Select Harvests Limited · ASX:SHV

Select Harvests — ASX CEO Connect (December 2019)

17 slides from Select Harvests's conference presentation, Dec 10, 2019

1. Slide 1: Select Harvests Limited (SHV) ASX CEO Connect

   Click to edit Master title style Select Harvests Limited (“SHV”) ASX CEO Connect 10 December 2019 Brad Crump – Chief Financial Officer and Company Secretary Click to edit Master text styles Select Harvests Limited © Copyright 2018 1

2. Slide 2: Disclaimer & Basis of Preparation

   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 in

3. Slide 3: Select Harvests Overview

   Select Harvests Overview ■ One of the largest almond growers globally ̶ Listed on the ASX (SHV), with a Market Capitailisation of $792m (4 December 2019) and 570 employees ̶ Assets in Victoria, New South Wales and South Australia ■ 7,696 planted hectares of Australian almond orchards ̶ 35% of our or

4. Slide 4: Almond Orchards – Our productive foundation

   Almond Orchards – Our productive foundation Geographic diversity Secure access to diverse limits exposure to: water sources: − Weather − River Water − Disease spread − Aquifers − Insect infestation Positions the company to maximise harvest volume & reduce variance. Enables sequential progression of

5. Slide 5: FY2019 Financial Overview

   FY2019 Financial Overview NPAT EBITDA1 EPS 55.5 cps $53.0m $95.2m ↑ 139.7 % ↑ $32.6m ↑ $43.5 m - Final dividend of 20 cps fully franked Net Debt/Equity Annualized ROCE 0perating Cashflow 6.6% - $27.4m Finance Lease 16.5 % $80.3m - $0 Bank Debt - $7.9m Cash on Hand ↑ 9.2 ppts ↑ $62.0m 1 - Non-IFRS me

6. Slide 6: FY2019 Business Overview

   FY2019 Business Overview Almond Volume Almond Price Almond Division EBIT 22,690 MT $8.60/kg $82.2 m ↑ 44.5% ↑ 6.8% - Better than industry standard - Continued global demand ↑ $46.8 m yields across all tree age - Increased almond volumes - AUD/USD exchange rate cohorts and geographies - Improved almo

7. Slide 7: 2019 Yield Performance

   2019 Yield Performance Industry Standard Yield Target Yield Outperformance vs. Industry Standard across all mature and immature age cohorts 7

8. Slide 8: Volume Growth

   Volume Growth  Select Harvests is now consistently yielding over 1.35 tonnes per acre – this adds considerable value in future years ̶ The almond crop is biannual in nature with +/- 10% per annum variation in tonnage possible Our investment in almond orchards ensures underlying organic earnings gro

9. Slide 9: Almond Division Outlook

   Almond Division Outlook Crop Volume Sales Horticulture - Global almond macro is - Increased investment in risk - Good Pollination & growing increasingly strong mitigation – further frost fan conditions to date - Continued growing demand in installation will be reviewed - Immaturity profile and risk

10. Slide 10: Food Division & Corporate Outlook

    Food Division & Corporate Outlook Industrial Sales Lucky Sunsol - Continued strong demand in - New packaging and marketing Export Market program to re-engage - Continue growth through - Strong relationships developed consumers export in China - Continue with China/PepsiCo - Further New Product - Inc

11. Slide 11: Select Harvests – in control of our destiny

    Select Harvests – in control of our destiny Vision To be a Leader in the Supply of Better for You Plant Based Foods Trust & Respect Integrity & Diversity Sustainability Performance Innovation Values Treat all stakeholders with trust and respect All decisions and transactions will not compromise the

12. Slide 12: Vertically Integrated from 'Paddock to Plate'

    Vertically Integrated from ‘Paddock to Plate’ Primary Orchards → Production → Processing ■ 7,696 planted hectares of ■ Responsible for farm ■ Single site facility responsible for almond orchards management across all our the primary processing of our ■ Combination of owned orchards, both owned and a

13. Slide 13: FY2020 Top Priorities

    FY2020 Top 10 Priorities 1. Continue 2020 Crop Horticultural Program – Ensure optimal tree health and production 2. Implement new technology – Capital investment in new sorting technology (improved quality) 3. Cost Reductions - Continue to reduce cost per kg across all production stages 4. Mitigate

14. Slide 14: Reasons to Invest in Select Harvests

    Reasons to Invest in Select Harvests ■ Underlying Earnings Growth ̶ Our investment in almond orchards ensures underlying organic earnings growth ■ Positive Industry Macro ̶ The macro for the almond industry and ‘better for you’ plant-based foods remain very strong ■ Successfully Executing to the Pla

15. Slide 15: Appendices

    A SELECT HARVESTS Appendices YS © QD Sunsol. NuVitality, ug

16. Slide 16: Optimise Almond Base - Orchard Age Profile

    Optimise Almond Base - Orchard Age Profile Growth and improvement occurred in SHV orchard portfolio in recent years - acquisition, replants, greenfields 16

17. Slide 17: Useful Almond Industry websites

    Useful Almond Industry websites Industry Associations  Californian Almond Board www.almondboard.com  Almond Board of Australia www.australianalmonds.com.au Industry Reports  US Crop Forecasts (Subjective, Objective) http://www.almonds.com/growers/resources/crop-forecasts/tc-NASS-Crop-and-Acreage-

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