SELECT HARVESTS LIMITED — Interim / Quarterly Report 2023

May 28, 2023

Select Harvests Limited FY2023 Half Year Results 31 March 2023

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Webcast

This presentation deck accompanies a live webcast at 11.00am AEST on Monday 29 May 2023

You can participate in the webcast by using the following link

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If you are unable to participate in the live presentation, an archived version will be available to download from the investor section of the Select Harvests website shortly after the briefing.

FOR FURTHER INFORMATION, PLEASE CONTACT : Andrew Angus, Investor Relations: andrewangus@overlandadvisers.com.au

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Disclaimer and 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.

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FY2023 Half Year Result David Surveyor - Managing Director and CEO Brad Crump – CFO and Company Secretary #

Discussion Agenda

1 Executive Overview 2 Financial Results 3 Sustainability

4 Growing and Transforming our business 5 Forward outlook 6 Questions

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Safety – People are Critical

Recordable Injury Frequency Rate

Key Areas of focus:

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99.0
81.1
70.0
58.2 57.5
53.0
40.9
21.2
FY16 FY17 FY18 FY19 FY20 FY21 FY22 H1 FY23
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 “Felt Leadership” & increased Safety visibility

• Building Safety Processes

• Hazard identification & action before incidents occur

• Introduction of Incident Cause Analysis Method for major events

• Performance Measurement & Standards

• Well being

• Stop for well being

• Community service days

• Employee Assistance Program (psychological, financial, health)

• Lost time injury severity rate 6.4 a decrease of 35% from the prior year

Note : FY23 RIFR = MTIFR + LTIFR

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1H FY2023 Financial Results

NPAT Loss

($96.2M)

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• Performance materially impacted by three events:

• 2022 crop inventory quality ($24.2M)

Debt to Equity % 44%

• Lower 2023 crop volume ($69.5M)

• Goodwill written off non-cash ($26M)

Operating Cashflow

($26.7M)

• Recognition of the full loss of the 2023 crop in the 1H FY2023 result

NAV / Share (Market Value)

$6.00

• Market value of assets is above share price

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Key Drivers - Volume

Almond Volume (MT)

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(1) - FY22 tonnes lower after FY23 half year write-off

Crack-out (%)

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30.4%
29.6% 29.7%
29.2%
22.3%
FY19 FY20 FY21 FY22 FY23
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2022 Crop volume

• Value and volume reduced after 1H FY2023 review (1,264MT)

• Balance contracted or allocated to value added processing

2023 Crop Volume

• Estimated crop 30,000MT vs actual 17,500MT - 62% of the reduced crop was due to lower volume

• • 38% of the reduced crop was due to lower crack-out

• Cold and wet weather impacted key growing periods

• Major flooding events across the portfolio pre-harvest

• Volumes impacted across total almond industry

• Improved quality sorting assessment processes

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Crack-out % = kernel weight / (kernel + hull + shell weight)

Key Drivers – Production Cost

Total Almond Production Cost ($/kg)

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11.42
12
10
8
6.66
5.37 5.63 5.88
6 4.73
4
2
0
FY19 FY20 FY21 FY22 FY23 FY23
Theoretical (1)
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Cost per Kilogram (ex. Water Costs) Water Costs per Kilogram

Total Growing Costs – 2022 Crop vs 2023 Crop

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Production costs impacted by lower volumes

• Substantial increases in fertiliser costs ($12M). These are now starting to abate

• Water prices at the lower end and forecast to remain low for the next 12 months

• Select Harvests’ inflationary costs running at 6% – 7% reflecting the Australian economy

• YoY total growing costs increased by 15% due to higher input prices and flood impact (repairs and labour)

2022 Crop 2023 Crop

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(1) Based on Forecast 30,000MT crop

Key Drivers – Market Price

Almond Price ($/kg)

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Current Market Pricing Trends

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$3.25
$3.05
$2.85
$2.65
$2.45
$2.25
$2.05
$1.85
$1.65
$1.45
$1.25
29/11/2022 29/12/2022 29/01/2023 28/02/2023 31/03/2023 30/04/2023
Manufacturing Nonpareil High Grade Nonpareil Average Pollinator
USD/lb
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Pricing

• Current prices $1/kg higher than prior six months

• Strong demand from key export markets (China and India)

• Reduced North American crop

• 2023 US production forecast range 2.2 – 2.5 billion pounds (USDA-NASS 2023 crop subjective estimate 2.5 billion pounds)

• North American carry over inventory reduction support price increases

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Source: Stratamarkets

Customers and Markets

Select Harvests Inshell Shipments

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70%
60%
50%
40%
30%
20%
10%
0%
% % %
China India M/East
2021 Crop 2022 Crop Target
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Customer and Market Mix

• Geographic diversity and growing customer relationships

• Expanding kernel into India and reinvigorating New Zealand

• Looking to access Japan & Korean markets

• Increasing Value Add exports

• Recognised globally by customers for

• Superior product quality (x-ray defect detection and size sorting)

• • Full supply chain traceability through to customer

  • Nitrogen flushing of product recognised by customers as improving longevity and stabilising taste and flavour

Select Harvests Kernel Shipments

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50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Domestic South China SouthEast India Oceania Europe ME/North
America Asia (NZ) Africa
2021 % 2022 % Target %
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• Customer relationships

• Focus on customer value proposition

• Increasing direct supply to maximise margin

Maximising margin

• Price optimisation of low grade product from Europe to China, India and Turkey

• Recent automation of shipping processes and documentation

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Financial Results

1 Brad Crump – CFO and Company Secretary

Income Statement

$ millions (except where indicated)	**1H FY2023 **	1H FY2022	Variance
Almond volume (Mt) 17,500 29,630 (12,130) Almond price ($/kg) 7.45 6.64 0.81 Continuing operations: Revenue 60.9 68.7 (7.8)
EBITDA (117.7) 17.7 (135.4) Depreciation and amortisation (15.8) (10.6) (5.2)
EBIT (133.5) 7.1 (140.6) Interest expense (4.0) (1.7) (2.3) Tax benefit /(expense) 41.2 (1.6) 42.8
Net profit after tax (96.2) 3.8 (100.0) Discontinued operations: EBIT - (2.5) 2.5 Income tax benefit - 0.8 (0.8) Loss from discontinued operations - (1.8) 1.8
Reported Net profit after tax (96.2) 2.0 (98.2) Earningsper share(cents) (79.5) 1.7 (81.2)

• 1H FY2023 EBITDA loss of $117.7m (1H FY2022 $17.7m).

• 2022 Crop fair value adjustment during the period as a result of quality reclassification and inventory write-off ($24.2m)

• The full 2023 Crop fair value loss recognised within the half year result ($69.5m)

• Impairment assessment results in Goodwill asset written off ($26m)

• Almond price increase to $7.45/kg (1H FY2022 $6.64/kg)

• Depreciation increases as farms hit maturity (no longer capitalised expenses)

• Interest costs higher due to increased rates and a higher average debt profile.

• Tax benefit as a result of the loss recognised as a deferred tax asset and assessed as recoverable against future years earnings.

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Group EBITDA Waterfall

The full 2023 crop fair value loss of $69.5m has been recognized within the half year result – 50% in inventory fair value and 50% in biological assets.

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17.7
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-117.4
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(* Underlying EBITDA = Reported EBITDA less (Goodwill Impairment + Impairment Loss on Biological Asset + Impairment on Bearer Plants))

Balance Sheet

The market value of the company’s assets is significantly higher than book value.

$ millions (except where indicated)	1H FY2023	1H FY2022
Current assets ex. cash 184.8 246.4
Cash 2.3 1.1
Right of use assets 192.3 211.4
Non-current assets(ex. ROU assets) 513.9 541.2
Total assets 893.4 1,000.2
Current liabilities (ex. Borrowings & Lease liabilities) 39.6 55.8
Borrowings 192.2 126.9
Lease liabilities 226.6 242.9
Non-current liabilities (ex. Borrowings & Lease Liabilities) 3.3 43.4
Total liabilities 461.7 469.1
Total equity 431.6 531.1
Net debt/equity (%) 44.0% 23.7%
Return on capital employed(%) (20.2%) 0.6%
Liquidity ratio (>1.2x) 2.82 4.09

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• Inventory levels lower than 1H FY2022, due to a full recognition of the 2023 crop fair value loss – 50% in inventory and 50% within biological assets. Receivables lower than 1H FY2022 due to lower 2022 crop sales driven by lower pricing and volumes.

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

• The market value of the company’s land assets is $374m against a book value of $249m) - independent valuations September 2022

• The company’s portfolio of permanent water rights, is $128.6m against a book value of $58.8m – market value assessment March 2023

• A lower quality 2022 crop and related lower pricing resulted in higher debt levels at 31 March 2023. Debt balances peaked in May 2023 and will decrease through the balance of FY2023

• All covenant measures for the period ending 31 March 2023 met. With the fixed charge cover ratio waived until March 2024.

• Current debt facilities remain adequate for operations moving forward

  • Gearing (net bank debt/equity) of 44%.

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Banking Facilities -Debt and Cash

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260
Lower Almond
prices and
higher 2023
growing costs
189.9
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Drivers of higher net debt:

• Lower sales revenue resulting from 2022 crop quality write-down

• Decrease in market prices resulting in lower sales revenue

• Increased 2023 crop growing costs due to fertiliser (partially offset by water savings)

• Capital expenditure at CWPF facility and horticulture equipment and tree development cost

• 12 months headroom ranges between $30 - 100m

• Banking facilities in place. Additional $50M facility limits of which $20M expires June 2024. $20M seasonal facility fixed two-year term.

• Banking partners very supportive – key understanding of Agri risk

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Asset Valuations and Net Tangible Assets

Asset valuations (including market value of leased properties future earnings) are 68.4% higher than the current book carrying values at 31 March 2023, driven by higher market valuations across the orchards, Select’s processing facility and water rights.

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Net Asset Value - Book Value vs Market Value ($'M)
$100.0 $726.7
$69.8
$125.3
$431.6
Net Assets - 31 March Market Value Market Value Market Value Market Value - Net
2023 Increment - Orchards Increment - Water Increment - Leases Assets
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Note: Market vale of leases = NPV of related free cash flows less lease payments

• Net Tangible Assets per share (incl water rights) increases from $3.55/share (book value) to $6.00/share if the market value of assets is used in the calculation

• Book value of assets of $893.4m at 31 March 2023, or $1,188.5m based on market value (not reflected in Balance Sheet)

• The market value of land assets remains significantly higher than book value reflected in the balance sheet, as detailed in the 1H FY2023 financial statements - $125.3m higher

• Company’s portfolio of permanent water rights was valued at $128.6m at 31 March 2023, vs a book of $58.8m

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Cash Flows

Challenging cashflows in first half of 2023. Expected to return to normal in 2024.

$ millions (except where indicated)	1H FY2023	1H FY2022
Customer receipts 82.7 134.5
Supplier & employeepayments (100.7) (115.4)
Tax refund/(paid) 1.4 4.0
Net interest (10.2) (7.8)
Cash flow from operations (26.7) 15.3
Netproperty, plant and equipment (13.2) (18.3)
Net water rights - (3.1)
Tree developments costs (2.9) (4.7)
Bearerplants andplantation land - -
Other items 0.1 0.0 -
Investing cash flows (16.0) (26.1)
Issue of shares - 0.0
Increase in debt 52.8 30.0
Leasepayments (10.7) (11.1)
Dividendspaid (2.0) (5.8)
Financing cash flows 40.1 13.1
Net(decrease) / increase in cash (2.6) 2.2
Cash at beginningof the halfyear (1.5) (3.1)
Cash at the end of the halfyear (4.1) (0.8)

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Cashflow commentary:

• Negative operating cash flows driven by:

• Lower 2022 crop sales volumes and prices

• Higher 2023 input costs

• Increased borrowing costs due to higher debts levels

• Operating cash flows are positive in 2H FY2023 as the 2023 and remaining 2022 crop is sold.

• 1H FY2023 investing cash flows of $16m driven by:

• Horticultural equipment

• Upgrading of Carina West

   - value-add facility
  

  • installation of a new sorting and packing line

• Tree development costs have reduced

 Return to normalised cashflows in 2024

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Sustainability

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1
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Almond Growing - Circular Economy

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Focus areas:
30,000MT
Compost returned
to orchards Biomass produced 130,000MT  Select Harvests is utilizing its full farm
by our orchards production, reducing waste and
extracting maximum value
9,262 HA
Orchards
Fruit Forests
 Reviewing carbon value creation
10,000MT
opportunities by full utilization of
Biomass Energy
Plant unproductive farmland
10,000MT
Inshell Exported  Maximising water efficiency through
technology
 Creating an optimal environment for
bee health and pollination
60,000MT
20,000MT
Stockfeed
Kernel Sales
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• Select Harvests is utilizing its full farm production, reducing waste and extracting maximum value

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Sustainability and generating commercial returns

Operational

Pilot process

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Almond Hull Compost to Energy 1. Ash by-product from cogeneration power station station 2. Recycling soil from farms 3. Recycling hull and shell

Select Harvests co-generation power station

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Almond Hull
to Fertiliser
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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

• Low cost and replaces chemical

• Hull and shell recycling fertilizer

• Ash generation to compost  Improves soil quality  Renewable energy  Improved tree health

Benefits

• Low cost and replaces chemical fertiliser

• Current trials show preliminary results increase soil carbon levels by up to 100%

• Improves soil health and potentially water efficiency

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Strategy and Outlook

1

Select Harvests – Investment Logic

Select Harvests Orchard Map

Why Select Harvests?

• One of the world’s largest almond companies - geographic diversity and scale

• Positive long term growth – industry CAGR 5%-8%

• Long run rising prices through the economic cycle

• Unique vertically integrated portfolio of quality assets - Farms $365.4M*

• Plant (CWPF) $93M* (replacement value $250M)

• • Water $128.2m*

• Developing initiatives to increase profit from operations

• Strong cashflows during normal operating conditions

• Emerging path to growth (it’s not only buying farms) with substantive upside

• Almonds positioned to leverage global food mega trends

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• Market Value

Select Harvests Strategy - Evolution Underway

Strategic Path

• Financially disciplined

• Faster to Cash

• Further lower the Cost Curve

• Tightly managed working capital and analytical approach to investing

• Grow almond volumes and lower our agri risk – increased external supply and lower capital intensity - we will acquire assets if returns warrant investment

• Scale up processing capacity

• Grow organisational capability

• Build out supply chain

• Manufacturing Excellence

• Leadership capacity

• Balance our portfolio with value added processing and market investments . Further areas to explore :

• Value creation opportunity from full organic production (Hull Fertiliser, Energy Generation)

• Provide Farming services to other landowners

• Carbon value creation – Tree and soil sequestration, creation of ACUUs, decarbonisation, full land use

• Market Growth – increase value added products & invest in NPD & food innovation, new channels to market

• Diversification into close to home adjacencies (other nuts or geographies) – where it brings substantial synergy gains & diversifies risk. We will improve our base business first!

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Higher ROIC - Project Management office created and 18 Initiatives under

way…

• To be explored

• Horizon 1 Horizon 2 Horizon 3

• Building our foundations Robust Thru the Cycle Transformation

• Focus on Cash & ROIC  CWPF Capacity expansion – Phase 1  CWPF Capacity expansion – Phase 2 - Accelerate cash (customers and suppliers)

• • Enact fast payback CAPEX  Next “step up” in growing external  Increase Value Capture from processing Almond volumes - Increase 3[rd] party processing volumes

• Compressible Cost - Bolt on capital light value added processing - Activity based costing 

• • Build Organisational Capability Corporate
• • Farming - Strategy  Increase Margin Spread & reduce Agri risk -
• • CWPF Sales and Marketing - Develop direct relationships with customers - Supply Chain - Price/Margin optimisation

• Grow external almond processing  Deeper customer relationships  Diversification (to explore)

• Leadership and capability build - Increased direct supply - New nuts - Quality focus - Geographies (farming and / or processing)

• Maximise Margin - New Products and channels -  Land utilisation optimal F2023 crop mix

• •  customer price increases Brand differentiation/development  Food innovation

•  Manufacturing Excellence Phase 1 Water Strategy Review

• Farming Optimisation – to commence  Creating value from full organic production

• Land utilisation

• Food innovation  Creating value from full organic production - Liquid fertiliser

• • Compost commercialisation

Estimated value = $20m Profit + $30m Cash Benefit

All initiatives individually tracked for performance

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FY2024 Outlook

Outlook

 Customers and markets

• Almond prices firming (it may not be a straight line)

• China and India demand levels increasing

• Global inventory levels reducing and US crop challenged

• Food mega trends supports almonds

 2024 crop

• Yield set to rebound – tree health positive

• Forecast shift to El Nino weather pattern is positive for almond growth

• Farming inputs

  • Water availability favourable

  • Fertiliser prices reducing

  • Increased bee movement

 Select Harvests becoming more capable

Strategy evolving

• Series of initiatives and projects in place to deliver value (profit and cash)

• Funding in place and banking support

• Increased focus on financial discipline

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Key Messages

• Safety performance continuing to lift

• Acknowledge FY2023 difficult year – impact of two years in one

• Farming outlook positive

• 2023 harvest complete and being processed with improved quality over 2022 crop

• 2024 crop rebound expected

• Market demand and pricing moving to more attractive levels

• Cash

• Focus on accelerating the cash to cash cycle

• A good 2024 crop will quickly generate cash

• Balance Sheet strength has supported operations through challenging industry period

• 3 year banking facilities in place and sufficient headroom to support operations

• Asset values remain well in excess of book values

• Select Harvests has a program for Growth and ROIC

• Lifting the cadence and discipline of the business

• Pipeline of projects expected to deliver $20m profit and $30m cash improvement – underway and delivering profit and cash

• Further exploration of step out opportunities to be pursued

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Questions

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Thank you

Please direct any queries to:

David Surveyor 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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Historical Financial Summary

Consolidated results for the year ended 30 September/June

SELECT HARVESTS CONSOLIDATED	2009 2010 2011 2012 2013 * 2014 2015 2016 2017 2018 2019 + 2020 2021 2022	2009 2010 2011 2012 2013 * 2014 2015 2016 2017 2018 2019 + 2020 2021 2022
RESULTS FOR YEARS ENDED 30 SEPTEMBER/JUNE	30-June	30-September
Total sales Earnings before interest and tax Operating profit before tax Net profit after tax Earnings per share (Basic) (cents) Return on shareholders' equity (%) Dividend per ordinary share (cents) Dividend franking (%) Dividendpayout ratio (%)	248,581 238,376 248,316 246,766 190,918 188,088 223,474 285,917 242,142 210,238 26,827 26,032 22,612 (2,495) 5,241 31,288 85,845 49,785 16,979 34,869 23,047 23,603 18,473 (8,743) 198 26,833 80,514 44,290 11,978 29,464 16,712 17,253 17,674 (4,469) 2,872 21,643 56,766 33,796 9,249 20,371 42.6 43.3 33.7 (7.9) 5.0 37.5 82.9 46.7 12.6 23.2 16.6 15.2 10.5 (2.8) 1.8 12.3 19.8 11.6 3.3 (13.9) 12 21 13 8 12 20 50 46 10 12 100 100 100 100 100 55 - 54 100 100 28.2 48.5 38.6 (101.3) 239.8 53.5 62.8 99.1 79.4 51.7	298,474 248,262 288,220 231,274 80,065 38,726 18,165 10,051 76,108 36,662 15,892 5,880 53,022 25,001 15,116 4,759 55.5 26.0 12.7 3.9 12.7 6.2 2.9 0.9 28 13 8 2 100 100 100 100 50.0 50.0 74.7 50.7
Financial ratios Net tangible assets per share ($) Net interest cover (times) Net debt/equity ratio+ (%) Current asset ratio (times)	1.56 1.87 2.17 2.19 2.14 2.38 3.35 3.22 2.95 3.34 7.10 10.70 6.70 (0.4) 1.0 6.9 15.9 9.0 3.4 6.4 51.9 39.6 43.3 41.7 49.6 54.0 38.2 23.1 52.5 18.7 0.79 1.44 1.96 1.42 1.61 4.02 3.36 1.90 1.05 4.49	3.60 3.46 3.68 3.58 20.0 18.7 8.0 2.4 6.6 79.6 66.7 72.4 2.74 2.39 2.22 2.55
Balance sheet data as at 30 September/ June Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Net assets	81,075 83,993 91,228 76,936 123,303 136,639 207,782 155,521 136,610 162,118 133,884 145,612 214,352 202,371 180,542 194,080 280,130 294,251 343,081 354,435 214,959 229,605 305,580 279,307 303,845 330,719 487,912 449,772 479,691 516,553 102,348 58,469 46,454 54,369 76,800 33,988 61,893 81,783 130,371 36,104 11,735 57,515 90,311 64,608 67,540 121,325 138,632 77,088 71,701 101,809 114,083 115,984 136,765 118,977 144,340 155,313 200,525 158,871 202,072 137,913 100,876 113,621 168,815 160,330 159,505 175,406 287,387 290,901 277,619 378,640	173,667 217,397 257,838 249,341 379,190 607,497 745,967 752,349 552,858 824,894 1,003,805 1,001,690 63,457 91,062 116,050 97,751 73,398 328,822 360,799 383,655 136,854 419,884 476,849 481,406 416,003 405,010 526,956 520,284
Shareholders' equity Share capital Reserves Retained profits Total shareholders' equity	46,433 47,470 95,066 95,957 97,007 99,750 170,198 178,553 181,164 268,567 12,949 11,327 11,201 10,472 9,144 12,190 12,818 11,168 11,602 9,601 41,494 54,824 62,548 53,901 53,354 63,466 104,371 101,180 84,853 100,472 100,576 113,621 168,815 160,330 159,505 175,406 287,387 290,901 277,619 378,640	271,750 279,096 397,343 401,164 10,417 14,280 7,657 2,029 133,836 111,634 121,956 117,091 416,003 405,010 526,956 520,284
Other data as at 30 September/ June Fully paid shares (000) Number of shareholders	39,519 39,779 56,227 56,813 57,463 57,999 71,436 72,919 73,607 95,226 3,296 3,039 3,227 3,359 3,065 3,779 4,328 8,908 11,461 11,943	95,737 96,637 120,224 120,951 10,331 11,258 10,236 10,470
Select Harvests' share price - close ($)	2.16 3.46 1.84 1.30 3.27 5.14 11.00 6.74 4.90 6.90	7.69 5.57 8.29 5.26
Market capitalisation	85,361 137,635 103,458 73,857 187,904 298,115 785,796 491,474 360,674 657,059	736,218 538,268 996,660 636,201

• The 2014 result has been restated due to the early adoption of changes to Accounting Standards, AASB 116 Property, Plant and Equipment , and AASB 141 Agriculture , impacting 'bearer plants'.

• As a result of implementation of AASB16 Leases on 1 October 2019, the Company recognised Right-of-use assets and lease liabilities in its books

30

Historical Almond Pricing

Almond Pricing – USD/lb

Source: Derco Foods

31

Orchard Age Profile

. Select Harvests weighted average orchard age is 14 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)

11%

85%

4%

0% 2% 4% 6% 8% 10% 12% 14% 16% 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 Tree Age (Years) 11% Planted orchards are immature 85% Planted orchards in economic sweetspot - low capex & high cash generation 4% Planted orchards post economic maturity 1	0% 2% 4% 6% 8% 10% 12% 14% 16% 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 Tree Age (Years) 11% Planted orchards are immature 85% Planted orchards in economic sweetspot - low capex & high cash generation 4% Planted orchards post economic maturity 1	0% 2% 4% 6% 8% 10% 12% 14% 16% 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 Tree Age (Years) 11% Planted orchards are immature 85% Planted orchards in economic sweetspot - low capex & high cash generation 4% Planted orchards post economic maturity 1	0% 2% 4% 6% 8% 10% 12% 14% 16% 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 Tree Age (Years) 11% Planted orchards are immature 85% Planted orchards in economic sweetspot - low capex & high cash generation 4% Planted orchards post economic maturity 1
0% 2% 4% 6% 8% 10% 12% 14% 16%	Planted orchards are immature Planted orchards in economic sweetspot - low capex & high cash generation Planted orchards post economic maturity
	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 Tree Age (Years) 1

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1. Tree age is in reference to the 2023 crop

Planted Hectares

2.6x growth in planted hectares since 2012

Select Harvests Orchard Profile

Select Harvests	Total Planted
Almond orchard portfolio	(as at 30 September	2022)
	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

==> picture [399 x 380] intentionally omitted <==

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

9,262 9,262 9,262 9,262
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 2022 2022
----- End of picture text -----

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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 hi hest dollars enerated er ML of water used. g g p

Calories per ML

==> picture [287 x 367] intentionally omitted <==

----- 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
$-
Rice Grapes Dairy Almonds
Calories/ML
Dollars/ML ($)
----- End of picture text -----

Kg Protein per ML

==> picture [287 x 366] intentionally omitted <==

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

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)
----- End of picture text -----

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

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Useful Almond Industry Websites

Select Harvests Internal Video

https://vimeo.com/680215981

Industry Associations

• Californian Almond Board www.almondboard.com

• Almond Board of Australia www.australianalmonds.com.au  International Nut and Dried Fruit Council www.nutfruit.org/about-us/history

Industry Reports

• 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

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 https://coststudies.ucdavis.edu/en/current/commodity/almonds/ https://www.nutfruit.org/files/tech/1625230833_INC_Stats_2021.pdf https://www.nutfruit.org/files/multimedia/1621524924_Trade_Map_Series.pdf

Almond Companies

• Blue Diamond Growers

• Blue Diamond Ingredients

• Almond Insights

• Derco Foods

• RPAC Almonds

• Wonderful Pistachios & 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 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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