Select Harvests Limited

Investor Presentation

12 November 2014

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

FY14 Performance

Earnings Before Interest & Tax ("EBIT")

Reported FY14 EBIT $41.8M* vs Reported FY13 EBIT $5.2M
Underlying FY14 EBIT $41.8M* up 11% vs Underlying FY13 EBIT $37.7M

Net Profit after Tax ("NPAT")

Reported FY14 NPAT $29.0M* vs Reported FY13 NPAT $2.9M
Underlying FY14 NPAT $29.0M* up 27% vs Underlying FY13 NPAT $22.9M

Cash flow/Gearing/Funding

FY14 Operating cash flow $23.1m (FY13 $4.1m) strong conversion
$55M of working capital as at 30 June 2014 majority will be converted to cash by 31 December 2014
Dual banking arrangement was agreed with NAB & Rabo including acquisition facility

Earnings Per Share ("EPS")

Reported FY14 EPS 50.2 cents per share ("cps") - up 25% vs Underlying FY13 EPS 40.1 cps

Dividends

Final Dividend (unfranked) 9 cps last year Final Dividend 9 cps
Full Year Dividends total 20 cents per share last year Full Year Dividends totalled 12 cps

* FY14 includes $6m pre-tax revaluation of almond trees

Increased profit and strong cash flow generation despite lower than anticipated crop volumes

FY14 Performance

OHS & Environment

─ OHS Another improved safety result with group Lost Time Injuries (LTI) down 72.7%, year on year
─ Zero major environment incidents

Acquisitions

─ Allinga & Mendook

Other Achievements

─ Consumer complaints down 20%
─ Processing damage at Carina West processing facility down 22%
─ Processing cost flat at Thomastown

Post Year End Events

─ Amaroo acquisition including Water acquisition 6,215 ML
─ Mullroo (Grewal) acquisition
─ Capital raising $47M placement, $19.7M Share Purchase Plan
─ Seven year high 41.7% Market Share Aug 2014 for Lucky Brand
─ Industrial sales continue to grow

Performance improvement extends beyond the financials

Almond Division – Performance, Activities & Outlook

Performance –

Wet harvest significantly diminished yield & quality
Price A$8.50/kg (FY13 A$6.38/kg) up 33% offsetting for reduced volume & quality
Costs increased due to impact of wet harvest
$6.0m revaluation of trees support by higher almond price
FY14 Acquisitions Allinga & Mendook (680 planted acres & 2,600 unplanted acres)
FY15 Acquisitions Amaroo & Mullroo (Grewal) 2,481 planted acres & 2,865 unplanted acres in FY15 to date.

Activities

Commenced orchard replant program 512 acres. Largely offset by Orchard maturity profile of portfolio
Due diligence, bedding down and integration of acquisitions
Improving on farm productivity and execution
Planning orchards (replants/greenfields)
Growing and supporting 2015 crop

Outlook

Strategy to double plantings by 2018 remains unchanged
Almond pricing has increased on FY14 average price up 10-15%.
Introducing additional measures to protect crop and product quality: additional harvest equipment, Dryer & Bio stimulants

SHV well positioned to take advantage of Supply & Demand fundamentals

Food Division – Performance, Activities & Outlook

Performance

Industrial delivers another record result 24% up on FY13
Revenue reduction driven by loss of major retailer private label almond contracts
Branded business remains strong
Improved sales mix has driven margin improvement
Production cost per kg remained flat year-on-year in spite of private label volume loss

Activities

Brand relaunches (reformulate, relaunch) Sunsol Mueslis, Lucky Smart Snax
Absolute focus on margin management and return on investment
Multiple Consumer products price increases
Scoping new markets both local and export

Outlook

Investment in research, product development, brand image/awareness is becoming evident
Turnaround has commenced building block are now in place

Emergence of a Brand driven Food Business

Acquisitions – Geographic Diversity, Scale & Future.

Allinga – Loxton, SA (A$16.3M)

680 acres mature almond
1,000 acres suitable for planting to almonds (FY15)
Gained SA water buyback/efficiently funding (Net $5m) to support new plantings

Amaroo – Paringa, SA (A$52.5M)

2,046 acres almond (1,288 acres mature, 758 acres immature)
1,500 acres suitable for planting to almond (plant FY16,17)*
Other acquired assets 6,215 ML high security water entitlements, 764 acres citrus (leased out),

Mullroo (Grewal) – Lake Cullulleraine, VIC (A$8.5M)

435 acres almond (175 acres mature, 260 acres immature)
1,365 acres suitable for planting to almond (plant FY16, 17)*

Mendook – Euston, NSW (A$2.0M)

1,600 acres suitable for planting to almonds (plant FY16)*
* Subject to business case

Geographically diversified portfolio of 13,311 acres of planted almond orchard

Orchard Profile – Young Orchards PLUS Longevity

Select Harvests almond orchards have an average age of 10.9 years. On track to double acreage by 2018.

Global Supply - US Drought

Red States = Extreme Drought Dark Brown States – Exceptional Drought

SHV AGM 2013 – 0% Exceptional Drought, 11% Extreme Drought, 84% Severe Drought

SHV AGM 2014 – 55% Exceptional Drought, 80% Extreme Drought, 94% Severe Drought

ENTIRE US ALMOND INDUSTRY IN EXCEPTIONAL DROUGHT THIS YEAR

Global Supply -Crop Outlook

US Crop Update (2013/14) - harvested

Market estimate of USA 2013/14 Almond crop now 1.7-1.8 billion pounds (Ref: Hilltop Ranch 2 Nov 2014)
Down 300-400 million pounds on original NASS Objective Estimate of 2.1 billion pounds

SHV Crop Update (2014/15) - growing

Good blossom & pollination
Growing conditions have been good

Outlook – Business Focus

Almond Division

Maximise 2015 crop
Integrate acquisitions
Prepare for 2015 & 2016 greenfield plantings & funding options
Development of orchard benchmarking
Secure further mature orchards

Food Division

Continue innovation stream in industrial/packaged goods segments
Raise the bar on quality and increase velocity of new product development
Increase focus on SE Asia customer base

Significant opportunity to improve the base business

Thank you

Please direct any queries to:

Paul Thompson Paul Chambers Andrew Angus Managing Director Chief Financial Officer Investor Relations +61 3 9474 3544 +61 3 9474 3544 +61 402 823 757

Select Harvests - Financial History

SHV Historical Summary	Units	2006	2007	2008	2009	2010	2011	2012	2013	2014
Total Sales	(A$M)	217.9	229.5	224.7	248.6	238.4	248.3	251.3	191.1	188.3
EBIT	(A$M)	38.4	40.5	27.1	26.8	26.0	22.6	19.6	37.7	41.8
EBIT Margin (EBIT/Sales -%)	(%)	17.6%	17.6%	12.1%	10.8%	10.9%	9.1%	7.8%	19.7%	22.2%
PBT	(A$M)	37.9	40.0	25.4	23.0	23.6	18.5	13.4	32.7	37.4
Underlying NPAT	(A$M)	26.5	28.1	18.1	16.7	17.3	17.7	9.5	22.9	29.0
Issued Shares	No. of Shares	39.7	38.7	39.0	39.5	39.8	56.2	56.8	57.5	58.0
Earnings Per Share	(AUD Cents per Share)	67.1	71.0	46.7	42.6	43.3	33.7	16.8	40.1	50.2
Dividend per Share	(AUD Cents per Share)	53.0	57.0	45.0	12.0	21.0	13.0	8.0	12.0	20.0
Payout Ratio	(%)	80.0%	80.0%	96.7%	28.2%	48.5%	38.6%	47.6%	29.9%	39.8%
Net Tangible Assets per Share	(A$/Share)	1.83	1.57	1.41	1.56	1.87	2.17	2.19	2.14	2.47
Net Interest Cover	(times)	82.3	75.8	15.6	7.1	10.7	6.7	3.2	7.5	9.3
Net Debt	(A$M)	1.3	1.6	46.8	52.4	45.0	73.1	66.8	79.3	94.8
Shareholder Equity	(A$M)	101.5	95.5	94.1	100.9	113.6	168.8	160.3	159.5	182.8
Net Debt to Equity Ratio	(%)	1.3%	1.7%	49.7%	51.9%	39.6%	43.3%	41.7%	49.7%	51.9%
Share Price	(A$/Share)	13.02	11.60	6.00	2.16	3.46	1.84	2.40	3.9	5.14
Market Capitalisation	(A$M)	517.0	449.4	234.1	85.4	137.6	103.5	120.0	224.3	298.12
P/E Ratio		19.5	16.0	12.9	5.1	8.0	5.8	12.6	9.8	10.2

Source: Company Data

Why Select Harvests? - 2015 Orchard Profile

Almond orchard	Planted Orchard	Planted Orchard	Bearing Orchard	Bearing Orchards
portfolio	Area (acres)	Area (hectares)	Area (acres)	Area (hectares)
Northern Region
Owned	1,491	604	1,423	576
Leased	3,017	1,221	3,017	1,221
Total	4,508	1,825	4,440	1,798
Central Region
Owned	4,165	1,686	3,554	1,439
Leased	1,481	600	1,481	600
Total	5,646	2,286	5,035	2,039
Southern Region
Owned	3,156	1,278	2,467	999
Leased	-	-	-	-
Total	3,156	1,278	2,467	999
Total All Regions
Owned	8,812	3,568	7,444	3,014
Leased	4,498	1,821	4,498	1,821
Total	13,311	5,389	11,943	4,835

Land bank (unplanted)	Acres	Hectares
Northern Region	-	-
Central Region	1,600	648
Southern Region	3,865	1,565
Total all Regions	5,465	2,213

Source: Company Data

Why Select Harvests? - 2015 Orchard Profile

	AREA BY TREE AGE
	Years 0-7		Years 8-26		Years 26+		TOTAL PLANTED		AVAILABLE TO PLANT		TOTAL
	(acres)	(ha)	(acres)	(ha)	(acres)	(ha)	(acres)	(ha)	(acres)	(ha)	(acres)	(ha)
Northern Region

Company Owned	312	126	1,179	477	-	-	1,491	604	-	-	1,491	604
Leased	1,332	539	1,685	682	-	-	3,017	1,221	-	-	3,017	1,221
Total	1,644	666	2,864	1,160	-	-	4,508	1,825	-	-	4,508	1,825
CentralRegion
Company Owned	638	258	2,455	994	1,072	434	4,165	1,686	1,600	648	5,765	2,334
Leased	-	-	1,481	600	-	-	1,481	600	-	-	1,481	600
Total	638	258	3,936	1,594	1,072	434	5,646	2,286	1,600	648	7,246	2,934
SouthernRegion
Company Owned	1,018	412	2,138	866	-	-	3,156	1,278	3,865	1,565	7,021	2,843
Leased	-	-	-	-	-	-	-	-	-	-	-	-
Total	1,018	412	2,138	866	-	-	3,156	1,278	3,865	1,565	7,021	2,843
TOTAL
Company Owned	1,968	797	5,772	2,337	1,072	434	8,812	3,568	5,465	2,213	14,277	5,780
Leased	1,332	539	3,166	1,282	-	-	4,498	1,821	-	-	4,498	1,821
Total	3,300	1,336	8,938	3,619	1,072	434	13,311	5,389	5,465	2,213	18,776	7,601

Source: Company Data

Significant Orchard Growth. Double plantings by 2018

Growth - 5,465 acres of unplanted land suitable for almonds will be planted over the next 4 years

Global Supply – US Reservoirs/Temp/Snowpack

Temperature

Six Months In and Sizzling California Sets Record - Andrea Thompson, Climate Central, 16 July 2014
- ─ California just finished the hottest first half year on record, a period going back 120 years, according to the national climate overview for June released by the National Oceanic and Atmospheric Administration (NOAA).
- ─ http://www.climatecentral.org/news/california-warmest-year-record-17774

Snowpack

California drought: Sierra snowpack is barely there - Peter Fimrite, SFGate, San Francisco Chronicle , 2 May 2014
- ─ The snow levels in the Sierra were only 18 percent of average on Thursday, when the last of the season's once-a-month measurements was taken by the California Department of Water Resources. That's worse than last month, when the snowpack was 32 percent of normal for the date. Conditions get worse the farther north one goes in the Sierra and Cascade ranges. The snowpack is a paltry 7 percent of average in the northern part of the state, according to the measurements
- ─ http://www.sfgate.com/science/article/California-drought-Sierra-snowpackis-barely-5446649.php

Reservoir Conditions: Most storages have less than half of their historical average water levels

Temperature: Hottest 6 months on record drives evaporation/transpiration

Snowpack: Historically low snowpack which provide the surface water / ground water recharge is concerning

Global Supply - US Groundwater Levels

This trio of images depicts satellite observations of declining water storage in California as seen by NASA's Gravity Recovery and Climate Experiment satellites in June 2002 (left), June 2008 (center) and June 2014 (right). Colors progressing from green to orange to red represent greater accumulated water loss between April 2002 and June 2014. California's Sacramento and San Joaquin River basins, including the Central Valley, have suffered the greatest losses, in part due to increased groundwater pumping to support agricultural production. Between 2011 and 2014, the combined river basins have lost 4 trillion gallons (15 cubic kilometers, or 12 million acre-feet) of water each year, an amount far greater than California's 38 million residents use in cities and homes annually.

Source: NASA (http://www.jpl.nasa.gov/spaceimages/details.php?id=PIA18816)

Source 2: Dept of Water Resources, California (http://www.water.ca.gov/waterconditions/docs/Drought\_Response-Groundwater\_Basins\_April30\_Final\_BC.pdf)