Boundary Bend Limited AGM 25 October 2019

1

2

OUR EXTRA VIRGIN OLIVE OIL BRANDS

AUSTRALIA USA

3

OUR WELLNESS BRANDS

AUSTRALIA USA

4

HIGHLIGHTS CONT. – STRONG BRANDED SALES GROWTH

5Source: Company data. Note sales net of Customer Promotions and Trading Terms.

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

Oil Sales Evolution$ (AUD) sales evolution by product/brand

Cobram Estate Red Island Private Label Bulk

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

4.00

6.00

8.00

10.00

12.00

14.00

16.00

MAT To 07/10/12 MAT To 06/10/13 MAT To 05/10/14 MAT To 11/10/15 MAT To 09/10/16 MAT To 08/10/17 MAT To 07/10/18 MAT To 06/10/19

AU

D $

’00

0

AU

D $

/ltr

Cobram Estate premium over imported olive oil & gross sales growthHistorical retail selling price per litre in Woolworths and Coles (AUD $/ltr)

Cobram Estate EVOO Gross sales Cobram Estate EVOO Imported Olive Oil

6

HIGHLIGHTS CONT. – PRICE PREMIUM AUSTRALIA

Source: Aztec IRI Grocery scan data: Moving Annual Total (MAT) retail sales for 12 months to dates displayed.

Rolling 12 month average

premium 94.6%

Rolling 12 month average

premium 30.1%

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

FY16 FY17 FY18 FY19 FY20 YTD FY20B

USA Packaged Goods growth

Cobram Estate Private label

7

HIGHLIGHTS CONT. – USA PACKAGED GOODS SALES

Source: Company data. Gross sales.

Key Points (all figures $USD)

• Packaged Goods sales for FY16 – FY19, plus FY20 YTD and FY20 Budget

• FY20 YTD Sales of $3.0M at 30 Sept vs. FY19 full year of $4.3M.

• Strong packaged goods sales following acceptance of new essentials range (below) by US retailers.

• Expectation that packaged goods sales will exceed FY20 Budget.

YTD Sept73% of prior full

year

FY20 BUDGET

8

HIGHLIGHTS CONT. – WELLGROVE LAUNCH

Heart Health500mL - natural, mint

Immune Support500ml & 250mL – natural, berry, apple

60 capsules

9

HIGHLIGHTS CONT. – FROST FANS

10

HIGHLIGHTS CONT. – NEW GENERATION HARVESTER

Water usage

• Expected usage of 35,351ML in FY20; and

• Significant increase in cost due to increase in water price over period.

• Current price – ~$950 on Vic Murray z7. (Boundary Bend and Wemen)

– ~$560 on Goulburn z1A (Boort)

0

100

200

300

400

500

600

700

800

900

Mo

nth

ly M

edia

n $

/ML

Water Trading History - Vic Murray Zone 7

11

KEY CHALLENGES – WATER MARKET

Source: Victorian Water Register as at 1 July 2009 - 6 October 2019

Volume (ML) Cost ($’000) $/ML

FY14 41,059 3,146 77

FY15 38,172 4,677 123

FY16 39,927 9,881 247

FY17 32,995 2,603 79

FY18 31,155 3,720 119

FY19 34,547 16,072 465

FY20 YTD 4,002 3,030 757

12

13

KEY CHALLENGES – WATER MARKET CONT.

UNDERSTANDING WATER AND BOUNDARY BEND’S PARTICIPATION IN THIS MARKET

Tradable Water rights usually exist in two different forms:

• Permanent Entitlement Water (Permanent Water) - which can be thought of as a “right” to an ongoing share of water in the Murray Darling Basin (MBD). This right is held in perpetuity and is officially called “Entitlement Water”. Permanent Water cannot be used for irrigation, only the Temporary Water that has been allocated from Entitlement Water is available for irrigating crops.

• Temporary Allocation Water (Temp Water) - is the allowable volume of water that may be used by irrigators in a particular irrigation season, which is determined by authorities based on how much water is available in storage dams. Temp Water is officially called Allocation Water and it expires each year. It is simply a temporary allocation from a permanent entitlement for that year (irrigation season 1 July to 30 June) and has historically been based on a “use it or lose it” concept. The amount of temporary allocation against a permanent entitlement will change due to rainfall, the amount of water in storages, and weather outlook.

14

KEY CHALLENGES – WATER MARKET CONT.

UNDERSTANDING WATER AND BOUNDARY BEND’S PARTICIPATION IN THIS MARKET (cont.)

Unbundling – Water from Land

• To be clear, both Permanent Water and Temporary Water is not tied to land. Subject to delivery rules, Irrigators can and do purchase Temporary Water from other holders located across the Southern Murray Darling Basin (sMDB) for use at their properties.

Current permanent entitlement allocation (in our irrigation zones) is between 40% and 50% due to lower storage levels and lower seasonal inflows (rainfall).

Due to the above, every irrigator (even those who own permanent entitlements) will need to purchase temporary water on market to fulfill needs for the current irrigation season.

THE PROBLEM

While it can be expected that temporary water will be more expensive during drought, irrigators have two key concerns:

• That the temp water price is being amplified by the presence of water traders in the market, and the commercial behaviour of some of these water speculators and some water brokers. Both are incentivised by high water prices, and their preferred market outcomes are the opposite of irrigators, who need affordable water for production.

• That recent changes to trading rules combined with increasing compliance demands on irrigators to buy earlier in the season have materially distorted normal market supply and demand balance, to the serious disadvantage and detriment of irrigators.

These concerns are threatening the viability of businesses and communities reliant on irrigated food and fibre production.

15

KEY CHALLENGES – WATER MARKET CONT.

THE PROBLEM (cont.)

As an example, of what is happening, one water investor purchased 140GL of Temporary Allocation Water in FY19.

The put this volume in context:

• 140GL is approximately 40% of South Australia’s entire annual irrigation water use

• All Lower Murray Water districts combined (Mildura, Red cliffs and Irymple) use approximately 94GL per year

FACT FINDING….

The Federal Govt has initiated:

1. The ACCC enquiry which has wide terms of refence and discovery powers.https://www.accc.gov.au/focus-areas/inquiries-ongoing/murray-darling-basin-w

2. A Senate Select committee into Water https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Management_and_Execution_of_the_Murray_Darling_Basin_Plan

Both these reviews do not hand down final reports until November 2020. 16

KEY CHALLENGES – WATER MARKET CONT.

IRRIGATORS - PROPOSED SHORT TERM SOLUTION

Currently, irrigators are lobbying all levels of Government for interim solutions to free up the temp allocation market. These include:

• Only irrigators can purchase temporary water allocations – anyone who is not an irrigator with direct consumptive use or does not have a pre-existing existing bona fide supply contract to an irrigator for consumptive use – to be prevented from purchasing any temporary water Allocations in the sMDB.

• Only irrigators can carryover unused water from one season to the next, subject to somemateriality/exclusions -eg carryover volume cannot be higher than their annual direct consumptive use (using 3 year average direct consumptive water use) and cannot be sold or loaned to another party for their use.

To protect against any unintended consequences, hardship or pre-existing contractual arrangements, carryover measures only relate to parties and persons (including related parties) where cumulative annual temporary water Allocations reach say 2GL OR $2m (whichever is triggered first). The relevant government Ministers can vary the above limits using their discretion on a case-by-case basis should there be any unintended consequences. 17

KEY CHALLENGES – WATER MARKET CONT.

18

KEY CHALLENGES - WATER IMPLICATIONS

Boundary Bend continues to source all water on temporary ‘spot’ market.

• Cumulative (six year) average water price to FY19 was $184/ML

• Current water price is ~$950/ML on Zone 7 (Murray) and ~$560/ML on Zone 1A (Goulburn)

• Boundary Bend have a budgeted weighted average water price of $500/ML.

The present water situation is a high priority for the business. A $100/ML increase = additional $3.6M cost. Just this week water prices rose approximately $150/ML in Zone 7.

Boundary Bend recognise that prudent planning and decision making will be required to curtail the impact of the high temporary water prices, particularly that no-one knows when the drought will break. These include:

• Reduction in water use above a certain price (season, crop, tree age and climate dependant)

• Tighter capital/cost management

• Raised an additional $20m in debt facility with CBA

• Potential EVOO retail price rise

SUSPEND DIVIDEND

Given the current water price and volatility, it would be irresponsible to declare a dividend at this time and unfortunately it is not our intention to pay a dividend in the FY20 year.

As an aside

Boundary Bend are however in a very fortunate position relatively as olive trees are hardy and can survive a lack of water, unlikely other permanent (irrigated) crops that cannot survive without water.

19

KEY CHALLENGES – WATER IMPLICATIONS CONT.

• Profit primarily driven by significant higher crop – 13.1m litres, compared to 5.4m litres in FY18.

• Result incudes impact of water price ($9.5m more than long term average)

• Included in this result is a continued investment in our four core growth strategies.

20

REPORTED PROFIT AND LOSS

Year ending 30 June FY18

($‘000)FY19

($‘000)

Profit / (loss) before tax (13,132) 16,648

Income tax expense (144) (7,889)

Profit / (loss) after income tax expense (13,276) 8,759

21

UNDERLYING EBITDA

Over the last four years, we have incurred significant expense from investing in our core growth strategies

FY16($‘000)

FY17($’000)

FY18($’000)

FY19($’000)

Reported EBITDA 13,555 35,190 1,699 33,249

Investment in USA and BB Wellness 9,000 11,300 10,371 9,317

Core Australian business EBITDA 22,555 46,490 12,070 42,566

Over the last four years, average core Australian business EBITDA of over $30m.

22

OPERATING CASH FLOW and UNDERLYING OPERATING CASH FLOW

We have invested significantly in core growth strategies

FY16($‘000)

FY17($’000)

FY18($’000)

FY19($’000)

Operating Cash Flow (reported) 16,470 15,821 18,801 121

add-back impact of new business units

Operating cash outflow (Value-add & by-products) 699 2,250 3,835 5,405

Operating cash outflow (USA business) 6,560 7,930 8,796 6,998

7,259 10,180 12,631 12,403

Operating Cash Flow – core Australian business 23,729 26,001 31,432 12,524

Reported operating cashflow in FY19 adversely impacted by;

• Price of water

• Launch costs of Wellgrove

• New packaged good launch in the USA (Cobram Estate Essentials range)

23

OPERATING CASH FLOW & USE OF FUNDS

We have invested significantly in core growth strategies

* Average annual numbers (FY17, FY18 and FY19)

Equity raised (options & DRP) (p.a.),

$10.2m

Net increase in borrowings

(p.a.), $11.1m

Operating cashflow before interest (p.a.),

$15.7m

Cash from operating, borrowing and new equity (3yr average)

Interest costs (p.a.),

$4.2m

Capex projects (p.a.),

$27.3m

Other (p.a.), $0.2m

Dividends paid (p.a.),

$5.7m

Use of cash (3yr average)

• To 30 September 2019 our trading profit is in-line with budget

• Australian packaged good sales for the 3 months to 30 September:• Sales approximately 13% ahead of budget

• Solid performance through our main retail accounts

• USA packaged good sales for the 3 months to 30 September:• Sales of US$3.06M. This compares to US$4.3m in the 12 months to 30 June 2019

• More on USA sales later in the presentation

• Costs in line with budget, although current water prices continue to rise and are around $300/ML* higher than budget.

* Based on current weighted temporary water price for olive grove supply from Murray zone 7 and Goulburn zone 1A. 24

AUSTRALIAN BUSINESS - OPERATIONAL UPDATE

Unaudited trading update

• Due to the biennial bearing nature of the olive tree, and the current water situation, we feel that providing a one-year profit forecast would likely provide a misleading picture of future performance.

• Providing a forecast over a longer period is much more reliable considering the biennial bearing crop.

• Subject to water prices, we are budgeting an average EBITDA for the core Australian business of around $46m (average of FY20 and FY21), compared to an $27.3m average in FY18/FY19. The increase is predominately driven by:• Maturing groves, with 40.1% of our grove area not yet producing oil, and a further 19.5%

not yet mature

• Frost impact in FY2018

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FUTURE EARNINGS

26

ORGANIC GROWTH

-

2

4

6

8

10

12

14

16

-

200

400

600

800

1,000

1,200

1,400

1,600

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Hec

tare

s

Tree Age

Total planted hectares & yield profile(Total hectares 6,591 – all freehold)

Hectare age profile

Typical yield evolution (t/ha)

Source: Company data - as at 30 June 2019

Ton

/hec

tare

pro

du

ced

Not yet producing = 19.5% of grove

Trees not fully mature = 40.1% of grove area (2,643 ha)

27

INDEPENDENT VALUATIONS

Carrying Value before

valuation increase

Independent Valuation

Valuation Increase/

(decrease)

Valuation Increase/

(decrease) recognised

Carrying Value after

Valuation Accounting Treatment

$'000 $'000 $'000 $'000 $'000 Australian groves - land & buildings 40,997 63,168 22,171 22,171 63,168 Fair value - irrigation 26,425 46,244 19,819 - 26,425 Cost - bearer plants (olive trees) 95,380 113,338 17,958 - 95,380 Cost

Sub-total 162,802 222,750 59,948 22,171 184,973 Geelong: bottling & storage facility 12,071 14,000 1,929 1,929 14,000 Fair value California: bottling, processing & storage facility 13,402 13,669 267 267 13,669 Fair value

Total 188,275 250,419 62,144 24,367 212,642

• Facilities provided by Commonwealth Bank of Australia (‘CBA’)

28

BANK DEBT

At 30 June 2019 FACILITY UNUSED

Core Debt Facility AUD 58.0m -

Working Capital Facility AUD 55.0m AUD 9.0m

Foreign Currency Facility USD 10.5m -

Gearing 30 June 2018 30 June 2019

Net Debt / Tangible Assets 30.1% 34.2%

CBA have agreed to extend the above existing facilities by five years through to October 2024, and provide an additional $20M working capital facility with a two year tenor.

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

FY15 FY16 FY17 FY18 FY19

Total Tangible Assets vs. Bank Facility Limit

Total Tangible Assets CBA Facility Limit

29

TOTAL TANGIBLE ASSETS vs. FACILITY LIMIT

Source: FY15 – FY19 company data from audited Financial Report. CBA facility limit includes Asset Finance limit.

Gearing:

31.1%

Key Points (all figures $’000 AUD)

• Total Tangible Asset values per audited Financial report

• Due to accounting standards, we don’t revalue Irrigation assets or Bearer Plants (olive trees) in our Balance Sheet, our policy is to account for them at historical cost (less depreciation).

• Both Irrigation assets and Bearer Plants are carried below valuation by:– Irrigation: $19.8M

– Bearer Plants: $17.9M

• Gearing in FY19 would be reduced to 31.9% if the balance sheet reflected the full valuation.

Gearing:

33.9%

Gearing:

36.0%

Gearing:

35.4%

Gearing:

35.4%

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Current Assets vs. Term DebtAt 30 June 2019 (AUD$'000)

Cash Debtors Oil & Packaged Goods Term Debt (drawn)

30

CURRENT ASSETS vs. DRAWN DEBT

Source: FY19 Financial Report. Term debt excludes Asset Finance which funds Plant & Equipment.

Key Points:

• Current Assets excludes biological assets (trees).

• Term debt excludes Asset Finance.

• Current assets (cash, debtors and oil) covers 90% of Term Debt.

90.0%

Shares: 61.06m shares on issue

Assets of $402.5m

Cash, inventory, oil and receivables of $106.9m

Land & buildings, trees and irrigation $230.0m

Plant and equipment $46.6m

Intangibles $6.7m (mostly Cobram Estate and Red island trademarks)

Other $12.3m

Liabilities (excluding deferred tax) of $181.2m*

Bank loans of $119.0m (CBA)

Asset finance (leasing) of $19.0m

Creditors and other liabilities (current) of $26.2m

Other $17.0m31

BALANCE SHEET SUMMARY

Note: management estimate the cost to replace these tangible assets, including investing in the trees until they reach cashflow breakeven would be in excess of $550m ($9.00 share). This estimate does not attribute any value for the Cobram Estate and Red Island brands (net sales of $67.7m in FY19) nor does it deduct Boundary Bend’s liabilities, as at 30 June 2019.

* Reported liabilities per FY19 Financial Report are $222.8m. Above Liabilities excludes Deferred Tax Liability of $41.6m which is predominately a tax liability (capital gain) due if Boundary Bend was to dispose of land and grove assets.

32

GROWTH STRATEGIES

FOUR CORE OPPORTUNITIES TO DRIVE FUTURE GROWTH

Increasing the farm-gate return for our Extra Virgin olive oils

Educating media, health professionals and consumers of the superior value of Cobram Estate.

Price increase to counter rising costs.

Building our vertically integrated business in the USA

Increasing yields from maturing existing orchards, together with incremental production from new plantings

Our trees are still maturing, and in addition we are still planting.

Value-adding by-products and waste streams

Undertaking research ,market development and sales

$/L

33

BOORT REDEVELOPMENT1,660 HECTARES PLANTED IN LAST FOUR YEARS

Since Autumn 2016, 1,660 hectares or 53% of Boort Estate has been redeveloped:

• Autumn 2016 – 399 hectares

• Autumn 2017 – 331 hectares

• Autumn 2018 – 332 hectares

• Autumn 2019 – 598 hectares

We recently cleared ~450 hectares (~160,000 trees) in preparation for the 2020 redevelopment -

Once the 2020 development is complete, 68% of the Boort grove will be less than five years old.

BOORT ESTATE

34

BOORT REDEVELOPMENT1,660 HECTARES PLANTED IN LAST FOUR YEARS

Planted Autumn 2018 Planted Autumn 2017 Planted Autumn 2016 Planted Autumn 2019

35

HARVESTING R&D

We are currently undertaking significant R&D in respect to harvesting methods:• Working with the manufacturers of

the Colossus harvester to develop a new harvester, which may lead to:• Shorter harvest;• Increased fruit yield (i.e. less loss); and• Overall reduced cost;

• Durability of picking materials; and• Automation.

We recently purchased a specialisedolive harvester to harvest young trees.

RECAP ON LAST AGM

• A frost map was generated showing the areas most at risk from frost

• We now know:

1. Where the coldest areas are

2. Why they are the coldest areas

3. How to target specific areas for frost mitigation

Frost mapping initially conducted on an area known as TC3 (diagram to right).

FROST MITIGATION

36

FROST MITIGATION - WHERE WE MEASURED

37

Following the assessment of TC3, the entire Boundary Bend Estate was mapped, several frost prone areas were identified, and we have currently installed the following:• Blue circle: 47 fans - March 2019;• Green circle: 40 fans - August 2019; and• Orange circle: 29 fans - September 2019;

There is another 20 frost fans planned for March 2020 (red circles).

The frost fans cost the business ~$6.3M

TC3

38

MARKETING AUSTRALIA

Growth Drivers

39

How. • Researched communication

campaign and multi channel approach to motivate switching

• New product development including; • Meal Starter Range • Baking Range • Limited Edition Christmas

Oil

Grow the user base

• Increase household penetration by attracting new users;• Under 45 “foodie”• European oil consumer

• Cultivate long term brand loyalists

• Drive trial. If they try us, we win

• Freshness, quality story• Modernise the way we

present our brands

Increase usage occasions

• Lift current user purchase frequency

• Win greater share of total oil usage

• Use health messaging to increase use vs. OO in core consumption occasions

• Continue to grow awareness around high heat cooking

• Use NPD to drive multi SKU purchase

Continue to build a premium brand

• Focus the conversation on value, rather than price

• Engaging story telling around our unique offering;• Freshness• Quality• Better for you• Tree to table• Australian

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Cobram Moro La Espanola WOW Private Label Red Island Squeaky Gate Coles Private Label Bertolli Dollevi Other

AU

D $

('0

00

)

Australian Retail - Extra Virgin Olive OilWoolworths and Coles Brand Share of EVOO - Last 12 months

Dollars (000s) Litres (000s) Units (000s)

40

RETAIL SALES AUSTRALIA

33.7%

8.6%

Source: Aztec IRI Grocery scan data: Moving Annual Total (MAT) retail sales for 12 months to 6/10/19.

Significant opportunity; USA consumption currently 350 million litres with only 10 million litres sourced from domestically grown fruit.

Timing right to enter market regarding consumer awareness of EVOO, health and provenance movement.

Ability to leverage Australian IP, systems, know-how and people to execute our strategy.

Two harvests per annum, quicker improvements to harvesting and processing techniques, effective knowledge sharing.

We are more excited than ever about the opportunity and potential of our USA business and furthermore that our strategy is relatively low risk and likely highly rewarding in the medium term.

41

USA EXPANSION

RECAP – WHY GO TO THE USA

Boundary Bend USA operates as a fully vertically integrated olive business with the following sites/functions:

• Fruit processing and oil storage at our Woodland facility has progressively expanded to cope with increasing fruit volumes and has just started its 5th harvest.

• The laboratory gained full American Oil Chemists Assoc. accreditation in May 2017.

• Fruit supply contracts with existing third-party growers, including technical advice and harvesting services where required.

• The current mill has capacity to process 15,000 tons of fruit. We will process close to this amount in the 2020 harvest.

• Bottling and packaging line fully operational.

• Sales – both bulk and branded strategy.

42

USA EXPANSION

UPDATE ON VERTICALLY INTEGRATED USA BUSINESS

• Grove ownership – currently own/lease 542 acres, with contracts executed on another 500 acres of land for further plantings.

The key difference between Australia and the USA is that we are and will continue to be reliant on fruit supply from existing third-party olive growers. To date we have been delighted by the overwhelming support shown to us by Californian olive growers. Thanks to these growers, we are now the third largest producer of olive oil in the USA.

Paul Riordan (who founded Boundary bend with Rob and is Boundary Bend’s 2nd

largest shareholder), wife Fiona and their two boys Will and Angus, moved to live at Woodland, California, in July 2018. Paul is full time working in the USA business.

43

USA EXPANSION

UPDATE ON VERTICALLY INTEGRATED USA BUSINESS (cont.)

44

USA SALES

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

FY16 FY17 FY18 FY19 FY20 YTD FY20B

US Sales Evolution

Bulk Private label Cobram Estate

Key Points (all figures $USD)

• Packaged Goods sales increased following the Cobram Estate Essentials range launch (more detail on following slide).

• Budgeting 12% sales increase primarily driven by packaged goods growth.

• Packaged goods sales budgeted to be three times FY19.

• Reduction in Bulk sales due:

– Increased oil directed to packaged goods due to Essentials range; and

– Reduction in bulk demand.

Source: Company data. Gross sales.

Three months tradingYTD Sept

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

FY16 FY17 FY18 FY19 FY20 YTD FY20B

Packaged Goods growth

Cobram Estate Private label

45

USA PACKAGED GOODS SALES

Source: Company data. Gross sales.

Key Points (all figures $USD)

• Packaged Goods sales for FY16 – FY19, plus YTD and FY20 Budget

• Sales of $3.0M at 30 Sept vs. FY19 full year of $4.3M.

• Strong packaged goods sales following acceptance of new essentials range (below) by US retailers.

• Expectation that packaged goods sales will exceed FY20 Budget.

YTD Sept73% of prior year

FY20 BUDGET

MARKETING USA

Growth Drivers

46

How. • Researched communication

campaign and multi channel approach to motivate switching

• New product development including; • Meal Starter Range • Baking Range • Limited Edition Christmas

Oil

Win at shelf

• Detailed account planning by retailer

• Maximize off-shelf display• Partner with retailers during

key promotion periods• Drive impulse purchase at

shelf with neck hanger offers

• In-store sampling

Leverage digital to drive retail

• Own the search bar across search engines and retail sites

• Create digital incentives to drive trial at shelf

• Launch remarketing campaigns to drive trial

• Encourage social sharing and product reviews

Grow brand trust and drive trial

• Drive trial on new Essentialsproduct line

• Continue to build consumer base for premium Select line

• Focus on PR, strategic brand partnerships and events

• Maximize our points of difference:• Freshness & quality• 100% California

47

VALUE-ADDED PRODUCTS RECAP

• Our value-adding journey started in 2016.

• We have spent the last few years researching, developing and testing some unique, high quality ‘olive wellness’ products.

• We have recently executed a two-pronged sales strategy to commercialise new products as they become available:1. Specialty ingredient supply2. Branded retail sales focused initially on

Australia and the USA

• We continue to invest in R&D, with a number of our most exciting and most unique products still under development.

Fresh olives

Olive pit

Olive mill waste water

Olive pomace

Olive timber

Fresh olive

leaves

Capturing ‘Olive Goodness’Holistic use of our olive products

100% grown on Boundary Bend’s olive groves

48

COMMERCIAL STRATEGY

B2B sales of olive ingredients to

pharmaceutical, cosmetic, food and

health food channels.

Specialty ingredients

Sales of branded ‘Olive Wellness’ products in the USA and Australia

initially. Target channels include pharmacy,

grocery, health food and online.

Sales of branded premium olive leaf teas

in Australia, Malaysia and USA/Canada initially through specialty food,

health food and premium grocery stores.

Wellgrove ‘Olive Wellness’ products

Stone & Grove Olive leaf teas

49

INTRODUCING WELLGROVE

50

WELLGROVE AUSTRALIAN LAUNCH RANGE – OLIVE LEAF EXTRACT

• Launched in April / May 2019.

• Made from fresh leaves from our Cobram Estate groves.

• Wellgrove Immune Support: Traditionally used in western herbal medicine to help support a healthy immune system and relieve symptoms of common colds and flu.

• Wellgrove Heart Health: An ‘Extra Strength’ olive leaf extract that helps keep cholesterol levels within a healthy range in the body and helps support overall healthy heart function.

Heart Health500mL - natural, mint

Immune Support500ml & 250mL – natural, berry, apple

60 capsules

WELLGROVE LAUNCH CUSTOMERS / CHANNELS

• Launched in May 2019.• Available in 400+ stores.

• Launched in May 2019.• Available in 800+ stores.

• Launched in May 2019.• Ranged nationally in key

distributor warehouses –API, Symbion, Sigma and CH2.

Pharmacy other

52

AUSTRALIAN MARKETING LAUNCH

Advertising, digital & PR campaign Healthcare Professional Engagement+

Investing in our brand and olive wellness category education

53

WELLGROVE USA LAUNCH RANGE – OLIVE LEAF EXTRACT

• Launched in June 2019.

• Made from fresh leaves at our Boundary Bend grove.

• Wellgrove Super Immunity.

• Wellgrove Super Immunity plus Heart Health.

Super Immunity + Heart Health500mL & 120ct

Super Immunity500ml & 250mL

1. Direct to Consumer Website2. Amazon.com

Direct to consumer websiteWellgrovehealth.com

WELLGROVE USA LAUNCH SALES CHANNELS

55

STONE AND GROVE OLIVE LEAF TEAS

• A craft brand of premium teas.

• Created from leftover olive leaves, collected

fresh and packed in simple, stylish,

recyclable packaging, pyramid tea bags.

• Released in November 2018, initially sold

through speciality olive oil and vinegar

stores in the USA.

• Distribution expanded to included Malaysia

and speciality food stores in Australia.

• Online store live.

56

INTRODUCING OUR TEAS TO THE WORLD

57

NEW NON-EXECUTIVE DIRECTOR APPOINTMENT

ALAN HILBURG

Communications and branding consultant.

Alan has also worked in various industries including transportation, hospitality, environmental industries, chemical, healthcare and education sectors.

Alan has over 30 years of experience as a communications strategist consultant, and has also written to two New York Times best selling books and produced several documentaries.

https://en.wikipedia.org/wiki/Alan_Hilburg

58

THANKS > TO FORMAL PROCEEDINGS

59

Resolution 1Approve the financial statements and the reports

Direct / ProxyVotes

% of totalshare on

issue

For 17,046,355 27.9%

Against - -

Abstain - -

Resolution approved

60

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

Direct / ProxyVotes

% of totalshare on

issue

For 17,046,355 27.9%

Against - -

Abstain - -

Resolution approved

61

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

Direct / ProxyVotes

% of totalshare on

issue

For 17,046,355 27.9%

Against - -

Abstain - -

Resolution approved

62

Resolution 3Adopt the Remuneration Report

Direct / ProxyVotes *

% of totalshare on

issue

For 1,553,538 2.54%

Against - -

Abstain 3,305 0.0%

* This excludes any proxy votes from Executive Directors or senior management referred to in the Remuneration Report

Resolution approved

63

Resolution 4Approving the non-executive Director fees cap

Direct / ProxyVotes *

% of totalshare on

issue

For 16,699,936 27.4%

Against 2,216 0.0%

Abstain 10,000 0.0%

* This excludes any proxy votes from non-Executive Directors

Resolution approved

64

THANKS