#1Alterra Annual General Meeting 28 FEBRUARY 2022#2Disclaimer The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of the assets and consult their own legal, business and/or financial advisers. The information contained in this presentation has been prepared in good faith by Alterra Limited, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, Alterra Limited, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted in this presentation. Certain information in this presentation refers to the intentions of Alterra Limited, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the corporations act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Alterra Limited's actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Alterra Limited, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur as contemplated.#3Investment Highlights Alterra . ALTERRA Carpenters is a world-class project in development Abundant, marketable water resource Targeting lowest quartile production costs AVOCADO MARKET Robust global demand growth Healthy, plant-based diet. option Quality agricultural assets attract high transaction values WESTERN AUSTRALIA Australia: Untapped export potential WA: Counter-seasonal production Pemberton/Manjimup: High yields & premium fruit quality Regional investment and jobs AGRICULTURE Sustainable industry meeting a growing need Utilising value of increasingly scarce arable land and water resources PAGE 3#4Carpenters Avocado Project • • • • Located in the renowned horticulture region of Pemberton-Manjimup, in Western Australia's south-west Avocados are a high-demand staple of western diets and becoming increasingly popular in Asia. Global imports growing at 10.5% (past 6yrs) with the consumer trend towards healthy & plant-based foods Abundant natural water resources Water capture potential of up to 11GL^, reflecting significant potential for external water sales Dam construction underway Carpenters is planned as a ~280ha orchard - the largest avocado orchard in Western Australia Targeting lowest quartile cost of production for Australian producers A Galt Geotechnics Report, November 2020, subject to regulatory approval#5Carpenters Avocado Project The Carpenters Project represents a large-scale and potentially world-class land parcel with abundant clean water capture and storage . • • ~280ha available for planting Located in the prime fruit growing region 12km NW of Pemberton and 15km SW of Manjimup, WA 100% owned by Alterra, incl. 30+10+10yr lease over land and water Favourable soil and climate for high yielding Hass avocado production GASGOYNE ◇ Geraldton • Regions Up to 85 people expected to be employed regionally at peak production PERTH 0 75 150 km Stage Planting Size (Ha) Planting Size Cumulative (Hass Trees) Status Hectares 2020 1 5 1,500 5 COMPLETE 2021 2 7.5 5,000 12.5 COMPLETE 2022 3 85 42,500 97.5 IN PROGRESS 2023 4 102.5 51,250 200 PLANNED c.2030 5&6 ~80 40,000 280 PLANNED Exact planting areas are subject to seasonal weather conditions Carpenters c.280ha SOUTH WEST Pemberton Total 280ha represents ~10% of WA's total planted hectares MID WEST Merredin WHEATBELT Albany GOLDFIELDS PAGE 5#6The Avocado Market Opportunity#7Growing global demand for avocados Demand growth driven by consumer preferences trending to plant-based diets and healthy eating HEART HEALTHY 12% CAGR 9 IN 10 AUSTRALIAN CONSUMERS CONSIDER AVOCADOS "REALLY HEALTHY AND ONE OF THE BEST FOODS A PERSON CAN EAT" 1 HIGH IN HEALTHY FATS plant-based food 3 market | global | forecast to 2027 HIGH IN VITAMINS HIGH IN FIBRE HIGH IN POTASSIUM HIGH IN ANTIOXIDANTS 25 600% INCREASE # OF PEOPLE IDENTIFYING AS VEGAN | USA | 2014 TO 2021#8High yield - high quality production Pemberton - Manjimup is an ideal growing region producing high yields and excellent fruit quality Ө Pemberton - Manjimup Renowned horticultural area in the highly productive South-West region, responsible for 45% of state fruit, nut and vegetable production Optimal avocado-growing conditions; rich Karri- loam soil, rainfall c.1200mm p.a., cool climate Internationally recognised quality of fruit and size suitable for premium export markets Western Australia 26% of domestic avocado production Regional Avocado Yield Comparison - 7 yr average 16 14 12.9 12.7 12 10 8.3 Yield (t/ha) 00 8 9 4 2 National 10.5 t/ha 9.8 8.5 8.3 13.7 0 Achieves the highest average yields in Australia North Qld Central Qld South Qld Tamborine & Northern Rivers Central NSW Tristate/Tas WA Avocados Australia '2019 OrchardInfo Report' PAGE 8#9$0.0 $0.5 A$/fruit $1.0 $1.5 $2.0 $2.5 $3.0 Harvest aligns with domestic supply shortage Pemberton-Manjimup production supplies into a peak marketing and price window featuring lower average monthly supply and higher average monthly demand $3.5 Average Retail Pricing per Avocado, Melb-Syd-Bris- Per, 2011-2020 (A$) Pemberton-Manjimup harvest window 2,250,000 Dispatches by month Average 5.5kg Trays 2,000,000 1,750,000 1,500,000 1,250,000 1,000,000 750,000 500,000 250,000 wwwww Jan-16 Apr-16 Jul-16 Oct-16 July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Pricing peaks during Pemberton-Manjimup harvest window, particularly during peak production from December to February WA Australia excl WA New Zealand Total Australian Supply Domestic supply during WA harvest window is comparatively low & has required supplementation with NZ imports to meet demand Largest forecast domestic supply increases by 2025 are March- May, and Sept-Oct; outside key Pemberton supply period Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 PAGE 9 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21#10Unrealised export potential Australian provenance fruit commands premiums of 40% to >100% over the global price, but only 4% of Australian avocado production is exported Produce Volume Value Exported Exported (t) (US$'000) Aus Export Px (US$/t) Aus Premium to Avg Global Export Px Fruit Avocados 2,335 12,851 5,504 132% Oranges 189,460 214,542 1,132 41% Mandarins 61,175 101,829 1,665 58% Strawberries 3,903 19,416 4,975 58% Table Grapes 166,193 473,725 2,850 48% Peaches Nectarines 14,568 44,602 3,062 135% 2020 statistics per ITC Trade Map Aus export premium to avg. global export price (2020) Australian Premium and Market Share by Fresh Produce Export 160% 140% Avocados Peaches Nectarines 120% 100% 80% Strawberries 60% Mandarins 40% 20% 0% 0% 1% 1% 2% 2% Table Grapes Oranges 3% 3% 4% Market Share - Aus exports % of global exports PAGE 10#11Carpenters Project#12Carpenters| Opportunity to grow at scale Carpenters has the potential to become the largest contiguous avocado orchard in WA, coupled with abundant water capture & storage potential enabling excess water sales Boundary of leased property >700ha total. ~280ha plantable Proposed South Forrest Irrigation Scheme (SFIS) pipeline Carpenters Dam 1 Carpenters Dam 2 Burgess Four Mile Rd PAGE 12#13Carpenters | Stage 2 Planting HEALTHY FLUSH PLANTING TEAM IRRIGATION SYSTEM INSTALLED PLANTS IN WIND PROTECTION UP PAGE 13#14Multiple - A$/ha Carpenters | Targeting the lowest quartile of the cost curve Establishment cost estimated to be lower than peers; targeting a low position on the cost curve 600,000 Australian Avocado Transaction Multiples - A$/planted ha Bubble Size = Deal Size 500,000 Jasper $180m Capel $20m 400,000 Benchmarking costs per tray vs Australian producers (A$) 25 20 16.9 15 15.8 Simpson $250m 300,000 Costa/Macquarie $110m Kirkaldy $4.2m 10 200,000 Mountain Top $12.5m 100,000 Carpenters est. cost to first fruit = A$120k/ha 01-Jan-17 01-Jan-18 5 0 01-Jan-19 01-Jan-20 31-Dec-20 31-Dec-21 Carpenters BCFM (F) Top 12.2% Western Australia Queensland NSW Estimated Carpenters costs reflect two-year average at maturity, excluding water sales 20.9 Remaining 87.8% Oct '16 study of 82 growers^ +2% inflation x 5 yrs. Average $19.8 "October 2016 study capturing results of 82 Australian growers over four years, representing 30% of total domestic production volume during this time PAGE 14#15Alterra Sustainability Ethos#16• 0 60 70 m2 land per kg of food produced 10 20 30 40 50 80 90 100 370 > 326 > Sustainable land and water use Highly efficient use of land & water 88 69 22 43 Land Use of Globally Produced Foods Lamb/Mutton Beef Cheese Chocolate Beef (Dairy herd) Coffee Pig Meat Other Pulses Nuts Chicken 17.4 15.6 13 12.2 Ground nuts 9.1 Milk 8.9 Farmed Fish Oatmeal 8.4 7.6 Peas 7.5 Eggs 6.3 Wheat & Rye 3.8 Tofu 3.5 Farmed Prawns - 3 Corn - 2.9 Rice - 2.8 Berries & Grapes = 2.4 Bananas 1.9 Potatoes 0.88 Citrus Fruit 0.86 Tomatoes 0.8 מים Apples 0.63 Carpenters Avocados* 0.56 Brassicas 0.55 Onions & Leaks 0.39 Lwater per kg of food produced 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Chocolate Beef 17,196 15,182 Water Use of Australian Produced Foods Fruit/Veg Grain Protein Other Dairy Meat 6,924 10,600 Lamb Pork Butter 4,351 Cheese Chicken Olives 3,968 3,343 3,026 Tofu 2,523 Lentils 2,517 Bread 1,608 Chickpeas 1,305 Milk 1,020 Food weight Includes cooking factor, reflecting increased weight once cooked *Based on peak forecast yield *Based on peak forecast yield & 8ML/ha annual irrigation Agricultural land per capita fell by 20% globally and by 40% in Australia From 2000-2018 Efficient water usage aided by utilisation of precision irrigation & nutrition monitoring & control system Rice 832 Apple 822 Banana 790 Pasta 764 Carpenters Avocados 450] Potatoes 287 Broccoli 285 Cabbage 237 Tomato 214 PAGE 16#17Carbon Conscious | Overview Alterra demerged Carbon Conscious Investments Ltd (CCIL) in December 2018 and has retained a 15% equity interest CCIL manage large-scale carbon projects registered with the Clean Energy regulator that generate Australian Carbon Credit Units (ACCUs) Assets include 18,000Ha (c.21,000 trees) of mallee reforestation across 30 farms in WA wheatbelt Carbon Credit pipeline extends to 2039 with ACCU offtake contracts with BP & Origin in place until 2027 Key Metrics 12m End Sep '21 12m End Sep '20 CCIL NPAT 35 A$1.05m A$0.90m OCCIL Dividend 35 A$0.85m A$0.86m CCIL Dividend to Alterra A$0.13m A$0.13m Alterra Management Fees^ A$0.42m A$0.42m "Plus cost recoveries and performance guarantee income carbon conscious PAGE 17#18Alterra Corporate Summary#19Alterra | Leadership Team MARK CLEMENTS Chairman & Company Secretary 25 years of experience in corporate finance, ASX compliance and corporate governance. Fellow of the Governance Institute of Australia, and a Member of the Australia Institute of Company Directors. GREG HARVEY Executive Director >25 years experience in agribusiness as executive and investor Director of Penagri Holdings Pty Ltd (17.4% shareholder) and Pendulum Capital Pty Ltd Former CEO, Interflour Group. Former CEO, Harvest Road Group. JOHN PALERMO Non-Executive Director Chartered Accountant with 22 years of experience in corporate accounting. Board member of Chartered Accountants Australia and New Zealand. BEN NORRISH Chief Operating Officer (commencing March (22) Extensive experience in large-scale avocado orchard development in WA's southwest Current General Manager, Jasper Farms (Auston Group, OTTP), WA's largest avocado producer#20RSX LISTED X Alterra | Corporate Snapshot Alterra is an ASX-listed owner and manager of horticultural and carbon assets 0.07 Sold remainder of legacy asset Secured Carpenters Completed $1.72m New board member and change in share register Ben Norrish appointed Head of Horticulture 0.06 0.05 0.04 Share Price (A$) Lease placement 0.03 0.02 5ha Planting Completed Carpenters feasibility study 0.01 0 02-Jan-20 02-Feb-20 02-Mar-20 02-Apr-20 02-May-20 02-Jun-20 02-Jul-20 KEY METRICS 52W High AUD 0.058 52W Low AUD 0.026 Shares on Issue Million 277.78m 40 40 Options on Issue @$0.04 exp 2023 Million 18 $3.7m placement & 35 Market Capitalisation @ 2.7c/share AUD $m 7.5 entitlement offer Net Debt (30 Sept 21) AUD $m 1.7 30 Enterprise Value AUD $m 6.3 25 AUD $m 8.2 02-Aug-20 02-Sep-20- 02-Oct-20 02-Nov-20 02-Dec-20 02-Jan-21 02-Feb-21 02-Mar-21 02-Apr-21 02-May-21 02-Jun-21 02-Jul-21 02-Aug-21 02-Sep-21 02-Oct-21 02-Nov-21 02-Dec-21 Volume Share Price (Close) Volume Millions 20 20 Net Assets (30 Sept 21) Note: Metrics as of 24 February 2022. 21m Performance Rights on issue subject to vesting milestone Pendulum Capital 15 appointed as Project KEY SHAREHOLDERS Manager. Key Personnel changes 10 Top 20% of shares held 76.6% 5 Sandon Capital Investments Ltd 21.6% Penagri Holdings Pty Ltd 17.3% 0 02-Jan-22 02-Feb-22 Emanuel Exports 13.3% Directors¹ 1. Includes an effective interest of 3,478,620 shares held by Greg Harvey as Director of Penagri Holdings Pty Ltd 1.8% PAGE 20#21Investment Summary Alterra . Carpenters - capacity to become a world-class project Abundant and marketable water resource • Targeting the lowest quartile cost of production . Growing global demand for avocados Healthy, plant-based diet options growing in popularity Domestic market opportunity with counter-seasonal production • Unrealised export market opportunity at premium prices Regional investment and jobs Sustainability focus PAGE 21#22For investor enquiries, please contact: Greg Harvey, Director P: (+61) 08 9204 8400 E: [email protected] W: www.alterra.com.au ASX:1AG ORIGINATE | DEVELOP | MANAGE Alterra