused on factors within our control such as almond volume, quality and production cost.

Almond Volume (MT)

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Fair Value Almond Price ($/kg)

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Total Almond Production Cost ($/kg)

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NPAT ($m)

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5 Year Average

9

Income Statement

Result impacted by the lower almond price

$ millions (except where indicated)	**1H FY2022 **	1H FY2021	Variance	% Change
Almond volume(Mt) 29,630 28,250 1,380 4.9%
Almondprice($/kg) 6.64 6.00 0.64 10.7%
Continuing operations:
Revenue 68.7 84.8 (16.1) (19.0%)
EBITDA 17.7 14.9 2.8 18.8%
EBITDA margin(%) 25.8% 17.5% 8.3% 47.4%
Depreciation and amortisation (10.6) (9.3) (1.3) (14.0%)
EBIT 7.1 5.6 1.5 26.8%
EBIT margin(%) 10.3% 6.6% 3.7% 56.1%
Interest expense (1.7) (1.2) (0.5) (41.7%)
Tax expense (1.6) (1.3) (0.3) (23.1%)
Netprofit after tax 3.8 3.1 0.7 22.6%
Earningsper share(cents) 3.1 2.6 0.5 19.2%
Discontinued operations:
EBIT (2.5) (2.6) 0.1 3.8%
Interest expense (0.0) (0.0) 0.0 0.0%
Restructuringexpense - - 0.0 -
Income tax benefit 0.8 0.8 0.0 0.0%
Loss from discontinued operations (1.8) (1.8) 0.0 0.0%
Reported Netprofit after tax 2.0 1.3 0.7 53.8%
Earningsper share(cents) 1.7 1.1 0.6 54.5%

• Decrease in revenue due to lower fair value pricing, shipment and logistics related delays in key markets.

• 1H FY2022 EBITDAfrom continuing operations of $17.7m (1H FY2021 $14.9m).

• EBIT from continuing operations of $7.1m (1H FY2021 $5.6m)

  • Almond price increase to $6.64/kg (1H FY2021 $6.00/kg)

• 1.8% increase in the almond production cost per kilogram, with a decrease in temporary water prices offsetting the increased cost recognition for immature orchards as their maturity profile increases

• Recognised costs relating to the delay in harvest activities impacting the full year result

• The Industrial Value-Add Almond Business was impacted by a higher raw material input cost, with higher value prior year almond crops used in production.

• On 30 September 2021, the sale of the Consumer Brands was completed. As part of the sale agreement of the Consumer Brands, the Company entered into a 6-month co-packing agreement, with the associated revenue and expenses disclosed as discontinued operations.

Note: the above Income Statement includes both continuing and discontinued operations and should be read in conjunction with the notes to the 1H FY2022 Financial Statements

10

EBIT Movement

1H FY2022 EBIT benefitted from additional volume and a higher almond price. Higher growing costs were offset by lower water costs.

Movement in EBIT from Continuing Operations ($m)

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11

Balance Sheet

Balance sheet remains in a strong position, with low net bank debt. The market value of the company’s assets is significantly higher than book value.

$ millions (except where indicated)	1H FY2022	1H FY2021
Current assets ex. cash 246.4 231.8
Cash 1.1 2.8
Right of use assets 211.4 228.3
Non-current assets(ex. ROU assets) 541.2 517.4
Total assets 1,000.2 980.3
Current liabilities(ex. borrowings) 86.6 76.3
Borrowings 126.9 115.4
Lease liabilities 242.9 256.7
Non-current liabilities(ex. borrowings) 255.6 268.8
Total liabilities 469.1 460.5
Total equity 531.1 519.8
Net debt/equity (%) 23.7% 21.7%
Return on capital employed(%) 0.6% 0.4%
Liquidity ratio (x) 3.53 4.09

• Inventory levels higher than 1H FY2021, due to a slower sales program and reduced 2022 inshell sales. Inventory will be unwound as the crop is sold in 2H FY2022.

• Property, plant and equipment has increased by a net $15M ($19M of additions) due to the purchase of new horticultural related equipment and investments made in the value-add facility to increase capacity and capability following the closure of the Thomastown facility.

• Company owned orchards, Carina West processing facility and permanent water rights are all held on the balance sheet at cost

• The market value of the company’s land assets remain significantly higher than the book value reflected in the balance sheet. An independent valuation will be completed for the full year results

• Management’s internal estimate based on the most recent market transactions, recognising age profile and location of our orchards, indicate a valuation close to $520m.

• Company’s portfolio of permanent water rights was valued by management at $135.0m in March 2022, vs. a book value of $58.3m.

• Debt levels as at 31 March 2022 are close to their seasonal peak. With almond prices at their current level, and a delayed sales profile, debt balances are expected to peak in May 2022 and decrease during the final quarter of FY2022

• All covenant measures for the period ending 31 March 2022 met

• Current debt facilities remain adequate for operations moving forward

  • Gearing (net bank debt/equity) of 23.7% remains within target range.

Note: the above Balance Sheet includes both continuing and discontinued operations and should be read in conjunction with the notes to the 1H FY2022 Financial Statements

12

Cash Flows

Operating cash flows remain in line with 1H FY2021

$ millions (except where indicated)	1H FY2022	1H FY2021
EBITDA1 15.8 12.9
Change in workingcapital (9.5) (6.6)
Tax refund/ (paid) 4.0 (5.6)
Net interest (7.8) (7.7)
Other items 12.7 13.3
Cash flow from operations 15.3 6.3
Netproperty, plant and equipment (18.3) (10.1)
Net water rights (3.1) (17.9)
Tree developments costs (4.7) (10.1)
Bearerplants andplantation land - (124.9)
Other items (0.0) -
Investing cash flows (26.1) (162.9)
Issue of shares - 115.4
Increase in debt 30.0 62.7
Leasepayments (11.1) (10.9)
Dividendspaid (5.8) (2.8)
Financing cash flows 13.1 164.3

• Operating cash flows impacted by:

• Ongoing delays in early shipments

• Lower levels of inshell production (normally commence shipping in March).

• Operating cash flows will increase in 2H FY2022 as the 2022 crop is sold.

• Operating cash flows will further improve as working capital is released following the exit from Thomastown related production activities by 30 June 2022.

• FY2022 investing cash flows of $26.1m driven by:

• purchase of new horticultural related equipment and upgrading of the Carina West value-add facility and the installation of a new sorting and packing line

• Tree development costs $4.7m

• Net purchase of permanent water rights $3.1m.

Note: The above statement of cash flows includes both continuing and discontinued operations and should be read in conjunction with the notes to the 1H FY2022 Financial Statements

13

1. EBITDA from continuing and discontinued operations

Triple Bottom Line Focus

Sustainability is a core value underpinning our business strategy and centres across three platforms: Planet, People and Profit.

14

1. ROCE: Return on Capital Employed. WACC: Weighted Average Cost of Capital

Health, Safety and Wellbeing

Focused towards achieving Zero Harm, with annual targets to improve YoY performance.

Injury Frequency Rate

Strategic Priorities

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• COVID-19 management and response plan

• Hazard identification and eradicating risks before an incident occurs

• Process improvement and systems implementation

• Building on the safety culture and safety leadership

• Commence policy review to enhance employee wellbeing and safety culture

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Note: Injury frequency rate figures from FY15 to FY18 are for a June financial year end, with FY19 to FY21 representing a September financial year end

15

People & Culture Update

• SHV sponsored 23 Community based organisations, continuing to support important regional community organisations and helping to build our Employer Brand within our regional communities.

• We partnered with SuniTAFE to build an SHV custom-tailored Leadership Development Program for 100+ Managers across the organisation from CEO to 3rd level reports, upskilling our leaders to be agents for positive culture/behavioural change supporting SHV’s Core Values.

• SHV has agreed to become a participant in the Hesta 40:40 Vision. We are pledging that SHV will target to have at least 40% female on the Executive by 2030.

• We are implementing an HRIS to support improved Performance, Development, Talent Acquisition, Training and P&C data tracking and reporting capabilities.

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Triple Bottom Line Focus

Sustainability is a core value underpinning our business strategy and centres across three platforms: Planet, People and Profit.

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1. ROCE: Return on Capital Employed. WACC: Weighted Average Cost of Capital

Almond Growing a Closed Loop

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30,000MT 130,000MT
Compost returned Biomass produced  Almond trees in California absorb
to orchards by our orchards
more C02 than they produce
during their lifetime [1]
9,262 HA
 Almonds provide a very high
Orchards
Fruit Forests nutritional value, ranking the
highest amongst all crops [2]
 The direct economic benefits of
almond production based on
market sales are larger than any
other crops [2]
10,000MT 10,000MT
Biomass Energy Inshell  Research is being undertaken in
Plant Exported
Australia to establish Australian
Almond Industry position.
60,000MT 20,000MT
Stockfeed Kernel Sales
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• 1: Marvinney, E., Kendall, A. A scalable and spatiotemporally resolved agricultural life cycle assessment of California almonds. Int J Life Cycle Assess 2:Fulton, J., Norton, M. and Shilling, F. (2019). Water-indexed benefits and impacts of California almonds. Ecological Indicators.

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

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18

Environmental Policy Commitment

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Water stewardship

Objective is to maximise the value per megalitre by intensive irrigation management practices. 100% of our orchards use drip irrigation , soil moisture monitoring and water stress technology

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Carbon neutrality

We recognise that greenhouse gas emissions represent a significant part of our environmental footprint. Targeting to be carbon neutral by 2050 or earlier

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Air and land stewardship

We recognise that we are custodian of a significant area of land and air, including large tracts of native vegetation. Our goal is to create no damage and protect native flora and fauna

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Internal and external stakeholders

Working with suppliers, clients, communities, and other stakeholders to reduce our environmental footprint. We will adopt a Supplier Code of Conduct, including reducing environmental impact

Reducing and recycling waste

Committed to reducing waste across our business, including zero biomass waste to landfill . We will strive for 100% recycled and/or recyclable packaging

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Implementation and oversight

The Board Sustainability Committee , with the support of the Executive Sustainability Committee, oversees our overall environmental strategy.

Reduce

|

Reuse

|

Recycle |

Repurpose

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Bee Stewardship

Our policy for optimum bee health and pollination outcomes:

• To supply alternative ■ If a crop protectant spray is forage sources for bee required, the choice of product arrivals where possible would be discussed with the

• ■ To supply water for bees at beekeeper/broker and it will hive sites only be applied from late

• ■ No weedicides to be afternoon to early morning outside of bee foraging periods

• No weedicides to be sprayed when hives present

• Audited spray diaries for the period of bloom available for viewing

• Predetermined preference not to spray fungicides during bloom unless disease pressure is severe and crop is at risk

• Hive inspections to ensure endemic diseases and hive strength are monitored.

Research findings by CSIRO*

• At the end of each day, flowers on trees far from hives had more pollen remaining on anthers than flowers near hives

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• Trees near hives have better fruit set than trees far from hives

• Spreading hives around the orchard in small placements produced better fruit set than large placements far apart.

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Co-Waste Projects

Select Harvests is undertaking three co-waste projects to increase sustainability and generate positive commercial outcomes for the business.

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Almond Hull Waste Ash Almond Hull
to Energy to Compost to Fertiliser
----- End of picture text -----

Select Harvests co-generation power station is the integral link for our three sustainable co-waste projects

Waste ash by-product generated by our co-generation power station is being used to produce high-quality compost

Select Harvests has developed a novel process for digesting almond hull to produce liquid and solid fertilisers

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Fly Ash
to Liquid Fertiliser
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Select Harvests developed a novel process to convert waste ash into high-grade potassium rich liquid fertiliser

• Benefits Benefits

• ■ Waste recycling ■ Replaces chemical fertiliser ■ Compost generation ■ Improves soil quality ■ Renewable energy ■ Improved tree health Next Steps Commercial Licence

• Benefits

• ■ Replaces chemical fertiliser ■ Current trials show preliminary results increase soil carbon levels by up to 100%

• Improves soil health and potentially water efficiency

Pilot Plants

■ :

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Market Outlook

Almond Pricing and Market Conditions

The market outlook is becoming more positive, demand is returning post COVID-19 impacts and global inventories are returning to a more balanced position.

Almond Prices (US$/Lb)

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U.S. and Australian Almond Exports[1] (MT)

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Market Conditions

• Global almond prices reduced significantly in the first quarter of FY2022 and continued to remain flat in the second quarter

• Buyers remained cautious as they wait to see how the high levels of physical inventory are managed out of U.S. ports and storage

• U.S. growers are needing to convert inventory into cash to fund their 2022 crop, particularly with increased crop input, labour and water costs.

• The U.S. Department of Agriculture Subjective Estimate of 2.8 billion pounds for the 2022 Californian crop was released on 12th May 2022, inline with industry expectations. This represents a 4% reduction on last years production of 2.92 billion pounds.

• The USDA’s Objective Estimate for the 2022 California almond crop will be released on 8 July 2022.

• Overall market pricing has remained unchanged. Inshell and nonpareil pricing is firm, and lower grade pricing remains low due to high current inventory in U.S. ports and storage facilities.

• Logistics congestion is the main barrier to clearing the excess U.S. inventory, with carry-over from the current crop expected to be 850m pounds.

• Australia completed the 2021/22 export season (Mar 2021 to Feb 2022) with record exports of 86,584MT, a 13% increase on the previous season.

Chart source: Almond Price: Stratamarkets| Almond Exports: Almond Board’s of California and Australia’s March 2022 export reports. 1. Australia and the U.S (specifically California) account for approximately 86% of global almond production

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Strategy and 2H FY2022 Priorities

Select Harvests Strategy Select Harvests – in control of our destiny

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2H FY2022 Priorities

Continue to execute on our growth strategy, underpinned by a world class portfolio of almond assets.

1. Safety and Wellbeing - Ensure safety and wellbeing of all stakeholders

2. Horticultural Program - Complete 2022 harvest and invest in 2023 crop

3. Input Security - Secure critical inputs for the 2023 growing season, esp. fertiliser and agri chemicals

4. Marketing Program - Sell the remainder of the 2022 crop to achieve an optimal sell price

5. Value-Add - Optimise SHV’s investment in state-ofthe-art value adding technology

6. Strategic Growth - Assess options to deliver additional profitable growth

7. Sustainability - Further invest in sustainability, including understanding our carbon footprint and co-waste recycling opportunities

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8. Manage Cash Position - Maintain the strength of the Balance Sheet

9. Maintenance Capital Program - Until there is more certainty around the almond pricing and cost inflation.

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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

Please note that background material/data regarding the global almond industry can be found on the Select Harvests Limited website.

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Piangil Almond Orchard

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Appendix

Current Year Almond Crop Sensitivities

38% of SHV’s 2022 total crop has been processed to date, with 51% contracted for sale. Crop export sales fully hedged against the USD at $0.72.

• 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 fully 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 Crop Size 29,630 MT 500MT movement = $3.3m Crop Price AUD $ 6.64/kg 10¢ movement = $3.0m

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Crop Costs

2023 growing costs are expected to increase predominantly due to the higher cost of fertiliser and agricultural chemicals.

2022 Crop Costs by Type

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Costs per Kg: 2021 vs. 2022 Crop

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Orchard Portfolio

One of the world’s largest almond growers, with a geographically diverse 9,262 hectare orchard portfolio.

Select Harvests Orchard Map

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Benefits of Geographic Diversity & Scale

• 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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Volume Growth

Our investment in greenfield developments and orchard acquisitions will underpin long term growth.

Select Harvests Theoretical Harvest Volume (MT)

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1. Assumes a 3.3MT per ha (1.35MT per acre) mature yields and immature yields based on the average of the 2019, 2020 and 2021 crops

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1. Assumes a 3.5MT per ha (1.40MT per acre) mature yields for Piangil Orchard.

Planted Hectares

2.6x growth in planted hectares since 2012[1] .

Select Harvests Orchard Profile

Select Harvests		Total Planted
Almond orchard portfolio	(as at	30 September 2021)
	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

Select Harvests Planted Almond Hectares[1]

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9,262 9,262
20%
7,677 7,696
7,135
6,686
5,387 [5,594]
4,056
3,563
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
SHV Orchards Piangil Orchard
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1. Excludes West Australian orchards which were sold by Select Harvests in 2016

Orchard Age Profile

Select Harvests weighted average orchard age is 13.5 years, with 100% of current planted acres cash generative[1] .

Age Profile of Select Harvests Almond Orchards[1] (100% of current planted hectares are cash generative)

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25% 71% 4%
Planted orchards are Planted orchards in economic sweetspot - Planted orchards post
immature low capex & high cash generation economic maturity
16%
14%
12%
10%
8%
6%
4%
2%
0%
1
Tree Age (Years)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38
----- End of picture text -----

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1. Tree age is in reference to the 2022 crop

Australian Water and Climate Update

Water prices should continue to be below long-term averages heading into FY2023, with wetter than average seasonal conditions and higher than average collective basin storage levels.

Water Prices

Climate Outlook

• The 2021/22 water season has seen favourable weather conditions, higher MDBA storage levels and higher annual water allocations announcements.

• River Murray temporary water prices in South Australia, Victoria, and New South Wales are currently averaging below $40/ML.

• If average seasonal conditions persist, it is likely that all high security water entitlements in the Murray and Murrumbidgee will receive full or close to full seasonal allocation on 1st July. NSW General Security also likely to receive high seasonal allocations.

• Total active MDBA storage is currently at 92%, vs. 47% at the same time last year.

Temporary Water Prices and Allocation Volumes[1]

• June to August rainfall is very likely to be above median for much of Australia – chance of exceeding median is greater than 80% in most of NSW, north-western Victoria and the north-eastern half of South Australia.

• June to August maximum temperatures are likely to be above median for south-eastern Australia, with an increase chance of unusually high minimum temperatures.

• Minimum temperature for June to August are likely to be warmers than median for the majority of Australia (chance greater than 60%).

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Chance of Exceeding Median Rainfall

(June 2022 to August 2022)[2]

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1. Source: State water registers 2. Source: Australian Bureau of Meteorology

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Californian Water and Climate Update

98% of California remains in Severe Drought, with 60% of the state in Extreme Drought. The combined storage level of California’s major reservoirs is only at 48% of total capacity.

California Drought Monitor

May 24, 2022

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May 25, 2021

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California Reservoir Storage Levels (as of May 21, 2022)

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• Major Californian reservoir storage is currently at similar levels as during the 2014/15 Californian drought.

• Since the 2014/15 drought there has been a significant increase in plantings of permanent crops in California.

• One industry estimate is that an additional 855,000 acres of Almonds, Pistachio’s and Walnuts have been planted since 2014.

• This equates to at least an additional 3.2-million-acre feet of water being required by permanent crops since the last Californian drought, equivalent to 15% of California’s major reservoir storage.

Source: California Department of Water Resources

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Water Footprint & Nutritional Value

While almonds have a relatively high-water footprint, they provide a very high nutritional value, ranking amongst the highest amongst all crops.

Major Californian crops ranked by water footprint and nutritional value

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Source: Fulton, J., Norton, M. and Shilling, F. (2019). Water-indexed benefits and impacts of California almonds. Ecological Indicators. 96: 711-717.

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Water Footprint & Economic Value

The direct economic benefits of almond production based on market sales are larger than any other Californian crop.

Major Californian crops ranked by water footprint and farm gate price

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Source: Fulton, J., Norton, M. and Shilling, F. (2019). Water-indexed benefits and impacts of California almonds. Ecological Indicators. 96: 711-717.

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Water Use Efficiency of Australian Almonds

Almonds have the highest calories per ML of water used, the highest protein per ML of water used and the highest dollars generated per ML of water used.

Calories per ML

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----- Start of picture text -----

600,000
500,000
400,000
300,000
200,000
100,000
-
Rice Grapes Dairy Almonds
Dollars per ML
$2,500
$2,000
$1,500
$1,000
$500
$-
Rice Grapes Dairy Almonds
Calories/ML
Dollars/ML ($)
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Kg Protein per ML

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20.00
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
-
Rice Grapes Dairy Almonds
Water Use (ML/Ha)
16
14
12
10
8
6
4
2
0
Rice Grapes Dairy Almonds
Protein/ML (kg)
Water use/ hectare (ML)
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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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Almond Industry Carbon Facts from California

Almond trees in California absorb more C02 than they produce during their lifetime.

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Total Biomass produced by Almond crop in California per Ha during the life cycle

• = 181MT Kernel + 220 MT Hull & shell + 40-50 MT of woody biomass

• = Total 450 MT Organic biomass

= CO 2 absorption by the crop during the life cycle 960 MT

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Hull & Shell
(220 MT/Ha)
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CO2 & methane emission

• Feed stock

• Emissions = > 440 MT CO2e

Soil Carbon Sequestration

• Compost production

• Biochar/Cogen plant

• • Hull digested liquid

• (potential for soil carbon credits)

• • Emissions = > 440 MT CO2

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Woody
Biomass
(40-50 MT)
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Burning woody biomass

• Emissions = >100 MT CO2e

Whole orchard recycling

• Cogen plant

• Potential Soil Carbon credits = > 100MT CO2e

Source: A scalable and spatiotemporally resolved agricultural life cycle assessment of California (Elias Marvinney, Alissa Kendall; The International Journal of life cycle assessment, March 2021);

A comparative assessment of greenhouse gas emissions in California almond, pistachio, and walnut production (Elias Marvinney, Alissa Kendall, Sonja Brodt; 9th International conference LCA of food San Francisco, USA 2014)

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Useful Almond Industry Websites

Industry Associations

• Californian Almond Board

• Almond Board of Australia

• International Nut and Dried Fruit Council

www.almondboard.com www.australianalmonds.com.au www.nutfruit.org/about-us/history

Industry Reports

www.almonds.com/tools-and-resources/crop-reports www.almonds.com/tools-and-resources/crop-reports/position-reports www.almonds.com/tools-and-resources/crop-reports/almond-almanac www.coststudies.ucdavis.edu/en/current/commodity/almonds/ www.nutfruit.org/files/tech/1625230833_INC_Stats_2021.pdf www.nutfruit.org/files/multimedia/1621524924_Trade_Map_Series.pdf www.selectharvestusa.com/news-resources/nut-news-podcast

• US Crop Forecasts (Subjective, Objective)

• Monthly Almond Position Reports

• Almond Almanac

• UC Davis Almond Development Costings

• INC Nuts & Dried Fruits Yearbook

• INC World Tree Nut Trade Flows

• Nut News Podcast

Almond Companies

• Blue Diamond Growers

• Blue Diamond Ingredients

• Almond Insights

• Derco Foods

• RPAC Almonds

www.bluediamond.com www.bdingredients.com/category/almond-market-analysis www.almondinsights.com www.dercofoods.com/en/english-reports/english-almond-reports www.rpacalmonds.com/marketnews

• Wonderful Pistachios & Almonds www.wonderfulpistachiosandalmonds.com/#ourdifference

Definition & Explanations

Certain financial measures mentioned in this presentation (including EBITDA, EBIT & ROCE) are Non-IFRS measures. They are used by the company and 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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