Alterra Corporate Snapshot

Multiple - 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

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