Ann: FY2023 Results Presentation, page-14

I will admit that I have yet to analyse the full year results. My sentiment is based on commentary regarding the world position of supply and demand.

The biggest unknown is the weather and timing of weather events which as we have seen this year in both Australia and California, can make or break a crop.

We know that following the California harvest that the almond price has firmed, although interest rate outlook disparity between Australia and the US has seen a shift in currency trends thus having some impact on forward looking A$ almond pricing.

My funds currently are fully committed with what spare capacity earmarked for a raising an unrelated company is doing. If that is oversubscribed and there is a scale back then I will consider adding to my SHV position, especially if the price stays under $4.