Slide 1: Annual General Meeting 25 October 2004
collaboration delivery integration wands Annual General Meeting 25* October 2004
Slide 2: Business model
business model e Integrated agri-food business e Diversified, sustainable and recurring income stream e Potential for future growth e Reduced exposure to agricultural risk A SELECT HARVESTS
Slide 3: Business strategy
business strategy e Leverage core strengths of almond growing and knowledge of edible nuts and their markets e Increase the scale of our almond operations e Create a long term fee based management services business e Move from farm gate seller to exporting, processing and marketing e Move from a sin
Slide 4: Our business today
our business today 35% [ Export | -—— [reser] | ca — Establishment —LBomestic] 35% Farm — Management 30%
Slide 5: Business drivers
business drivers e Strong fundamentals of the international almond market gm e Competitive advantage of growing almonds in Australia e Increasing consumption of our products in both the domestic and international market A SELECT HARVESTS
Slide 6: Business drivers: International almond market
business drivers 1. International almond market A SELECT HARVESTS
Slide 7: International almond price
international almond pric L iL rrw”w”w~OCOCOCOCiCSsS Lo i oe US$/Ib _....................... | .....©-.-—C))yCOCOChCo SELECT HARVESTS
Slide 8: World almond consumption
world almond consumption 1500 2 1000 s = 500 = 0 1995 | 1996 | 1997 | 1998 | 1999| 2000/2001 |2002 | 2003| 2004 —=World Supply | 744 | 758 | 1021 | 779 | 1123/1093 1150/1387 | 1300 | 1335 —==Consumption | 621 | 710 | 849 | 687 | 918 | 966 | 1069] 1217 | 1180/1225 =—=CaryOutDays | 55 | 25 | 91 | 49 |
Slide 9: Almond crop - age of trees
almond crop — age of trees Cc 8) OY) a) 140000 tay- 140 (23%) 211 (34%) ——_— Estimate Number of Acres foe) fay QO fay toy 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 0 1 2 3 4 ® Annual plantings zB CAAS Almond Acreage Report 10 May, 2004 SELECT HARVESTS
Slide 10: USA almond crop
usa almond crop Million Ibs
Slide 11: USA almond crop annual shipments
usa almond crop annual shipment: 1200 1000 co °° o (Million Ibs) oO fan) oO ZB Li 1995 1996 1997 1998 1999 2000 2001 2002 2003 SELECT HARVESTS
Slide 12: USA almond crop supply and demand
usa almond crop supply and demand 1200 1000 ie) fo) Lo) ———— (million Ibs) [°?) oO oO ALL A SELECT HARVESTS 93 94 95 96 97 98 99 QO 1 2 3. «4 5 6 =—production ====bearing acres shipments
Slide 13: US$/lb
. . . 0 / US$/Ib yn ie mon y a oe oe SELECT HARVESTS
Slide 14: USA almond crop
usa almond crop Million Ibs
Slide 15: Business drivers: Competitive advantage
business drivers aw 2. Competitive advantage A SELECT HARVESTS
Slide 16: Business drivers: Competitive advantage
business drivers Competitive advantage e USA is major competitor e Higher yields e Better quality e Counter seasonal We can compete effectively on global markets Z Li SELECT HARVESTS
Slide 17: Business drivers: Increasing nut consumption
business drivers 7 3. Increasing nut consumption A SELECT HARVESTS
Slide 18: Increasing nut consumption - International
business drivers Increasing nut consumption — International e Most consuming countries are reporting consumption growth e Increasing demand from developing markets — China, India and Eastern Europe e Firming prices for all tree nuts indicates strong demand e USA 2004 crop shipments up 17% e USA dome
Slide 19: Increasing nut consumption - Australia
co business drivers Increasing nut consumption — Australia e Evidence of a move towards “natural whole foods” and increased snacking of natural nut products e Cooking category in supermarkets has transformed to natural ingredients and snacking ; e This category grew by 11.5% in 12 months to | Sept 0
Slide 20: Market position - almonds
market position - almonds e Australia _ Lo ~ We manage over 65% of Australian USA 480,000 | 85% orchards SPAIN 25,000 | 4% — We will handle approximately 45% of ‘ Australia’s 2005 crop ITALY 15,000 | 3% ~ We expect to handle over 70% of TURKEY 15,000 | 3% Australia’s crop in the future AUSTRALIA | 1
Slide 21: Market position - food products
market position — food products industrial $20m supermarkets $55m other retailers $13m e Dist ribution ~ Major supermarkets ~ Independents ~ Route trade ~ Health food stores ~ Food manufacturers ~ Other distributors ZB Li SELECT HARVESTS Annual sales $88 million © 35% of almond production processed
Slide 22: Activities in the last year
activities in the last year e Established 4000 acres of new almond orchards increasing area under management by 40% e Acquired Meriram Group in July 2003 increasing our product range and expanding distribution outside the major retailers e Installed laser sorting equipment at our Thomastown facility
Slide 23: Activities planned in the coming year
activities planned in the coming year e Establish a further 3500 acres of new almond orchards taking the total area under management to 17500 acres and future production of over 20000 mt e Complete stage 1 of a two year upgrade of our shelling and sorting facility e Progress plans for a new shelling