Annual general meeting 23rd October 2015

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Oswald Burke
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1 Annual general meeting 23rd October 2015 Growing olive goodness.

2 2 Agenda 1. Financial report 2. Global olive oil market update 3. Olive oil, health benefits and cooking with olive oil 4. Sales and marketing update 5. The Future 6. AGM resolutions

3 FINANCIAL REPORT 3

4 Financial Results Profit and Loss Year ending 30 June 2015 ($ 000) 2014 ($ 000) Trading profit/(loss) 21,158 (1,678) Impairment of non-current assets (34) (107) Income tax (expense) / benefit (6,691) 2,276 Profit/(loss) after income tax expense 14, The trading profit before tax was $21.16 million ($1.68 million loss in FY 2014) The key driver of the result was the larger 2015 crop of 13.8 million litres, compared with 8 million litres in 2014 Our oil is required to be measured at fair value less the anticipated selling costs, bringing the profit (or loss) into the year of harvest

5 Financial Results Cash Flow For the year to 30 June 2015 we reported an operating cashflow surplus of $5.98 million (surplus of $10.68 million in FY 2014). Although the trading profit each year is likely to continue be volatile (due to variations in harvest yields from year to year), we anticipate that annual cash trading profits will remain more stable. This is due to our sales being reasonably consistent over the whole year. In a year of a low crop (e.g. 2014) we only use 2014 harvest to supply customers for say 10 months in the year whereas in a high yielding year such as 2015 this oil was used to supply for 14 months.

6 Financial Results Balance Sheet 30 June Net Assets ($ 000) $148,412* $134,394* Ordinary Shares on Issue (#) 54,665,042 51,708,113 Net assets per Share ($) $2.71 $2.60 Net assets per share increased as a result of the reported profit, less cash portion of dividend paid to shareholders, less employee options exercised during the year (exercise price was lower that NTA) During the year employees & directors paid cash of $3.52m to exercise 2.2m options that were previously granted under the employee option plan *Note Cobram Estate and Red Island trademarks are only valued at $6.35m in accounts which is at cost.

7 Balance Sheet Summary Shares 54.67m shares on issue (Replacement value is estimated to be over $5.00 per share) Assets of $262.1m Cash, inventory, oil and receivables of $83.3m Groves and buildings $138.5m Plant and equipment $31.3m Intangibles $6.5m (mostly Cobram Estate and Red island trademarks) Other $2.5m Carried at fair value. Groves and Broderick Road values supported by external valuation performed by CBRE Liabilities of $113.7m Borrowings of $74.5m (mostly CBA) Creditors and other liabilities (current) of $14.9m Water lease provision of $1.0m Deferred tax liability of $19.4m Other $3.9m Predominately relates to the deferred tax liability relating to the increase in grove valuation (tax only payable if the grove is sold)

8 An extended bank facility has been signed with CBA A$58 million core debt for a 5-year term through to October 2020 A$16 million working capital debt for a 5-year term through to October 2020 * US$10.5 million core debt for a 5-year term through to October 2020 * $12 million not available until 1 February 2016 Financial Results Bank Debt At 30 June 2015 Facility ( 000) Unused ( 000) Core Debt Facility (CBA) A$45,000 - Working capital (CBA) A$13,000 - Trade Finance (CBA) A$4,000 A$4,000 Commercial advance (CBA) A$4,000 A$4,000 Total A$ A$66,000 A$8,000 Foreign currency facility US$5,000 US$2,000 Pricing an improvement on existing facilities

9 Financial Results Gearing Net debt since increased from $63.2m (30 June 2014) to $72.7m (30 June 2015) During the same period total assets have increased from $232.5m (30 June 2014) to $262.1m (30 June 2015) Slight increase in gearing ratio (external debt / tangible assets) % at June 2015, compared to 27.97%, at 30 June 2014

10 Financial Results Forecasts BBL s profitability correlates closely with its total olive oil production and the global olive oil prices (as costs are mostly fixed) It is almost impossible to accurately predict all of the variables that can materially influence our profit, particularly crop levels, currency, world prices and the retail pricing environment Therefore, the Board will not be making a profit forecast this year We are pleased to say that the business is tracking better than budget to the end of September 2015

11 Financial Results Dividend In February 2015 BBL paid a 10 cents per share (partially franked) A 10 cents per share dividend will be paid on 12 February 2016 The company has not paid any tax since the date of the last dividend, so unfortunately the dividend will by unfranked. Please ensure that our registry has your TFN to avoid having tax withheld. Further details will be send to shareholders before Christmas We have forecast to continue to pay an annual dividend of 10 cent per share, but of course this is subject to the performance of the company 11

12 GLOBAL MARKET UPDATE 12

13 Sources: International Olive Council. 2015; EC Report on Olive Oil. 2008; and Modern Olives.

14 Alternating and declining production Source: International Olive Council, 2015

15 Declining production impacting global consumption of olive oil Source: International Olive Council. 2015

16 What is happening right now? Sources: International Olive Council. 2015; AOA; and Modern Olives.

17 Health and Quality have been the PODs for EVOO grew from 7 to 98 in 10 years. Volume of oil sold under PODs grew from 250k to more than 40M litres. growth drivers for olive oil

18 Health and Quality have been the growth drivers for olive oil

19 Health and quality have been the growth driver for olive oil There are more than 1,000 specialty olive oil stores in the USA at the moment. There were less than 10 eight years ago.

20 OLIVE OIL HEALTH BENEFITS AND COOKING WITH OLIVE OIL 20

21 Cobram Estate health professionals education program Published studies show that no other food comes close to extra virgin olive oil for the prevention and treatment of chronic disease Mary M. Flynn, PhD, RD, LDN Senior Research Dietician and Associate Professor of Medicine, Clinical The Miriam Hospital and Brown University The Cobram Estate Promise Cobram Estate Extra Virgin Olive Oil is made exclusively from premium quality olives grown on our own Australian estates, picked at optimum ripeness, and cold pressed within 6 hours of harvest using our proprietary technology to ensure we consistently deliver high quality and optimal composition.

Active constituents in Extra Virgin olive oil Premium EVOO is rich in the following constituents: Phenolic compounds (i.e. Hydroxytyrosol, tyrosol and oleuropein derivatives) Mono-unsaturated fatty acids (i.

22 Active constituents in Extra Virgin olive oil Premium EVOO is rich in the following constituents: Phenolic compounds (i.e. Hydroxytyrosol, tyrosol and oleuropein derivatives) Mono-unsaturated fatty acids (i.e. oleic acid) α-tocopherols Squalene Oleocanthal

23 Extra Virgin olive oil has a wide range of health benefits EVOO has a wide range of therapeutic properties which are beneficial to human health including: Cardiovascular Health Weight Loss Anti-Ageing Inflammation

24 Cardiovascular Health Over 3.4 million Australians suffer from Cardiovascular disease EVOO has a variety of benefits for cardiovascular health: Premium EVOO contains high levels of active constituents which are beneficial to cardiovascular health (i.e. polyphenols/phenolic compounds and squalene) These constituents have been proven to increase HDLs, reduce LDL oxidation and reduce blood pressure The oleic acid contained within EVOO may be beneficial in the prevention of stroke EVOO does not contain trans fats, which can have detrimental effects on health

Weight control In Australia, over the past three decades, the prevalence of obesity has been on the rise Over 60% of adult Australians struggle with weight control EVOO has a variety of benefits in

25 Weight control In Australia, over the past three decades, the prevalence of obesity has been on the rise Over 60% of adult Australians struggle with weight control EVOO has a variety of benefits in weight control: There is evidence that consuming a Mediterranean diet (where EVOO is the predominant fat) is associated with a reduced risk of overweight and obesity, and a lower BMI EVOO is rich in oleic acid. The bio-active compound OEA(derived from ingested oleic acid) has been shown to increase satiety (OEA = Oleoiletanolamide) Premium EVOO makes vegetables and salads more palatable, and assists with the absorption of key nutrients (such as carotenoids and glucosinolates) which require fat for absorption

26 Anti-Ageing The free radical theory proposes that ageing is caused by both normal metabolic processes and oxidative stress Oxidative damage to cells can be somewhat prevented by antioxidant substances from diet sources The major factors which contribute to the health benefits of EVOO in the ageing process include: EVOO contains compounds which have strong antioxidant activity such as polyphenols, squalene and tocopherols (vitamin E) The fat profile of EVOO consists of high levels of oleic acid, a monounsaturated fatty acid and low levels of linoleic and linolenic acids (poly-unsaturated fatty acids)

Inflammation Most recent figures show that approximately 15% of the Australian population suffer from arthritis (Australian Institute of Health & Welfare) There are several anti-inflammatory

27 Inflammation Most recent figures show that approximately 15% of the Australian population suffer from arthritis (Australian Institute of Health & Welfare) There are several anti-inflammatory bio-active compounds found in EVOO: Oleocanthal Oleic acid (an omega-9 mono-unsaturated fatty acid) α-linoleic acid (ALA) (an omega-3 poly-unsaturated fatty acid) A 2005 randomised controlled trial (43 patients over 12 weeks) showed that the consumption of 9.6 ml of EVOO in combination with 3 g of fish oil per day in rheumatoid arthritis, resulted in significantly decreased pain intensity, duration of morning stiffness, time taken to walk 18 meters, and increased grip strength Berbert A, Rosa C, Kondo M, Alemandra C, Matsuo T, Dichi I. Supplementation of fish oil and olive oil in patients with rheumatoid arthritis. Nutrition. 2005;21:131 6.

28 EVOO & other cooking oils

29 Smoke Point of cooking oils The Smoke Point is the temperature at which sufficient volatile compounds emerge from the oil At this temperature, volatile compounds such as water, free fatty acids, short-chain degradation products and possibly toxicological compounds emerge from the oil The smoke point of an oil generally increases as the FFA content decreases, and the degree of refinement increases When cooking foods, they are exposed to a variety of temperatures: Pan frying (sauté) on stove top heat 120 C Deep frying 160 to 180 C Oven baking below 200 C

30 EVOO & other cooking oils

31 EVOO & Other Cooking Oils

33 SALES & MARKETING 33

34 BBL oil sales totaled $95m in FY15

35 Cobram Estate sales grew to $51m with bottle sales up $10m

36 Our goal is to educate consumers what reallymakes a good olive oil. 36

37 The look and feel of our magazine ads 37

38 What makes olive oil so special? The milling process infuses part of olive fruit into the oil. That is why fresh olives are critical to flavourand health benefits. View of an olive Detail of cells in the olive flesh; Fresh olive oil 38

39 Positive health attributes Antioxidant content 39

40 Positive health attributes Squalene content

42 Source: 42

43 THE FUTURE 43

Four core opportunities to drive future growth $/L Increasing the farm-gate return for our Extra Virgin olive oils Educating media, health professionals and consumers

44 Four core opportunities to drive future growth $/L 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 Commenced processing in October Brand to launch in early Increasing yields from maturing existing orchards, together with incremental production from new plantings Our trees are still maturing, and in addition we are planting 200,000 trees at Boort. Value-adding by-products and waste streams Undertaking research to determine opportunities to explore.

45 45 Thank-you!

46 Book-build Bell Potter and Taylor Collisonare again offering a book-build facility to assist shareholders who wish to buy or sell BBL shares. Details will be ed to all shareholders next week. 46

47 AGM RESOLUTIONS 47

48 Resolution 1 Adopt the Financial Report Proxy Votes * % of total share on issue For 19,227, % Against - - Abstain - - Resolution approved unanimously

49 Resolution 2(a) Re-election of Re-election of Mr Robert McGavin Proxy Votes * % of total share on issue For 8,470, % Against - - Abstain - - * This excludes any proxy votes from Mr. Robert McGavin s shareholding Resolution approved unanimously

50 Resolution 2(b) Re-election of Mr Tim Smith Proxy Votes % of total share on issue For 19,222, % Against 5, % Abstain - - * This excludes any proxy votes from Mr. Tim Smith s shareholding Resolution approved unanimously

51 Resolution 2(c) Re-election of Professor Jonathan West Proxy Votes* % of total share on issue For 19,227, % Against - - Abstain - - * This excludes any proxy votes from Professor Jonathan West s shareholding Resolution approved unanimously

52 Resolution 2(d) Re-election of Mr Samuel Beaton Proxy Votes* % of total share on issue For 18,808, % Against - - Abstain - - * This excludes any proxy votes from Mr. Samuel Beaton s shareholding Resolution approved unanimously

53 Resolution 3 Adopt the Remuneration Report Proxy Votes * % of total share on issue For 4,789, % Against 5, % Abstain 146, % * This excludes any proxy votes from Directors or senior management referred to in the Remuneration Report Resolution approved unanimously

54 Resolution 4 Amend Employee Options plan and adopt the U.S. Sub-Plan Proxy Votes * % of total share on issue For 19,223, % Against - - Abstain 4, % Resolution approved unanimously

EVOO: Benefits Beyond Heart Health. Dr Joanna McMillan

EVOO: Benefits Beyond Heart Health Dr Joanna McMillan Antioxidant Levels in Common Oils 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 Extra Virgin Olive Oil Olive Oil (refined blend) Rice Bran Oil Vegetable