SELECT HARVESTS LIMITED — Investor Presentation 2016

May 29, 2016

Select Harvests Limited (“ASX:SHV”)

Overseas Investor Presentation

Michael Iwaniw – Chairman Paul Thompson - Managing Director

June 2016

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.

2

Business Overview – Growing Together

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Almond Division

• 14,303 acres of Australian almond orchards – Victoria, South Australia & New South Wales

• 80% in cash generative mature phase – very low capex required

• Improve orchard productivity through high performance farming program – top quartile yields & quality in next 2 years

• 2016 Greenfield plantings – 2,500 acres – majority to account of First State Super

• Continue to seek acquisition of mature orchards at the right price and land suitable for planting to almonds

• Improve supply chain productivity & keep costs in bottom quartile - Project Parboil & Project H2E

Food Division

• Number of Brands across categories – cooking/baking, snacking, breakfast, health

• Grow branded base for industrial and packaged divisions

• Export focus

• New Products & Categories

Corporate

• Leverage core capabilities of business in current & adjacent categories

• Maintain gearing at acceptable level

Growth and cash-flow are both important

3

Macro Trends Driving Strategy

Demand Drivers

• Health

Supply Drivers

 Land Availability

• Weight Loss

• Heart Disease

• Lactose Intolerance

  • Infrastructure

  • Capital

• Environment

• Gluten Free

• Coeliacs

• Diabetes

 Wealth

  - Climate

  - Water availability

  - Sustainability

• Capability

• Asian Middle class

• Millennium population pool

• Affordability

• Knowledge

• Execution skills

• Market access

Customer & Consumer insights drive our strategy

4

Strategy - Planning for excellence and growth

1. CONTROL CRITICAL MASS OF ALMONDS

Secure the critical mass of nuts needed to maximize profitability and leverage the global almond opportunity.

2. IMPROVE YIELD & CROP VALUE

Improve yield and overall crop value by perfecting on-farm and farm to factory practices .

3. BE BEST IN CLASS SUPPLY CHAIN

Continuously improve our supply chain, achieving high quality, low cost and optimum capital utilisation.

4. INVEST IN INDUSTRIAL & TRADING DIVISION

Allocate resources to leverage our trading skills and grow sales in the industrial channel .

5. STRENGTHEN PACKAGED FOOD BUSINESS

Commit funds and develop structure to generate domestic and export growth for the packaged food business delivering sustainable returns above the cost of capital .

6. FIX OUR SYSTEMS & PROCESSES

Develop the business systems and processes required to be a global industry leader .

7. NON ORGANIC GROWTH

Acquire businesses in related categories leveraging existing capabilities that are EPS accretive and deliver sustainable returns above our cost of capital.

8. ENGAGE WITH OUR PEOPLE & OUR STAKEHOLDERS

Engage with investors and our industry while developing the team required to be a global industry leader.

We have a clear strategy – execution has delivered growth and productivity

5

Food Division

6

Consumer Brands & Markets

• Major supermarkets

• Independent supermarkets

• Route trade

• Health food stores

• Food manufacturers & wholesalers

• Confectionery manufacturers

• Distributors

• Export Retail Markets

• Export food manufacturers

• Export wholesalers & other distributors

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Cooking & Snacking

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Health

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Providence

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Health

Breakfast

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Industrial

7

Retail Categories

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• Dried Fruit & Nut

• Snack Food

• Muesli

• Health Food

• Fresh Produce (loose, bulk) & Pre Pack

• Private Label

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8

Industrial Categories & Customers

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• Whole, Blanched, Sliced, Slivered, Meal

• Pastes

• Roast Diced

• Natural Meal

• Blends

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9

Almond Division

10

Almond Orchards – Our productive foundation

• Geographic diversity limits exposure to: − Weather

• − Disease spread

• − Insect infestation

Enables sequential progression of harvest period across regions:

• Better farm equipment utilisation

• − Better processing utilisation

• − Better labour utilisation

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Secure access to diverse water sources:

• River Water

• − Aquifers

Positions the company to maximise harvest volume & reduce variance.

Building world class properties and a globally competitive low cost business.

Australia’s 2[nd] largest & most geographically diverse almond producer – 14,303 planted acres

Growth - Additional 2,500 acres to be planted in July 2016 – Funded by 3[rd] party

11

Select Harvests – Orchard Age Profile

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Significant growth & improvement occurred in SHV orchard portfolio in recent years - acquisition, replants, greenfields

12

Significant Organic Volume Growth

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+46%
+39
+22%
+3%
80% of current planted acres are cash generative
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By 2024, almond volumes will increase by 46%

2018: +3%, 2020: +22%, 2022: +39%, 2024: +46%

(Pink & Blue Sections only – basis capital already sunk)

13

Select Harvests – Horticultural costs

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14

Almonds competitively priced against other tree nuts

Tree Nut Spot Pricing March 2010 vs March 2015 vs March 2016

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(USD/lb)
Averaged March 2016 Averaged March 2015 Averaged March 2010
$2.50
Almond $4.55
$2.42
$3.65
Hazelnut $6.80
$2.80
$4.75
Roasted & Salted
$5.35
Pistachio
$3.95
$3.80
Brazil Nut $3.60
$2.40
$3.60
Cashew $3.35
$3.37
$2.55
Walnut $4.65
$3.61
$- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00
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Almond pricing relativity has been restored to historic norms

15

Almond Pricing over a 10 year crop period (AUD)

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Almond Price Nonpareil SUP 23/25 (AUD/kg)
(AUD/kg) - LHS Historical Rolling Average AUD/kg - LHS 5 Year Rolling Average AUD/kg - LHS
Rollng Average USD vs AUD - RHS Linear ((AUD/kg) - LHS)
$14.00 $1.00
$0.90
$12.00
$0.80
$10.00 $0.70
$0.60
$8.00
$0.50
$6.00
$0.40
$4.00 $0.30
$0.20
$2.00
$0.10
$- $0.00
Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
(AUD/kg) - LHS $7.95 $5.63 $6.30 $6.46 $4.69 $5.45 $7.45 $10.02 $12.42 $7.20
Historical Rolling Average AUD/kg - LHS $7.95 $6.79 $6.63 $6.59 $6.21 $6.08 $6.28 $6.74 $7.37 $7.36
5 Year Rolling Average AUD/kg - LHS $6.21 $5.71 $6.07 $6.81 $8.01 $8.51
Rollng Average USD vs AUD - RHS $0.7880 $0.8546 $0.7982 $0.8287 $0.8749 $0.9008 $0.9192 $0.9162 $0.9004 $0.8854
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• This is internal company data. Please note this is a reflection of one nut variety & size, not the total pool return

The combination of currency and price has caused the sharpest price correction in recent history

16

Processing

17

Almond Processing

• The site occupies 100 hectares of land

• Commissioned in 2008 at a cost of $40 million

• Hulling and Shelling capacity is 30,000MT

• 36 hectares of stock pad capacity

• Climate controlled warehouse

• Laboratory, Administration/Amenities complex

• 48,000 MT hull storage area

• ALMADS customised stock control & traceability system

• Almond Pasteuriser (5 log - Steam)

• Approx. 120 employees during peak season

• Almond Pre-Cleaner & Crop Dryer

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18

Food Division Processing

• This site has 11 processing lines which include:

Packaging formats include:

• Electronic sorters

• Pillow packs

• Dry roasters

• Size range from 25g – 1kg

• Oil roaster

• Edge seals & Block bottoms

• Almond blanching, slicing and grinding lines

• Doye Bags

• Dicer

• Size range from 150g – 1kg

• Blending

• Re-sealable Doye bags

• Conching (pastes)

• Bulk cartons

• Doye and vertical form filling machines

• 10 – 25kg

• These lines service the retail, wholesale and industrial markets and produce approximately 350 sku’s.

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19

Operations - Project H2E – Hull to Energy

Project Overview: Biomass boiler and steam turbine, fuelled by almond hull and shell converting it to heat and power. Abating 24000 tonnes* of greenhouse gas.

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• Internal estimate

Reduces energy cost by 20%, enhancing Carina West’s position as a global low cost processor

20

Increasing Value-added & Export Businesses

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Industrial Products

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Export Focus

Healthy grains, pulses & Nuts

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Value-added snacks & breakfast

Moving from grower commodity bagger to value-adding

21

Project Parboil – Almond Value-Add

Current

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Blending Frying Sorting Blanching
TT
Roasting Conching Packing Grinding
Bulk
Slicing Packing
Packing
Sorting
CW Processing &
Packing
Mixed nut, fruit and seed varieties
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TT

CW

Future

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Blending Frying Sorting
Roasting Conching Packing
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New
Blanching
Grinding Slicing
with
Roasting
Retail
Sorting
&
Processing &
Bulk
Packing
Packing
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Almonds Only

22

Project Parboil – Almond Value-Add

Projective Objective: To install an Added Value Almond Processing & Packing Facility at Carina West

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Operational Highlights

• Integrated Processing Equipment: Blanching, Slivering, Slicing, Dicing, Dry Roasting, Pasting, Grinding, Pasteurising, Electronic Sorting and Industrial & Retail Packing

• Climate Controlled Factory, Cool Store Warehousing

• Automated Industrial Packing Line with Gas Flushing

• Climate Controlled Factory, Cool Store Warehousing

• Operational Hours: 8hrs x 5 days x 48 weeks

• Operators Employed: 12

Infrastructure designed using and complying to:

WQA Manufactured Food Standard Version8

&

Coles Food Manufacturing Supplier Requirements (CFMSR) ver Feb 2014

Specifications

• Building size: 50m x 84m

• 1.2m concrete tilt slab perimeter internal/external

• Borrell Integrated Blanching & Roasting Line

• Nimbus Electronic Sorter with Biometric Signature Identification

• Propac Retail Baggers AV 2.2 with Dual Feed system

• Pattyn Fully Automated Industrial Packaging Line

• Ishida Multi-Head & Check Weighers

• Visy Automation Robotic Retail & Industrial Palletizing line

• 2mt per hour thru-put

• Capital Investment: $11m AUD

• Installation – Q2 2016

23

US (California) Update

 US Crop Update (2015/16) – mixed start to season

• Industry experienced good chill hours and bloom conditions

• Largest US grower removed 10,000 acres (25% of almond portfolio) – indications of 35,000 acres pulled across industry and talk of 70,000 acres next year

• New plantings indicate growers still transitioning towards more secure water

• NASS Subjective estimate due 10 May 2016 – 2 billion lbs. Objective Estimate due 6 July 2016

• April 2016 Almond Board of California Position Report – largest April shipment ever (167m lbs)

• 2015 was 2[nd] hottest year on record, 2014 hottest – additional water requirements – early indications that 2016 will be another hot year as El Nino weakens

• Californian Drought - situation largely improving

• Apr 2016 - 21% of California in Exceptional Drought (covers the vast majority of almond growing counties), 48% Extreme Drought

• Californian Snowpack – 2016 snowpack is below average

• 2016 - State (32% of April Avge, 51% of Normal as at today) - North Sierra (25%, 46%), Central (40%/61%), Southern (26%/40%)

• Californian Surface Water – much improved conditions

• Initial water allocations have increased for urban use – no significant change for agricultural allocations

• Californian Ground Water – no immediate change.

• Introduction of Sustainable Groundwater Management Act (“SGMA”) will have lasting impact

  • 1 April 2016 – Basins begin Annual Reporting to DWR.

  • 31 Dec 2016 – DWR publishes report on water available for groundwater replenishment.

  • 31 Jan 2020 – High & Medium priority basins (critical conditions of overdraft) must be managed under Groundwater Sustainability Plan (GSP).

Complex situation to understand - change will not be immediate, but is inevitable

24

Rationale - Why Select Harvests?

1. Excellent Industry Fundamentals

• Supply/Demand

• Counter-cyclical to USA

2. Integrated Business Model

• Orchards

• Processing & Packaged goods

• Large nut, seed and dry fruit trader

3. Culture for Improvement

• Refreshed Leadership

• One Select

4. Competitive Advantage: Quality Assets

• 81% of SHV orchards will mature in 1 year

• State of Art Carina West processing facility

• Market leading brands

5. Market Environment

• Price and currency reset

6. Growth

• Business positioning itself to grow

An integrated agribusiness that controls almonds - positioned to deliver

25

Strategy Execution

• Business Growth

• Orchard Growth

• Orchard Productivity

• Growing Brands & New Product Portfolio

• New Geographies

• Risk Mitigation

• Almond Crop Dryer

• Water Policy

• Bee Policy

• Strong Balance Sheet

• Cost Out

• Project H2E – Biomass Electricity Cogeneration

• Supply Chain consolidation

Making your “OWN LUCK” is about strategy execution

26

Select Harvests - Summary

What we are building

• A company of passionate people

• A strong and trustworthy company that looks after stakeholder interests

• A well run integrated company that is well positioned to benefit from the indisputable global almond industry fundamentals

• A cash generating company that will be positioned to invest in growth in a growth industry

• A business that can manage the dynamic agricultural cycle and can mitigate the inherent risks

• A company that responds to the challenges and learns from the experience

SHV is well positioned

• Good industry - healthy product with strong, historical & forecast long term growth prospects (8% p.a.)

• Good position in industry - Australia is 2nd largest almond producer. Select is 2[nd] largest in Australia

• Countercyclical - to Californian Northern Hemisphere production

• Good business - integrated, geographically diversified, strong market shares across the business

• Good assets - relatively new, globally competitive processing facility. Maturing orchards in sweet spot

• Good opportunities - increase volumes by leveraging advantages of integrated business model i.e. utilising production, processing and marketing capabilities and knowledge

A company focussed on delivering performance and continuous improvement

27

Market Outlook

• Category Overview:

• Demand remains strong, current prices expected to generate growth

• Consumers continue to see the benefits of all super foods with new product development remaining buoyant

• Buying patterns had changed due to instability in pricing, little inventory with customers

• Consumers and industry committed to consuming less sugar, preferring Green & Clean alternatives

• Land and water are a finite resource

• Regulation will increase

• Almond Industry :

• Despite improved conditions year to date, the US drought continues. The impact of the drought remains difficult to predict

• Industry forecast for the 2016 US crop is approx. 2.0 Bn lbs, with a slightly higher year on year carryover stock of approx. 0.5 Bn lbs

• Spanish crop adversely affected by frost and drought

• New product development activity remaining buoyant. Almond Milk and Butters continue to grow

• Recent new planting & lower pricing causing industry to re-think expansion plans in both US & Australia

• Accelerate removal of older trees based on economic viability – est. 35,000 acres in US in 2016 - could be another 70,000 acres 2017

• US to experience greater cost inflation (water, by-products & labour)

• Competitive nuts reset to historical norm, stimulating almond growth

See positive signs with demand increasing

28

2016 SHV Crop Update

• Harvest Progress Update – Ahead of previous years

• Complete

• Volume Update – Increased volume

• All stock has been delivered to processing centre

• Volume estimate increased from 13,700 to 14,000 tonnes estimate

• Processing Update – On Plan: 40% of estimated crop has been processed

• Quality is as expected

• Price Update – First Half Estimate A$9.00/kg (0.70 USD)

• Spot price: A$8.00+/kg (0.72 USD)

• Over 80% delivered or committed @ average A$8.05/kg

  • Predominantly higher grades

• Orchard Outlook – Positive

• BOM outlook: above average rainfall in parts of southern Australia

• Bud potential looks good for 2017

29

SHV 2016/7 Business Objectives

1. Zero Harm OH&S strategy

2. Improve average mature tree yield

3. Acquire orchards at the right price

4. Grow and strengthen Food Business

5. Implement Greenfield program

6. Implement Biomass/Cogen plant

7. Implement Parboil

8. Implement 1Select ERP platform

9. Maintain Balance Sheet & Cash Flow strength whilst growing

10. Evaluate diversification opportunities

Cash generative growth strategy delivering increased shareholder value

30

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
Please note that background material/data regarding the global almond industry can be found on the		Select Harvests website - www.selectharvests.com.au

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31

Select Harvests - Financial History

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Source: Company Data

32

Select Harvests – Orchard Profile

Select Harvests Almond orchard portfolio	Planted	Under development	Total
	Acres Hectares	Acres Hectares	Acres Hectares
Central region Company Owned Leased	4,169 1,688 1,481 600	- - 1,400 567	4,169 1,688 2,881 1,166
Total	5,650 **2,287 **	1,400 **567 **	7,050 **2,854 **
Northern Region Company Owned Leased	1,657 671 3,017 1,221	- - - -	1,657 671 3,017 1,221
Total	4,674 **1,892 **	- -	4,674 **1,892 **
Southern Region Company Owned Leased	1,574 637 2,405 974	- - 1,009 409	1,574 637 3,414 1,382
Total	3,979 1,611	1,009 409	4,988 2,019
Total Company Owned Leased	7,400 2,996 6,903 2,795	- - 2,409 975	7,400 2,996 9,312 3,770
Total	14,303 5,791	2,409 975	16,712 6,766

33

Select Harvests - Brands - Lucky

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Lucky is Australia’s leading cooking nut brand – record 43.6% market share vs. 39.0% YOY (MAT)

34

Select Harvests - Brands - Soland

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35

Select Harvests - Brands – NuVitality

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36

Australian Almond Industry Snapshot

Company	Orchards	Processing	Sales & Marketing
Select Harvests	14,303 acres (5,389 ha) –20%* market share SA, Vic & NSW	Primary Processing 30KT Robinvale Vic Value Added Processing Robinvale & Thomastown Vic	Consumer, Foodservice & Industrial businesses Global Nut Trader
Olam	30,000 acres (11,949 ha) – 42%* market share Vic	Primary Processing 40KT Carwarp Vic	Consumer, Foodservice & Industrial businesses Global Nut Trader
Almondco (Simarloo)	Nil direct 145 grower suppliers	Primary Processing 30KT Renmark, SA Value Added Processing	Consumer, Foodservice & Industrial businesses Global Almond Trader
Nut Producers Australia (Riverland Almonds)	Yes – acreage unknown	Primary Processing 10KT Loxton, SA	Consumer, Foodservice & Industrial businesses Almond & Pistachio Trader

Source: Almond Board of Australia and Company Data

* Australia has 70,607 acres (28,586 ha) of almond orchards (Australian Almond Insights 2013-14, Almond Board of Australia).

SHV is the only listed opportunity globally for investors to participate in this market growth

37

Growing Australian Influence

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Australia has undergone phenomenal growth in almond production & export over the last decade

38

Demand - Drivers & Facts

 What is Driving Demand?

• Developed Economies - Healthy eating & the movement to proteins.

• Developing Economies - Increased wealth & the movement to proteins based Westernize diet

• Australian & Californian Almond Boards - Opening new markets and supporting health platform.

• Innovation - More ways of eating almonds

• Demand Facts

• Not just developing markets - 59% of all almonds are consumed in US & Europe

• Innovations – Almonds have led tree nut category product innovations each year since 2006. 35% innovation share in 2013

• US Domestic shipments - 10 out of the 12 months were records in the last year (=13/14 Marketing Year ending 31 July 2014)

• US exports to Western Europe up 14% on last year* (13/14 MY versus 12/13 MY)

• US exports to Middle East/Africa - up 15% on last year*

• Asian middle class population growth - 525 million in 2009 => 1.7 billion in 2020 => 3 billion in 2030

• Growth - China has grown from low levels 5 years ago to 50% of the USA (largest market)

Demand is being driven by multiple motivations across a range of global markets

39

Sustainable Positive Fundamentals

 Tight Supply

• Long lead time to mature production (7 years)

• 18-21 years of subsequent mature production

 Strong Demand

• Developed Economies - healthy eating & product innovation

• Developing Economies - affluence shift from carbohydrate to protein

• World’s most versatile nut

• Agronomics

• Efficient economic converters of water compared to other potential agricultural land uses

• Australia counter cyclical to the rest of the almond producing world

Growth: Global almond demand growing at 8% p.a. Compound Annual Growth Rate

40

Growing Australian Influence

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Australia has undergone phenomenal growth in almond production & export over the last decade

41

Almond Supply – Concentrated Globally

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• The USA dominates the global almond production industry with 83% of the market, followed by Australia with 7%

Concentrated Global Supply Chain - USA produce 83% of the world’s Almonds

Australia (counter cyclical to USA) became the 2[nd] largest global Almond producer in 2013

42

Almonds Demand - Diverse & High Growth

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Almonds have held the No.1 position in global tree nut innovations since 2006. Almonds had 35% share of global tree nut innovations in 2013.

43

Both Dominate & Versatile

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Source: International Nut & Dried Fruit Council Foundation (INC) Global Statistical Review 2014-15

Almonds are the most versatile and highest volume nut - substitution is difficult

44

Health & Economic Benefits

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Source: Nutrient Content - Global Statistical Review 2006-2011, International Nut & Dried Fruit Council Foundation (INC). Pricing based on company survey (on-line Australian retail pricing, May 2016).

Almonds are the highest protein, highest fibre & again, an affordable tree nut

45

US Almond Production by County

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46

Global Supply - US Almond Production & Drought

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14% - North Counties % of US Almond Prod’n
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Orange States = Severe Drought
86% - South Counties % of US Almond Prod’n Red States = Extreme Drought
Dark Brown States – Exceptional Drought
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Drought situation is much improved on 2015

47

Global Supply - US Almond Production & Drought

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Snow Pack is well below average - melting faster than average - Surface Water much improved

48

US Almond Production - Ageing

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Source: USDA NASS, 2016 California Almond Forecast Report, 10 May 2016

38% of California’s total Almond Orchard Acreage is more than 21 years old

6% of Select Harvests total Almond Orchard portfolio is over 21 years old

49

US Groundwater depletion

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Purple Shading = Critically Overdrafted Groundwater Basins

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Groundwater - Some of the biggest counties are reliant on critically overdrafted groundwater basins Dept of Water Resources has a well defined timeline to groundwater legislation and management

50

Concentrated US Supply – with water issues

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Concentrated Supply – 5 Counties account for 77% of US Almond Production Groundwater Reliance – 72% of US Almond Production is from critically overdrafted groundwater basins

51

Almond Tree Life/Production Lead Time

 Almond trees take 8 years to mature, then produce at that level for approx. 18 more years before tapering

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Almond Tree Life Cycle & Yield
1.60
1.50
1.40
1.30
1.20
1.10
1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
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
Average Yield - Tonnes /acre Top Quartile Yield - Tonnes /acre
Yield (Tonnes/Acre)
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Source: Almond Board of Australia and Company Data

Select Harvests secure supply chain & yield opportunities - average tree age is 10.9 years

52

Annual Almond Cycle

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Adverse weather is biggest threat
Dormancy Nuts Mature
dormant between Almond Trees are Fruit/Kernel, Hull, Formation of  Pollination – Wet weather & Wind impacts
May-July Leaves
Blossom Hull Split  Petal fall to early nutlet development – Frost impacts
Bees used for Hull opens & Nut splits
pollination in Aug from stem
 Harvest – Wet weather impacts
Can impact Volume & Quality
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
FY2013
FY2014
FY2015
Harvest
shakers drop nuts to
ground, Sweepers
pick up nuts,
Truck nuts to
Processing Facility
Primary Processing – removal of hull (In-shell) or hull & shell (kernel), prior to Value Added
Processing
Value Added Processing – blanching, slicing, slivering, meal, pastes, roasting, blending
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Source: Company Data Almond Sales Program
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Useful websites for almond industry information

 Industry Associations

• ─ Californian Almond Board

• ─ United States Drought Monitor

• ─ Dept. of Water Resources (DWR) – Reservoir Levels

• ─ DWR – Snowpack Levels

• ─ DWR – Critically Overdrafted Groundwater Basins (2016)

www.almondboard.com http://droughtmonitor.unl.edu/Home/StateDroughtMonitor.aspx?CA http://cdec.water.ca.gov/cdecapp/resapp/getResGraphsMain.action http://cdec.water.ca.gov/cdecapp/snowapp/sweq.action http://www.water.ca.gov/groundwater/sgm/pdfs/GW_basinsCriticalOverdraft_CA.pdf

 Industry Reports

• ─ US Crop Forecasts (Subjective, Objective)

• ─ Monthly Almond Position Reports

• ─ Almond Almanac

• ─ UC Davis Almond Development Costings

http://www.almonds.com/growers/resources/crop-forecasts http://www.almonds.com/newsletters/position-reports?from-section=2881 http://www.almonds.com/sites/default/files/content/attachments/2013_almanac.pdf http://coststudies.ucdavis.edu/en/current/

 Almond Companies

• ─ Blue Diamond Growers

www.bluediamond.com

• ─ Blue Diamond Ingredients

www.bdingredients.com/category/almond-market-analysis

• ─ Almond Insights

www.almondinsights.com

• ─ Derco Foods

www.dercofoods.com/en/reports

• ─ RPAC Almonds

www.rpacalmonds.com/marketnews

• ─ Paramount Farms

www.paramountfarms.com

• ─ Hilltop Ranch

www.hilltopranch.com

• ─ Merlo Farming

www.merlofarminggroup.com

• ─ Almond Investors

www.almondinvestors.com.au/index.php/almond-projects/almond-price/

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