Boundary Bend Limited

‘Australia’s premier olive company’

AGM Presentation

by

Rob McGavin (Executive Chairman)

25 October 2013

Today’s Program

• Chairman's Presentation

• Formal business of meeting

• Questions

• Tour of facility

• Light lunch

Who are we?

Fully Vertically

Integrated

Australia’s largest and most awarded olive grower and producer of olive oil

One of the largest single owners of olive groves in the world

Overwhelming share of Australia’s total olive oil production from owned groves (68% in 2013)

#1 and #2 market share for Australian produced extra virgin olive oil (Cobram Estate and Red

Island)

Largest exporter of Australian olive oil (65% by volume)

Most awarded Australian olive oil brand including unprecedented two of three best in show

awards at 2011 Los Angeles International olive show and 2013 Most successful exhibitor at New

York International olive oil show.

In-built organic yield growth with 36% of Boundary Bend’s groves are aged 6 years or less.

Australia’s #1 olive oil company

Purchased Red Island - #2 Australian produced

retail brand

Contracted all of the oil produced from the Red

Island grove until 2024.

Won most successful exhibitor at New York

international olive oil show

Successful harvest of 13.5m litres

Trading profit after tax of $25.8m

Highlights for 2013

Financial Results Profit and Loss

• The trading profit before tax was $28.71 million ($25.39 million after tax or $0.52 per share).

• The key driver of the higher than expected trading profit was the better than expected harvest and the excellent sales growth of Cobram Estate and Red Island.

Year ending 30 June: 2013

($’000)

2012

($’000)

Trading profit/(loss) 28,710 (9,153)

Provision of onerous contract (water lease

termination)

- (5,601)

Goodwill and investment revaluation -

profit/(loss)

- (1,260)

Change in fair value of olive grove - profit/(loss) 40,079 9,133

Loss on revaluation of property - (839)

Income tax (expense) / benefit (15,346) -

Profit/(loss) after income tax expense 53,443 (7,720)

Financial Results Cashflow

• For the year to 30 June 2013 we reported an operating cashflow deficit of $0.05 million (2012: deficit of $0.79 million). This was in line with forecast.

• The actual cash profit from the 2013 oil production will be realized when it is sold in the following financial year (FY 2014).

• Although the trading profit each year is likely to be volatile (due to variations in harvest yields from year to year), we anticipate that monthly cash trading profits will be reasonably stable. This is because sales are reasonable consistent over the whole year and in a year of a low crop (eg 2012) we only use 2012 harvest to supply customers for say 9 or 10 months in the year and in a high yielding year such as 2013 this oil will be used to supply for 14 or 15 months.

Financial Results Balance Sheet

• Net assets per share increased as a result of the trading profit and increase in grove valuation.

• *Note Cobram Estate and Red Island are only valued at $6.35m in accounts which is at cost.

2013 2012 Net Assets ($’000) $129,230* $75,111

Ordinary Shares on Issue (#) 48,884,320 48,839,320

Net assets per Share ($) $2.64 $1.54

BBL Capital Structure Shares

49.03m shares on issue (as at 25 Oct 2013) (Replacement value is over $5.00 share)

Assets of $232.8m

Inventory, oil and receivables of $69.9m Groves and buildings $133.2m Plant and equipment $21.2m Intangibles $6.5m (mostly Cobram Estate and Red Island) Other $2m

Liabilities of $103.6m

Borrowings of $70.1m (mostly CBA will reduce to $65.1m after scheduled $4m repayment this year) Trade creditors of $10.8m Water lease provision of $2.8m Deferred tax liability of $15.3m (only payable if we sell the groves at valuation)

Other $4.6m

Financial Results Bank Debt and Gearing (at 30 June 2013)

• The above facilities have been extended to November 2016 – $45 million for a three year term through to August 2016

– $13 million for a two year term through to August 2015; and

– $4 million for a 12 month term (reviewed annually)

• Financial position of the company has lead to a significantly cheaper facility pricing

• The Red Island acquisition facility of $4 million will be repaid this financial year.

Facility ($’000)

Unused ($’000)

Core Debt Facility (CBA) $45,000 - Harvest Facility (CBA) $17,000 $1,500 RedIsland Acquisition Facility (CBA) $4,000 - Total $66,000 $1,500

Financial Results Bank Debt and Gearing

• During FY2014, BBL will permanently repay $4m debt (Redisland Acquisition Facility)

• Gearing (external debt / tangible assets) at 30 June 2013 of 30.82%, compared to 41.72% at 30 June 2012

• The Board is comfortable with group debt levels, and feel that these levels are appropriate, given that

– Nearly all Assets are tangible in nature

– Future earnings outlook of the company is positive and shows increasing cash and decreasing debt

– Core debt locked in for 3 years with no Cashflow or Profit covenants

Financial Results Outlook

• BBL’s profitability correlates closely with its total olive oil production and

the global olive oil prices (as costs are mostly fixed)

• It is very hard to predict accurately all of the variables that can influence profit, particularly currency, world prices, crop levels and the retail pricing environment. However, we are currently forecasting trading profit before tax of $13.6 million for the 2014 financial year

• For the 12 months to 30 June 2015 we expect crop levels to return to levels more in line with 2013 which we expect will deliver a trading profit before tax similar to the $28.7 million achieved this year.

• 1st Quarter profit $1m better than budget.

Financial Results

Dividend

• Fully franked dividend of 10 cents per share • Record date 31 January 2014

• Payment date of 17 February 2014

• Our forward planning and projections provide for an ongoing 10 cent dividend payable each year. This is of course subject to the performance of the company.

14

What next

• We continue to assess opportunities and invest in our business. – New grove planting will continue at approximately 100,000

trees per year

– Likely to increase plantings significantly from 2015 to meet expected demand

– New bottling line planned for next year to cope with volumes being bottled

15

Australian Olive Industry

Boundary Bend’s Groves

Location of BBL Operations

Boort : 2,569 ha grove and processing plant

Boundary Bend: 2,673 ha grove and processing plant

Wemen: 833 ha grove

Maqtec: Olive harvester manufacturing (leased site)

Corio – nursery, bottling, storage, laboratory and head office

South Bank: Marketing/Cobram Estate office (leased site)

BBL Business Divisions/Assets • Retail Brands:

•Cobram Estate is currently the number one selling brand of EVOO in Australia by units and value with over 30% market share, and accounts for over 60% of Australian EVOO sales by volume and value. Of total domestic retail sales, Cobram currently represents 22% of total olive oil sales and 14% of total cooking oil sales

•Red Island is currently the number 2 selling Australian EVOO and the number 3 EVOO overall, representing almost 5% of total cooking oil sales.

• Marketing and Sales:The BBL Group is Australia’s largest marketer of Australian olive oil (approximately 80% of Australia’s total production), supplying branded, private label and bulk Australian olive oil to Australian customers. BBL exports to a number of countries including the USA, Canada, China, Spain and Italy.

• Grove Operations: The BBL Group has owned and managed olive groves since 1999 and now owns 6,075 ha of irrigated olive groves, making it the largest single grower of olive oil in the world.

• Processing: BBL owns and operates 2 large, modern, sophisticated processing plants that individually are both in the top 10 in the world by capacity.

• Storage: BBL has approximately 11m litres of stainless steel storage all housed in purpose built sheds to control temperature stability and quality control.

BBL Business Divisions/Assets

• Bottling: Our Lara facility (9.22ha freehold with 19,000m2 of high quality shedding) houses Australia’s largest olive oil filling and packaging business capable of producing 4,000 bottles per hour.

• Technical Advice and Laboratory Services: Advisory services, covering all aspects of the olive industry relating to project development, technical advice and applied research. The BBL Group also owns and operates a NATA accredited olive oil laboratory located at Corio.

• Nursery: A specialist olive nursery supplying olive trees to commercial growers, wholesale and retail nurseries and national chain stores. Harvesting Technology: In partnership with MaqTec in Argentina, the BBL Group has developed and sold the Colossus olive harvester in the Australian market. BBL holds the exclusive licence to manufacture, service and market the Colossus in Australia.

Key BBL milestones

30 June 1999 First funds raised from investors (approx. $6m) to fund 200 ha of olives at Boundary Bend. May 2002 First commercial harvest (80,000 litres). 1 November 2004 Commenced managing Boort Olive Grove. June 2005 First Australian company to produce over 1 million litres of oil.

Key BBL milestones

Effective 1 July 2005 BB consolidated all related entities into public unlisted company

$1.00 per share - Boundary Bend Limited.

December 2006 Purchased Cobram Estate retail brand. 23 April 2009 Timbercorp goes into Voluntary Administration

11 January 2010 BBL purchases all Timbercorp Olive Assets and raised $20.8m $1.30 per

share.

June 2011 – Cobram Estate wins most prestigious olive oil show in the world in LA. December 2011 – Raised $5.8m at $1.50 / share November 2012 – Purchased Red Island retail brand

Key Awards • October 2004 - BBL won the Australian Olive Association inaugural “Olive Grove of

the Year” award.

• September 2007 - Victorian Government Agribusiness Exporter of the Year award.

• October 2007 - NAB Agribusiness Award for Excellence in Export.

• November 2007 - Australian Government Agribusiness Exporter of the Year award.

• 28 October 2009 - Cobram Estate won Best Oil in Australia at National Olive Oil competition.

• 29 October 2009 - NAB Agribusiness Awards – BBL won The Innovation in New and Emerging Industries award.

• June 2011 - Cobram Estate wins unprecedented two of three best in show trophies at LA international olive oil show plus 5 Gold, 1Silver and 1 Bronze against 602 entries from 22 countries worldwide.

• May 2013 - Cobram Estate wins “most successful exhibitor” at New york International Olive Oil Show with 2 best in class and 4 Gold medals against 704 entries from around the world.

• July 2013 - Winner of Victorian Telstra Business awards – Regional business

Modern Olives Nursery

• Largest commercial olive nursery in Australia.

• Supplies over 50% of the olive tree market in Australia.

• Capacity to produce more than 1M trees/year.

• Exports to Peru, Argentina, and South Africa.

Groves

• Three grove locations (Boundary Bend, Wemen & Boort).

• 6,025 ha with more than 2.3m trees.

• Boundary Bend’s weighted average age of trees is 8.3 years. Olive trees typically do not reach yield maturity until years 8 to 10.

• 36% of Boundary Bend’s groves are aged 6 years or less.

• Boundary Bend continues to invest in a new planting and/or replacement program with 36,991 new trees planted in 2010, 95,082 planted in 2011, 22,558 planted in 2012 and another 99,898 trees Oct 2013.

• Water of the highest quality and is pumped from the River Murray. Our requirements are met each year by purchasing allocation as needed.

Groves

Groves

Groves right at Flowering

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2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Australian olive oil production

Litres

Actual Yields V Estimates

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

0 1 2 3 4 5 6 7 8...

Fru

it Y

ield

s (

in T

on

s/h

a)

Years of age of the tree

Fruit Yield Profile Evolution

BBE (Post 2004 plantings) (Actuals) BBE (Post 2004 plantings) (Projections) World Average

Australian Average (Without BBL groves) Boort (Before BB Management)

Boort (After BB Management)

Harvesting

• Boundary Bend has pioneered over-the-row mechanical harvesting with the development of the ‘Colossus’.

• Successful mechanical harvesting is critical to our business.

• We currently have 20 Colossus harvesters.

Harvesting

Processing

• BBL is the largest manager of processing plants in Australia

• In 2013 we processed over 77,000 tonnes of quality olives to produce 13.58m litres of olive oil.

Processing

Processing

Storage • BBL has the largest olive oil

storage capacity in Australia.

• BBL has a total storage capacity of 11M litres between 3 sites with growth potential to reach 20M litres.

• All storage facilities are Stainless Steel tanks under nitrogen and temperature control.

Modern Olives Technical & Laboratory

• Modern Olives is the only specialised olive oil laboratory in Australia.

• It holds IOC, ISO, NATA and AOCS accreditations.

• Modern Olives is the leading provider of technical advice in Australia as well as O/S (South Africa, Argentina, Peru).

Bottling and Packaging

• High speed vacuum filler can fill 4,000 bottles per hour.

• Volumetric filler has the flexibility to fill a range of bottles, tins and PET bottles.

Marketing

• BBLis a major supplier of premium EVOO to Australian customers and exports to 15 countries including the USA, Canada, Spain, Italy, France, UK and Brazil.

• Boundary Bend markets approximately 80% of Australia’s total olive oil production.

Retail 72%

Foodservice 20%

Bulk/Manufacturing 6%

Boutique 2%

Australian olive oil consumption by channel

Sources: Aztec scantrack, Australian Customs, FoodServeX Pty.Ltd, BBL, pers comms.

The grocery retail channel accounts for approximately 72% of olive oil consumption

41

42

BBL’s market share of Australian EVOO sales in

Woolworths is currently ~80%

Cobram Estate 56%

Red Island 24%

Woolworths 10%

Ollo 4%

Other 6%

Market Share of Australian brands $ sales in Woolworths FY14 to 8/10/13

Source: Aztec 2013

43

BBL’s market share of Australian EVOO sales in

Coles is currently ~80%

Cobram Estate 70%

Red Island 10%

Coles Aust'n 10%

Ollo 4%

Other 6%

Market Share of Australian brands $ sales in Coles FY14 to 25/8/13

Source: Aztec 2013

44

Cobram Estate is Australia’s #1 selling Extra Virgin

olive oil by units and dollar sales

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

Extra Virgin Olive Oil Sales FY to 11/08/13 - Units (000s)

Units (000s)

0.0

1000.0

2000.0

3000.0

4000.0

5000.0

6000.0

7000.0

Extra Virgin Olive Oil Sales FY to 11/08/13 - Dollars (000s)

Dollars (000s)

Source: Aztec 2013

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5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 f'cast

Estimated Australian Olive Oil Consumption by Origin Averaged ('000 Litres)

Imported

Australian

Domestic consumption forecast to be in line with 2012 with a significant shift to higher quality, locally grown

Sources: Aztec scantrack, Australian Customs, FoodServeX Pty.Ltd, BBL, pers comms.

46

China 32%

USA 17% Italy 14%

New Zealand 13%

Spain 10%

Malaysia 3%

Japan 3%

Canada 2%

Other 2% Taiwan 2% Russia 1% Fiji 1%

In FY13 China overtook the USA to be Australia’s #1 export destination by volume and value

Source: Australian Customs

47

Share of Australian olive oil exports by volume (FY13)

Limited Distribution of Olive Growing Areas

Olive Oil in the Oils and Fats Trade

Sources: Oilseeds world market and trade. USDA. August 2010 & Export Market Research. Caiani & Co. June 2006

Global EVOO prices up 50% on 2012 lows, yet still 20% below the 15 year average; outlook positive

Source: www.indexmundi.com

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1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Aug-9

8

Jan-9

9

Jun-9

9

Nov-9

9

Apr-

00

Sep-0

0

Feb-0

1

Jul-

01

Dec-0

1

May-0

2

Oct-

02

Mar-

03

Aug-0

3

Jan-0

4

Jun-0

4

Nov-0

4

Apr-

05

Sep-0

5

Feb-0

6

Jul-

06

Dec-0

6

May-0

7

Oct-

07

Mar-

08

Aug-0

8

Jan-0

9

Jun-0

9

Nov-0

9

Apr-

10

Sep-1

0

Feb-1

1

Jul-

11

Dec-1

1

May-1

2

Oct-

12

Mar-

13

Aug-1

3

A$/L

Extra Virgin Olive Oil ex-tanker price U.K, A$/L 15-year period - 1998-2013

A$/L

15-year average

Current: A$3.77/L

15 yr average: A$4.66/L

50

Current Supply Situation

53

Source: Olimerca Oct 2013

Why Boundary Bend?

Boundary Bend is a fully vertically integrated Agricultural business with significant barriers to entry. The key points are:

• In built organic growth (even at low price levels)

– In built earnings growth driven by the maturing of around 36% of BBL’s trees in the coming 3 years.

• Strong asset backing

– Significant tangible asset backing with 25,000 acres of freehold land including over 15,000 acres of fully developed olive groves offering accelerated inflation protected returns

– Gross replacement cost of Boundary Bend’s assets (principally tangible) is approximately A$334 million and would take a competitor at least 8 years to replicate.

Why Boundary Bend? • Low cost producers and best quality

– Boundary Bend’s scale and technology means it is one of the lowest cost producers of Extra Virgin Olive Oil (‘EVOO’) in the world, with the unique ability to also grow world’s best quality in volume.

• Ready to capitalise on EVOO commodity cycle

– Well positioned to capitalize on the soft commodity boom and food security theme coming from the Asian countries particularly China.

– Well positioned to capitalize on market due to the high quality of our product and Australia’s increasing desire to purchase local produce. Australian production is only supplying 30% of total Australian consumption.

– Already own land suitable for development in Australia and Argentina.

• Once world price increases and stimulates new plantings BBL could be very attractive at its replacement value (+$5.00 per share)

• 70% OF OLIVE OIL PURCHASES IN AUSTRALIA ARE IMPORTED......LOTS OF ROOM FOR GROWTH.

Save the Date - Shareholder Open Day

• Where: Boundary Bend Estate during harvest

• When: 4th of May

• What: Tour of groves and processing plant followed by lunch

• A program for the day will be sent in due course.

56

Resolution 1 Adopt the Financial Report

Proxy Votes

% of total share on

issue

For 23,343,188 47.61%

Against - -%

Abstain 3,077 0.01%

This was passed as an ordinary resolution on a show of hands

Resolution 2(a) Re-election of Re-election of Mr Tim Jonas

Proxy Votes

% of total share on

issue

For 23,365,107 47.65%

Against - -%

Abstain 2,229 0.00%

This was passed as an ordinary resolution on a show of hands

Resolution 2(b) Re-election of Mr Leandro Ravetti

Proxy Votes *

% of total share on

issue

For 23,365,107 47.65%

Against - -%

Abstain 2,229 0.00%

This was passed as an ordinary resolution on a show of hands

Resolution 3 Adopt the Remuneration Report

This excludes any proxy votes from Directors or senior

management referred to in the Remuneration Report

This was passed as an ordinary resolution on a show of hands

Proxy Votes *

% of total share on

issue

For 7,744,559 15.79%

Against - -%

Abstain 6,263 0.01%

Resolution 4 Non-Executive Directors fees

Proxy Votes *

% of total share on

issue

For 23,347,651 47.61%

Against 18,728 0.04%

Abstain 957 0.00%

This was passed as an ordinary resolution on a show of hands