FY16 Results Presentation

Balance sheet and cash flow Pro forma FY15 Pro forma Var FY16 Prospectus FY16 A$m EBITDA before SGARA 71.4 91.1 19.7 90.4 Total Assets Pro forma Actual FY2015 Actual FY2016 Variance 527.6 Less: share of JVS profit (9.5) (14.4) (4.9) (11.5) Net debt Dividends from JVs 6.1 8.1 2.0 7.8 Net debt / LTM pro forma EBITDA-S 568.5 40.9 122.7 100.5 (22.2) 1.7x 1.1x (0.6)x Movement in working capital (5.9) (4.6) 1.2 (2.9) ■ Operating capex (9.8) (12.1) (2.3) (12.2) ■ Free cash flow 52.3 68.0 15.7 71.6 Productivity & growth capex (73.6) (41.9) 31.8 (27.1) Loan repayments from 1.9 1.9 investments Disposals of PPE 0.3 0.3 . Net cash flow before financing, tax & dividends (21.0) 28.3 49.3 Cash conversion ratio (1) 74% 75% 44.5 79% ☐ ■ Pro forma net leverage has decreased from 1.7x in June to 1.1x Free cash flow generation of 75%, with increased portion of JV contribution and strong start to citrus export season (working capital) impacting the overall conversion ratio JV dividends has exceeded prospectus, but % distribution has reduced due to strong African Blue H2 outcome, and cash retained in African Blue to fund growth Operating capex in line with prospectus forecast of $12.2m Growth capex includes Tomato glasshouse (complete), Berries expansion (including new Berry growth program) and Pike Creek citrus farm purchase (not forecasted). Increase from prospectus forecast also due to timing of payments from FY15 into FY16. China funding to occur from Q1FY17 - $6.8m accrued at June Note: (1) Cash conversion ratio is Free Cash Flow/EBITDA before SGARA (2) Pro forma balance sheet post completion of the IPO costa fresh is our passion ◉ Strong balance sheet for future growth in conjunction with existing debt facilities 17

View entire presentation