WINGARA AG LTD — Interim / Quarterly Report 2021

Dec 1, 2020

==> picture [155 x 50] intentionally omitted <==

We efficiently connect primary producers to the global market through our protein supply chain platform

H1 FY21 Presentation Gavin Xing, Chief Executive Officer Zane Banson, Chief Financial Officer December 2020

“Wingara is positioned for a strong second half”

==> picture [107 x 104] intentionally omitted <==

==> picture [960 x 45] intentionally omitted <==

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

Unlocking value in the protein supply chain | Page 1
----- End of picture text -----

H1 FY21 performance has laid the foundations for H2 FY21

($m unless otherwise stated)	H1 FY21	H1 FY20	Change
Revenue	18.3	15.0	22.3%
Reported EBITDA	2.7	1.3	102.4%
Reported EBIT	1.2	2.5	(53.3)%
Reported NPAT	(0.3)	1.4	<<
UnderlyingEBIT(excludingnetgain onpropertydisposal)	1.2	(1.7)	>>
UnderlyingNPAT(excludingnetgain onpropertydisposal)	(0.3)	(2.8)	833%
Operatingcashflow	0.2	2.8	<<
Inventories	5.5	4.1	34.7%
Net debt	2.5	3.9	(35.2)%
Net Tangible Asset	19.1	14.6	30.3%
Hayvolumes MT(JCT)	25,974	17,300	50.0%
Available HayMT(JCT)	20,290	2,434	733.6%
Blast carton numbers(Austco)	822,840	901,344	(8.7)%

• Revenue up 22.3% to $18.3m, in line with growth in cash receipts

• JC Tanloden production output up 50% to 25.97K MT

• Austco Polar volumes remained favourable despite macro conditions

EBITDA more than doubled to $2.7m due to production increase

Underlying EBIT improved $2.9m to $1.2m (H1 FY20: loss of $1.7m)

Underlying NPAT improved $2.5m to a loss of $0.3m (H1 FY20: loss of $2.8m)

• Net tangible assets up 30.3% to $19.1m

• Placement of approx. $5m strengthened balance sheet to support growth

• Stable employee numbers have grown from 77 at H1 FY20 to 104 in H1 FY21

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 2

2

Driving growth amid COVID-19

• H1 FY21 customer receipts were up 22.3% to $18.3m

• Growing cash receipts used for debt reduction and investment in restocking inventory to maintain revenue growth

• Disciplined investment approach from management delivered a solid infrastructure platform in protein supply chain

• A balanced AUD and USD cashflow profile to mitigate earning impact

• Business interruptions were caused through the slowdown at ports, reduction in scheduled services by shipping lines and impact to our export clients at Austco Polar

• Connectivity with offshore clients has been strong despite travel restrictions

• No Government support related to COVID-19 (such as JobKeeper) has been relied upon with proactive risk management procedures implemented to minimise disruption to WNR since late Feb 2020

• Substantial output capacity at JC Tanloden to be capitalised to drive further revenue increase based on offshore demand

• Austco Polar’s asset base is ready be tapped into for the global protein trading platform

Benefitting from management’s commitment to develop a diversified customer base amid the current COVID-19 pandemic.

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 3

3

Enabling Australian agricultural products to reach end markets

• WNR’s business model:

• Owns and manages critical export infrastructure assets within the protein supply chain

==> picture [129 x 58] intentionally omitted <==

• Tolling revenue model based on throughput

• Capitalise on our global trading network

• Partnership with primary producers with a greater access to products for export

• Diversification through multiproducts

• WNR’s mission is to enable products to reach end consumers efficiently and securely, with provenance

• WNR’s growth strategy is to build a supply chain platform based on acquisition and organic growth

• The company has established two business divisions based on our growth strategy: Fodder (JC Tanloden) and Red Protein Export Service (Austco Polar)

==> picture [164 x 45] intentionally omitted <==

==> picture [74 x 108] intentionally omitted <==

==> picture [45 x 84] intentionally omitted <==

==> picture [71 x 127] intentionally omitted <==

Business Model: Processor and marketer of fodder products including oaten, wheaten, barley, canola hay and straw

==> picture [55 x 68] intentionally omitted <==

==> picture [38 x 30] intentionally omitted <==

Assets: Two sites; Epsom & Raywood, Victoria providing a combined 110,000 MT processing capability and 30,000 MT storage capacity

==> picture [17 x 19] intentionally omitted <==

Markets: China, Taiwan, Japan and Korea (Key clients include Yili, MengNiu, Fonterra, Bright Holstein, Zenoh, Kanematsu)

==> picture [56 x 61] intentionally omitted <==

Business Model: Value-add and logistic services for red meat export including blast freezing and cold storage

Assets: Laverton, VIC across 1 Hectare. Blast freezing throughput of 45,000 packs per week plus storage capacity of 10,000 standard size pallets

Markets: Export accredited to key destinations including China, Japan, Korea, EU, USA, Middle East (including Halal certification)

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 4

4

Revenue: up 22% to $18.3m… on track for $40m pa

• Revenue was up 22% to $18.3m, reflecting a strong performance by JC Tanloden with production output growing 50%, offsetting reduced Austco Polar revenue given the impact of COVID-19 and strikes on port operations

• The demand for Australian fodder product in Asia continued to grow whilst Austco Polar experienced a 9% reduction in overall blast volumes (compared to year-todate Australian slaughter rates being down 34% with frozen meat exports down 15%)

SEQUENTIAL HY REVENUES

==> picture [627 x 344] intentionally omitted <==

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

Revenues Consolidated Linear (Consolidated)
$20
$18.3
$18
$16
$15.0
$14.7
$14
$12
$10
$8
$6.5
$6
$4
$2
$-
H1 FY18 H1 FY19 H1 FY20 H1 FY21
Millions
----- End of picture text -----

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 5

5

JC Tanloden: production up 50%

• H1 FY21 production was up 50% (on H1 FY20) at 25,974 MT

• Overall export demand is solid, with key Asian economies recovering following reopening post COVID-19

• Inventory has increased 734% in H1 FY21, to 20,290 MT (compared to 2,434 MT in H1 FY20), a strong lead indicator of future sales

• Brown-field improvement at Epsom and greenfield development at Raywood positioned JC Tanloden as the largest Victorian fodder exporter in terms of capacity

• JCT fodder inventory is up 8.3x on end of H1 position in FY20

• Business planning and hay accumulation contracting for current harvest season (October to February) is well underway with the objective to improve capacity utilisation from the current 50% to 7075% based on 110,000 MT processing capacity

==> picture [239 x 60] intentionally omitted <==

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 HAY (TONNES)	14,135
	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY19 FY20 FY21 FY 2020: 42,028 MT FY 2019: 46,268 MT

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 6

6

Austco Polar: performed strongly in light of challenging conditions

• Despite a fall in overall volumes over H1 FY21 (compared to H1 FY20), Austco Polar has performed strongly in light of significant challenges from the economic environment

• Austco Polar blast carton remained constant across quarters in FY21, with blast carton volumes of 823k achieved for H1 FY21, even though revenue has decreased

• Victoria is showing positive signs of a strong lamb season post restocking and we are working with key clients to plan for the coming season

- 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Blast Cartons	410,124
	Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY19 FY20 FY21 FY 2020: 2,130,972 FY 2019: 1,836,364

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 7

7

Underlying EBIT: $2.9m turnaround

• Excluding the gain on the sale and leaseback of Austco Polar’s property in H1 FY20, underlying EBIT grew from a loss of $1.7m in H1 FY20 to a profit of $1.2m in H1 FY21

• H1 FY21 result included abnormal COVID-19 related increase in freight costs due to delayed shipping schedules and port industrial action.

SEQUENTIAL UNDERLYING EBIT

H1 FY18 H1 FY19 H1 FY20 H1 FY21

==> picture [7 x 7] intentionally omitted <==

$2.5 $2.0 $1.9 $1.5 $1.0 $0.5 $- $(0.04) -$0.5 -$1.0 -$1.5 -$1.7 -$2.0 Consolidated

==> picture [241 x 59] intentionally omitted <==

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

$1.9
$1.2
----- End of picture text -----

==> picture [89 x 80] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 8 8

Balance sheet: successful $5m placement supports growth

• Total Assets have risen over the half year by $0.62m

• Total Liabilities have fallen by $3.6m over the same period

• Accordingly, Net Assets have grown by $4.2m representing a 25.2% increase.

• Issued equity has also increased, by $4,2m on balance, following the capital raising earlier in the year

Consolidated Balance Sheet ($m)	As at Sep20 As at Mar 20 0.47 2.2 0.85 0.54 5.2 4.1 2.9 2.7 9.5 9.6 0.29 0.29 1.8 1.8 1.8 1.3 18.0 17.4 23.2 24.1 0.46 - 55.0 54.4 (0.49) (1.2) 0.47 0.48 0.58 0.56 0.76 0.76 1.1 1.1 5.8 5.5 8.1 7.1 2.9 3.3 3.5 7.4 0.089 0.087 19.6 19.9 0.036 0.017 34.2 37.8 20.8 16.6 25.0 20.3 4.1 (5.0) 0.43 0.43 (0.55) 0.92 20.8 16.6
Cash Deposits and other current assets Inventories Trade receivables
Total Current Assets
Deferred tax asset Intangible assets Other non-current assets Property, plant and equipment Right of Use Asset Term Assets
Total Assets
Borrowings Employee benefit obligations Lease liabilities Other Current Liabilities Other payables Trade payables
Total Current Liabilities
Asset Finance Borrowings Employee benefit obligations Lease liabilities Term Liabilities
Total Liabilities
Net Assets
Contributed equity Retained Earnings Share based payments reserve Current Year Earnings
Total Equity

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 9 9

Q2 cashflow reflects strategic inventory build-up to support future sales

• Cash receipts up 22% to $19.15m (vs H1 FY20)

• Operating cash outflow of $(0.55)m is a direct result of inventory build-up to support H2 FY21 sales

• Q2 FY21 operating cash outflow of $(0.53)m

• JC Tanloden inventory in was up 734% (on H1 FY20) to 20,290 MT, we have proactively built inventory in response to an

anticipated increase in customer demand

Consolidated statement of cash flows ($’000)	Apr - Jun 2019	Jul - Sep 2019	H1 FY20	Apr - Jun 2020	Jul - Sep 2020	H1 FY21
1 Cash flows from operating activities	7,629 - - (1,833) (1,200) (5) (152) (1,958) (208) (349) - 3	8,127 - - (2,337) (1,058) (49) (451) (2,626) (193) (320) - -		10,019 - - (2,794) (3,757) (49) (749) (2,337) (133) (199) (16) -
1.1 Receipts from customers			15,756		9,128	19,147
1.2 Payments for			-		-	-
1.2a (a) research and development			-		-	-
1.2b (b) product manufacturing and operating costs			(4,170)		(2,334)	(5,128)
1.2bb hay purchases			(2,258)		(3,961)	(7,718)
1.2c (c) advertising and marketing			(54)		(19)	(68)
1.2d (d) leased assets			(603)		(758)	(1,507)
1.2e (e) staff costs			(4,584)		(2,172)	(4,509)
1.2f (f) administration and corporate costs			(401)		(120)	(253)
1.5 Interest and other costs of finance paid			(669)		(267)	(466)
1.6 Income taxes paid			-		(29)	(45)
1.8 Other(provide details if material)			3		-	-
1.9 Net cash from/ (usedin) operating activities	1,927	1,093	3,020	(15)	(532)	(547)
2 Cash flows from investing activities	- - (425) - - -	- - (347) - 21,028 -	-	- - (994) - - (150)
2.1 Payments to acquire:			-
2.1a (a) property, plant and equipment			(772)		(721)	(1,715)
2.2 Proceeds from disposal of:			-		-	-
2.2a (a) property, plant and equipment			21,028		-	-
2.5 Other(provide detailsif material)			-		(150)	(300)
2.6 Net cash from/ (usedin)investing activities	(425)	20,681	20,256	(1,144)	(871)	(2,015)
3 Cash flows from financing activities	- - - (908) -	- - - (18,376) (95)	-	- - - (590) (108)
3.1 Proceeds from issues of shares			-		5,037	5,037
3.4 Transaction costs related to issues of shares, convertible notes or options			-		(315)	(315)
3.6 Repayment of borrowings			(19,284)		(488)	(1,078)
3.9 Other(provide detailsif material)			(95)		(3,456)	(3,564)
3.1 Net cash from/ (usedin)financing activities	(908)	(18,471)	(19,379)	(698)	778	80
4 Net increase / (decrease) in cash and cash equivalents for the period	664 1,927 (425) (908) (11)	1,247 1,093 20,681 (18,471) 6	-	3,450 (15) (1,144) (698) (1)
4.1 Cash and cash equivalents at beginning of quarter/year to date			1,911		1,592	3,450
4.2 Net cash from / (used in) operating activities (item 1.9 above)			3,020		(532)	(547)
4.3 Net cash from / (used in) investing activities (item 2.6 above)			20,256		(871)	(2,015)
4.4 Net cash from / (used in) financing activities (item 3.10 above)			(19,379)		778	80
4.5 Effect of movementinexchangerates oncash held			(5)
4.6 Cash and cash equivalents at end of quarter	1,247	4,556	5,802	1,592	967	968

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 10 10

Positive outlook for H2 FY21

Wingara AG

• Wingara is well placed to meet demand, scale its operations, and further improve returns going forward

JC Tanloden

• Prepared for the 2020/21 harvest season

• Expect an overall improvement in capacity utilisation rate

• WNR’s commercial standing will support the execution of our hay inventory accumulation strategy to deliver increased production output in the coming 12 months and beyond

• Export market demand expected to continue to exceed supply

Austco Polar

• Operating effectively despite COVID-19 and with efficient cost management and low capital-intensity providing a trading buffer in the current export climate

Funding

• Balance sheet enables strategic build-up of fodder inventory to support sales growth

Unlocking value in the protein supply chain | Unlocking value in the protein supply chain | Page 11 11

==> picture [960 x 540] intentionally omitted <==

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

Appendix
----- End of picture text -----

A diversified agricultural products platform

WNR has built a sustainable platform for processing and marketing agricultural products – more products can be added at the appropriate time

For Primary Producers Connect primary producers with valuable high demand export markets

==> picture [420 x 218] intentionally omitted <==

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

1 2 3
Process raw Logistics to move Provide insights
materials to products and services for
products in worldwide partners
demand for export
markets
Risk management framework
----- End of picture text -----

For Customers

==> picture [144 x 81] intentionally omitted <==

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

Receive
in-demand quality
assured, Australian
products
----- End of picture text -----

• A highly scaleable model that unlocks value in Asian export markets

• Ability to capitalise on opportunities in the ‘protein supply chain’ that meet Asian demand characteristics which are driven by the need for increased ‘food security’

Unlocking value in the protein supply Unlocking value in the protein supply chain | Page 13 13 chain |

JC Tanloden – services and key markets

• Original business was one of the first fodder exporters from Victoria, with a 30-year history

• We purchase, process and transport our high quality produce to our domestic and global customers

• Revenue is generated via a tolling model where fees charged are dependent on the grade of the hay. Typically consistent in terms of margin which is based on a cost-plus structure.

Services Provided

• Hay Processing Logistics

• Accumulation

• • Supply sourced from • Quality control • Domestic and more than 2,000 testing on new interstate farmers over hay deliveries markets 100,000km[2 ] • Compress bales • Offshore

• throughout Victoria to reduce size freight to key

• • Purchase typically by 50% markets occur during including • Repackaging

• November – January China, Taiwan, and fumigation South Korea

• • Current storage • Current and Japan

• capacity of processing

• 30,000 MT capacity of

• • Storage capability of 110,000t per up to 3 years annum

Wingara’s major export destinations

==> picture [183 x 101] intentionally omitted <==

• Japan • Dairy herd size: ~ 1.4 million South Korea • Diary herd size: ~ 450,000 Taiwan • Dairy herd size: ~ 62,000 China • Dairy herd size: ~ 6 million

Unlocking value in the protein supply Unlocking value in the protein supply chain | chain |

Page 14 14

WNR’s markets

JC Tanloden and Austco Polar form key parts of the Australian agriculture industry’s supply chain and export capabilities for protein and fodder products – both which have grown significantly over the past 5 years

Australian Protein Exports

• Export markets for proteins & fodder : $13 billion annually (from $9 billion 5 years ago)

• Oaten hay demand from China: 1.5 – 2 million MT per annum (accelerating in the past 5 years and cannot be met in Australia alone)

• Australia’s brand strength has increased share of production for fodder: Product traceability, quality and lack of contamination underpin the favourable reputation of Australian agricultural exports leading to major export expansion.

• Oaten hay is a desirable export product: Australian producers primarily export oaten hay, which improves milk production. Oaten hay has high demand worldwide as a reliable, high quality fodder that meets stringent animal production requirements.

• Wingara advantage: Under the Free Trade Agreement with China, only oaten hay from Australia is allowed to be imported

==> picture [62 x 32] intentionally omitted <==

==> picture [46 x 33] intentionally omitted <==

==> picture [333 x 105] intentionally omitted <==

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

FARMING TRANSPORT DISTRIBUTION EXPORT
GRADING PROCESSING
----- End of picture text -----

==> picture [17 x 26] intentionally omitted <==

Source: Company websites, Wingara management estimates, Australian Fodder Industry Association

==> picture [364 x 156] intentionally omitted <==

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

16
14
12
10
8
6
4
2
0
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F
Year ending June 30 2019
Total Protein Beef & Veal Lamb Fish Other Seafood
A$ billion
----- End of picture text -----

Oaten Hay Export Demand

==> picture [371 x 152] intentionally omitted <==

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

1400
1200
1000
800
600
400
200
0
Rest of Asia China Australian Production
‘000 Tonnes
----- End of picture text -----

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply Unlocking value in the protein supply chain | Page 15 chain |

15

Austco Polar – services and key markets

Established in 1987, Austco Polar Cold Storage owns and operates a cold storage facility which specialises in temperature-controlled facilities, blast freezing, storage and distribution for domestic and international clients. Key clients account for over 30% of VIC meat production.

Services Provided

Australian Protein Exports

Storage & Handling

• Blast Freezing Tenancy

• Handling 16

• • Receive containers • Blast freeze • Chillers and 14 and store products product; extends freezers occupied

• • Complete exporters shelf life from 12 by various food 12 documentation and weeks to up to 3 suppliers on long 10

• product selection years term contracts

• • Load domestic and • Process capacity • Average tenure 8 of 40K cartons of clients of 5

• export containers 6 with frozen product per week years 4 2

• Revenue Model 0 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F

• • Service oriented to • Tolling based on • Rent revenue charged Year

• cover fixed costs volume to key monthly based on

• • exporters freezer space Underpinned by • • Total Protein Beef & Veal Lamb Fish Other Seafood

• export demand and Cost plus arrangement Mitigates revenue Source: Meat & Livestock Australia

• Service oriented to • Tolling based on • Rent revenue charged cover fixed costs volume to key monthly based on

• • exporters freezer space Underpinned by • •

• export demand and Cost plus arrangement Mitigates revenue blast freezing • profile and meets fixed Seeing steady growth in demand cost in winter periods

• FY19 Revenue: 25% • FY19 Revenue: 55%

• FY19 Revenue: 20%

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply Unlocking value in the protein supply chain | Page 16Page 16 chain |

16

Protein Market Update

• Domestic consumption of red meats, particularly lamb and mutton, has been on a downward trend in recent years.

• The share of red meat production destined for export has risen as a result

• Given a greater reliance on exports, the meat industry has seen disruption from COVID-19 and logistical issues such as port strike action in 2020

• Total meat exports to key Asian markets continue to rise year-onyear

Images Source: Thomas Elder Markets https://www.thomaseldermarkets.com.au/market-insights/october-2020-rainfall-analysis/

==> picture [327 x 187] intentionally omitted <==

==> picture [315 x 177] intentionally omitted <==

==> picture [319 x 184] intentionally omitted <==

==> picture [313 x 177] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 17 17

Rainfall Report

• Higher-than-expected rainfall prior to harvest has proved challenging for many growers across VIC and SA.

• Reports of weather-damaged hay have been received in some key areas.

• Quality hay is expected to come at a higher premium than anticipated

• Equally, exported product is likely to trade at a discount, particularly given slow domestic demand

Images Source: Thomas Elder Markets https://www.thomaseldermarkets.com.au/market-insights/october-2020-rainfall-analysis/

==> picture [583 x 262] intentionally omitted <==

==> picture [189 x 126] intentionally omitted <==

==> picture [189 x 125] intentionally omitted <==

==> picture [19 x 14] intentionally omitted <==

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 18

18

Disclaimer

This presentation has been prepared by Wingara for professional investors. The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular need of any particular person.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in the presentation. To the maximum extent permitted by law, none of Wingara, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance.

The distribution of this document in jurisdictions outside Australia may be restricted by law. Any recipient of this document outside Australia must seek advice on and observe such restrictions.

Unlocking value in the protein supply chain |Unlocking value in the protein supply chain |Page 19 19

==> picture [157 x 51] intentionally omitted <==

We connect primary producers to the global market efficiently through our protein supply chain. wingaraag.com.au

==> picture [145 x 140] intentionally omitted <==