[Title]

[DATE]

Strictly confidential

Annual General Meeting

Friday 28 October 2016 – 151 Broderick Road, Lara

1

• Trading profit before tax was $1.3 million ($21.2 million in FY15).

• Lower profit primarily driven by smaller 2016 crop, increased water costs and budgeted expenditure relating to the investment in our four core growth pillars.

• Cashflow more consistent - as we sell the oil from the lower volume crops over a period of 9-10 months, whereas a larger yielding crop is sold over 14-15 months.

• For the year to 30 June 2016 we reported an operating cashflow surplus of $12.4 million (surplus of $6.0 million in FY15). 2

PROFIT AND LOSS / CASHFLOW

Year ending 30 June2016

($’000)

2015

($’000)

Trading profit before tax 1,344 21,159

Impairment of non-current assets - (34)

Income tax expense (953) (6,691)

Profit after income tax expense 391 14,434

3

UNDERLYING EBITDA

Over the last 4 years, we have incurred significant expenses from investing in our 4 core growth pillars

FY13($’000)

FY14($’000)

FY15(‘000)

FY16(‘000)

Reported EBITDA 37,026 * 5,121 28,374 9,488

Investment in 4 core growth pillars ** 2,000 4,000 6,000 12,000

Normalised EBITDA 39,026 9,121 34,374 21,488

Over the last 4 years, average normalised EBITDA of over $26 million

* Excludes profit impact from of upwards revaluation of our trees in FY13.

** Management estimate. These expenses exclude any capitalised costs.

Shares: 54.92m share on issue

Assets of $272.4m

Cash, inventory, oil and receivables of $78.5m

Groves and buildings $151.1m

Plant and equipment $33.3m

Intangibles $6.7m (mostly Cobram Estate and Red island trademarks)

Other $2.8m

Liabilities of $130.0m

Bank loans of $76.2m (CBA)

Asset finance (leasing) of $11.4m

Creditors and other liabilities (current) of $14.2m

Deferred tax liability of $19.2m

Other $9.0m 4

BALANCE SHEET SUMMARY

Note: management estimate the cost to replace these assets, including investing in the trees to reach a similar maturity profile would be in excess of $495m (over $9.00 share). This estimate does not attribute any value for the Cobram Estate and Red Island brands (sales of $78.5m in FY16) nor does it deduct Boundary Bend’s liabilities, as at 30 June 2016.

• Facilities provided by Commonwealth Bank of Australia.

• These debt facilities provided through to 20 October 2020.

5

BANK DEBT

At 30 June 2016 FACILITY UNUSED

Core Debt Facility AUD 58.0m -

Working Capital Facility AUD 16.0m AUD 10.0m

Foreign Currency Facility USD 10.5m USD 1.4m

6

USE OF FUNDS

Over the last three years we have invested in capital projects relating to our growth pillars, whilst continuing to pay a dividend

3-year average of

interest costs (p.a.),

$4.0m

3-year average of

capex projects

(p.a.), $9.3m

3-year average of dividends paid (p.a.),

$4.7m

Other (p.a.), $1.9m

Use of cash3-year

average of equity rasied (p.a.), $4.8m

3-year average net increase in

borrowings (p.a.), $1.5m

3-year average operating

cashflow before interest (p.a.),

$13.7m

Cash from operating, borrowing and new equity

• Profit tracking ahead of budget for the 3 months to 30 September 2016.

• Strong sales for the first 3 months of the financial year, with group sales 8.9% better than budget.

• Costs in-line with budget, although we are expecting to see some savings from the price of temporary water, as the water storages continue to fill.

7

FY 2016 / 2017 TRADING

Unaudited trading update

• In February 2016 BBL paid a 10 cents per share (unfranked).

• A 10 cents per share unfranked dividend will be paid on Friday 10 February 2017.

• Please ensure that our registry has your TFN to avoid having tax withheld. Further details will be send to shareholders prior to 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.

8

DIVIDEND

9

COMPANY OVERVIEW

Cobram Estate: is the number one selling retail brand of olive oil in Australia by every measure: Value, volume and # of units sold with approximately 25.5%, 19.1% and 26.2% respectively.

Redisland: is the number two selling retail brand of Australian grown and the # four in total olive oil category by value with approximately 7.7% market share.

Marketing and Sales: Boundary Bend is Australia’s largest producer and marketer of Australian olive oil (producing approximately 65% of Australia’s total production from is owned groves), supplying branded, private label and bulk Australian olive oil to customers globally.

Grove Operations: Boundary Bend has owned and managed olive groves since 1999. The group has developed and now owns and manages 6,433 ha of irrigated olive groves, making it the largest single producer of olive oil in the world.

Sales value, volume and unit based on Moving Annual Total data for 12 months to 02/10/16 Source: Aztec

10

COMPANY OVERVIEW

Processing: Boundary Bend owns and operates two large, modern, sophisticated milling plants that are both individually in the top 10 in the world by capacity. Boundary Bend also owns a smaller mill in the USA.

Storage: Boundary Bend has approximately 13m litres of stainless steel storage all housed in modern purpose built sheds to control temperature, light and oxygen to ensure the oil is stored and preserved to the highest standard possible.

Bottling: Our Lara facility houses Australia’s largest olive oil filling and packaging business capable of producing 14,400 bottles per hour. Previous Lara bottling line being shipped to our USA facility in coming weeks.

Technical Advice and Laboratory Services: Advisory services, covering all aspects of the industry relating to project development, technical advice and applied research. The group also owns and operates two NATA accredited olive oil laboratory, one located at Lara and the other at our USA facility.

11

COMPANY OVERVIEW

Nursery: A specialist olive nursery supplying olive trees to commercial growers, wholesale, retail nurseries and national chain stores.

Innovation & Value Add: A recently established division tasked with value adding and commercialising various by-products.

US Operations: In June 2014, the group set about replicating its Australian operations in the US. A commercial processing site was purchased which now accommodates the milling operation, laboratory, oil storage, office and soon to be installed bottling line. In March 2016, 150 acres was planted in addition to the groves which the group currently provide management services to and have long term supply arrangements with.

12

Olive oil is the fresh juice naturally extracted from the fruit of the olive tree.

View of an olive Detail of cells in the olive flesh; Fresh olive oil

What is olive oil?

13

Washing equipment

Crusher

Olive paste in first stirrer

Free oil in the paste at the end

of the stirring process

How is olive oil made?

14

Decanter separating olive oil from paste

Vertical separators clarifying the oil

Olive oil storage

How is olive oil made?

REFINED OILS Olive Oil Extra Light Pure or 100% Pure

NATURAL OLIVE OILS Extra Virgin Virgin Lampante oil (>2.0% & not suitable

for direct human consumption.

Grades of olive oil

Australian Retail - All Grades of olive oil

-

10,000

20,000

30,000

40,000

50,000

60,000

WOW and Coles Brand Share of Olive oil - 12 Months to 02/10/16

Dollars ('000) Litres ('000) Units ('000)

Moving Annual Total (MAT) for 12 months to 02/10/16 Source: Aztec

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Cobram Moro Red Island La Espanola WOW PL SqueakyGate

Coles PL Bertolli Ollo Carbonell Other EVOO

Do

llars

('0

00

)

Aust. Grocery Weighted Brand Share of Extra Virgin - 12 Months to 18/09/16

Dollars (000s) Litres (000s) Units (000s)

Australian Retail - Extra Virgin only

Source: IRI Aztec data 2016. Aust. Grocery data is based on actual data for Coles & Woolworths, and an estimate for Independents.

Evolution of Brand share 2012 Versus 2016

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Do

llars

('0

00

)WOW and Coles Brand Share of EVOO - 12 Months to 26/06/16

MAT To 23/09/12 MAT To 18/09/16

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

$11.00

$12.00

$13.00

MAT To 23/09/12 MAT To 22/09/13 MAT To 21/09/14 MAT To 20/09/15 MAT To 18/09/16

Historical retail selling price per litre

Cobram Olive Oil European Olive Oil

Cobram Estate 2016 weighted retail price premium per litre over Weighted average imported olive oil is 56.1%

19

2016 average premium

56.1%

Source: IRI Aztec 2016

0% 0%11% 11%

27%27%

38% 39%

50% 45%

54%59%

57%

68%62%

67% 67%

1% 2% 2% 2% 2%

11% 12%14%

18% 18% 18% 18% 17% 17% 17% 17% 17%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Par

tici

pat

ion

in t

he

Au

stra

lian

oliv

e in

du

stry

(%

)

Year

Evolution of the participation of Boundary Bend Ltd groves in the Australian olive industry both by area and by production (olive oil)

BBL production share

BBL % of Australia's Hectares

WHY YOU SHOULD COOK WITH EVOO

OXIDATIVE STABILITY SUPERIOR

23

COOKING OIL COMPARISON CHART Based on analysis performed on standard supermarket products by ISO 17025 accredited laboratory

*Composed of refined olive oils and virgin olive oils. Cobram Estate Extra Virgin olive oil is the natural juice from the olive. No chemicals or

supplements are added.

1000

900

800

700

600

500

400

300

200

100

AUSTRALIAN

EXTRA VIRGIN

OLIVE OIL

OLIVE OIL

(EXTRA LIGHT

AND PURE)

RICE BRAN OIL

VEGETABLE OIL

CANOLA OIL

VIRGIN COCONUT

ANTIOXIDANTS

(POLYPHENOLS)

mg/kg

POSITIVE HEALTH ATTRIBUTES - ANTIOXIDANTS

EVOO - NO TRANS FATS

HIGH QUALITY EVOO HAS A OF LOT VALUE

26

GROWTH PILLARS

FOUR CORE OPPORTUNITIES TO DRIVE FUTURE GROWTH

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

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.

$/L

Pricing Strategy; Celebrate the quality of EVOO

• Price increase for Cobram Estate, Red Island and private labels over last 12 months.

Promotional Strategy; Celebrate that our brands are gaining strength in market.

27

GROWTH PILLARS - $/L

INCREASING THE RETURN FOR OUR EXTRA VIRGIN OLIVE OIL

Product & Positioning development; Celebrate another pack innovation

• Launch of Red Island squeezy bottle, new experience, new occasions.

Customer development; Be where shoppers shop! Give retailers some point of difference.

• New products in major retailers and Cobram Estate trial in Aldi.

28

GROWTH PILLARS - $/L

INCREASING THE RETURN FOR OUR EXTRA VIRGIN OLIVE OIL

Reduce use of agencies, providing a uniform message; get everyone on the same page

• Educate on product (liquid gold!), how to use (cook with it!), how it tastes (fresh!) & what it does for you (amazing health properties!). Share our story, bring them into our family.

29

GROWTH PILLARS - $/L

Healthcare Professional Program & Event coordinationwas house-sourced

Now 2 FTE’s in house

Digital/Social platform

management was Agency driven

Now 1 FTE in house

Public Relations Management was

Agency Driven Now 1 FTE in house

INCREASING THE RETURN FOR OUR EXTRA VIRGIN OLIVE OIL

Growing sales; know what activities make the biggest difference.

30

GROWTH PILLARS - $/L

• Working with Australian Olive Association to bust myths about Extra Virgin Olive Oil - New website & digital campaign in November 2016.

• Cobram product placement advertising (in cooking shows) rather than TV commercials.

• Red Island squeeze bottle to millennial generation, social media advertising.

INCREASING THE RETURN FOR OUR EXTRA VIRGIN OLIVE OIL

Significant opportunity; USA consumption currently 350 million litres with only 10 million litres sourced from domestically grown fruit.

Timing right to enter market regarding consumer awareness of EVOO, health and provenance movement.

Ability to leverage Australian IP, systems, know-how and people to execute our strategy.

Two harvests per annum, quicker improvements to harvesting and processing techniques, effective knowledge sharing.

31

GROWTH PILLARS – USA

Why USA

• 3rd harvest currently in progress with fruit supplied primarily from 3rd party growers, crushed in company owned facility.

• Introduction of varieties and growing methods (new to USA) long term lease of two properties (87ha in total) planted on our balance sheet

• Cobram Brand:o Californian and Australian oil SKU’s launched in May 2016;o Strong level of store acceptance (over 2,000 supermarkets to date); ando Initial retailer scan data indicates product is well received by consumers, performing better

than forecast.

• Global bulk trading businesso Sourcing, testing and certifying Extra Virgin olive oil from 3rd party growers in Europe,

South America and Australia for supply to customers (mostly based in the USA) who are seeking a reliable supply of authentic, high quality Extra virgin olive oil.

o Staff member based in Portugal to source high quality olive oil.o Very strong performance to date

32

GROWTH PILLARS - USA

UPDATE ON VERTICALLY INTEGRATED USA BUSINESS

33

OUR GROVES IN THE USA

34

HARVESTING IN THE USA

WOODLAND SITE – PROCESSING ROOM & TANK FARM

WOODLAND SITE – LAB AND OIL STORAGE

37

COBRAM ESTATE USA

38

GROWTH PILLARS - USA

• Employ an excellent CEO and start building a competent management team

• Choose an excellent site (climate, services, support, infrastructure) to build processing mill, storage, packaging, logistics, lab and head office

• Get the trust and support of existing USA olive growers (fruit/oil for business growth)

• Develop a brand that retailers will accept and list in store

• Get consumers to buy our brand (pull off shelf)

• Implement / leverage IP, systems and staff between Australia, USA and vice versa

• Establish global trading business with focus on authentic EVOO

REFLECTION OF KEY ACHIEVEMENTS TO DATE THAT ARE CRITICAL TO LONG TERM SUCCESS IN USA

39

GROWTH PILLARS

• Opportunity to capture more value through fully utilising all of the outputs from our olive farms.

1. Capture the full value of our ‘olive goodness’

• Some by-products are challenging to handle and add cost.

• Opportunity to covert bulk biomass into revenue-generating or cost-saving products.

2. Turn waste challenges and costs into savings

and benefits

• Potential application for new products in the supplement, food, beverage, cosmetic and pet food channels.

3. Access potentially lucrative, high-value

markets and channels

WHY ARE WE INVESTING IN OUR BY-PRODUCTS?

40

GROWTH PILLARS

CURRENT STATUS• Detailed study of our by-products and potential uses completed.

• Resources committed in FY16/FY17 to fund internal/external research and to build our internal R&D capacity through the recruitment of new scientists, engineers and sales staff.

• Our first ‘Innovation’ capex project has been signed off, with specialist equipment being installed at our Geelong facility in mid-2017.

NEXT STEPS• Pending successful completion of the pilot-trial phase, we anticipate commencing

commercialisation of our first new products in calendar year 2017.

• We have in place a strong pipeline of R&D projects, with new opportunities continuously being investigated and future projects planned.

Only 76% of groves at full maturity

New plantings:

• 405ha greenfield planted at Boort in Autumn 2016

• 145ha greenfield to be planted at Boort in Autumn 2017

Replantings:

• Continual replant to improve varietal mix towards proven performers (yield and oil quality)

• 778 ha replanted over the last 5 years

16% of existing grove yet to bear fruit (less than three years old).41

GROWTH PILLARS – INCREASING OLIVE OIL PRODUCTION

42

43

BBL has option to purchase over 5,540ha with approximately 3,000ha plantablenear Mildura in north western Victoria

• Unique scale, location, soils and geographically close to the existing groves

• Soil tests and preliminary due diligence complete

• Purchase of land Feb 2017

• Planting to be staged, starting in Spring 2018

45

GROWTH PILLARS – INCREASING OLIVE OIL PRODUCTION

GREENFIELD GROVE

46

GROWTH PILLARS

ENSURING OUR AMBITIONS DON’T GET IN FRONT OF PERFORMANCE

How do we drive all this without the wheels falling off while continuing to research and excel in everything we do?

• We have relentlessly aimed at achieving the highest possible standards and efficiencies at all levels

• We employ (and retain) very talented staff

• Technical team leads research and implements management systems and information transfer periodically completing critical review and analysis to drive continual improvement.

47

SUMMARY – UNIQUELY POSITIONED

• Business backed by tangle assets mostly farmland

• Iconic, highly visible consumer brand

• Inbuilt growth almost guaranteed

• Superior proven management

• Very strong consumer movement to Health, real foods, authenticity and provenance

• Blue sky potential –

USA

By-product business

The world is about to run out of olive oil as demand continues to outstrip supply

Sources: IOC

0%

10%

20%

30%

40%

50%

60%

70%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

19

64

/19

65

19

66

/19

67

19

68

/19

69

19

70

/19

71

19

72

/19

73

19

74

/19

75

19

76

/19

77

19

78

/19

79

19

80

/19

81

19

82

/19

83

19

84

/19

85

19

86

/19

87

19

88

/19

89

19

90

/19

91

19

92

/19

93

19

94

/19

95

19

96

/19

97

19

98

/19

99

20

00

/20

01

20

02

/20

03

20

04

/20

05

20

06

/20

07

20

08

/20

09

20

10

/20

11

20

12

/20

13

20

14

/20

15

Car

ry O

ver

Sto

cks

to T

ota

l Use

(%

)

Co

nsu

mp

tio

n &

En

din

g St

ock

s (i

n 1

00

0 M

T)World Olive Oil

Total Consumption Ending Stocks Carry Over Stocks to Total Use

GLOBAL STOCKS AT HISTORIC LOWS?

49

BARRIERS TO ENTRY

We have created significant advantage & barriers to entry over any new entrant to the olive industry due to:

• Iconic Brand (Cobram estate)

• Dominant supply position creating real pricing power

• Our systems, knowhow and people,

• The high investment cost to replace our tangible assets (c $500m)

• Long lead time to full yields (10 years)

• The strength of the team we have built allows us to continue to develop and evolve, and to monitor, analyse and review all aspects of our operations, thereby ensuring cost effective, practical solutions and consequently a significant competitive advantage.

Boundary Bend groves, on average, produce the highest yielding, highest quality olive oil at the bottom of the cost curve.

50

CAPITAL INFORMATION

Shares on issue 54.9M

Replacement value of tangible assets (excluding value on brands) over $9.00 per share

Last share price is $7.50 per share ($500,000 parcel recently traded)

Currently evaluating a share placement to fast track core growth pillars

• subject to shareholder compatibility (patient, long term capital)

• subject to the price representing appropriate value

• existing shareholders will be given the opportunity to participate

51

RESOLUTIONS

Resolution 1Adopt the Financial Report

ProxyVotes

% of totalshare on

issue

For 18,724,314 33.87

Against - -

Abstain - -

Resolution approved unanimously

52

RESOLUTIONS

Resolution 2(a)Re-election of Mr Leandro Ravetti

ProxyVotes *

% of totalshare on

issue

For 18,716,727 33.85

Against 5,371 0.01

Abstain 2,216 0.00

* This excludes any proxy votes from Mr Leandro Ravetti’s shareholdingResolution approved unanimously

53

RESOLUTIONS

Resolution 2(b)Re-election of Mr Tim Jonas

ProxyVotes *

% of totalshare on

issue

For 18,722,098 33.86

Against - -

Abstain 2,216 0.00

* This excludes any proxy votes from Mr Tim Jonas’s shareholdingResolution approved unanimously

54

RESOLUTIONS

Resolution 3Adopt the Remuneration Report

ProxyVotes *

% of totalshare on

issue

For 4,430,839 8.01

Against 5,371 0.01

Abstain 2,261 0.00

* This excludes any proxy votes from Directors or senior management referred to in the Remuneration Report

Resolution approved unanimously