Cobram Estate Olives (CBO) Investor Presentation summary

Company overview and strategic advantages

• Operates as one of the world's largest vertically integrated olive oil producers, with major groves and mills in Australia and the USA, and owns leading brands Cobram Estate® and Red Island®.

• Proprietary Oliv.iQ® system enables higher yields, lower costs, and superior sustainability compared to global peers.

• Holds approximately 2.6 million olive trees in Australia and 794,000 in California, with significant processing, storage, and R&D infrastructure.

• Achieves average olive oil yields nearly nine times the global average per hectare, with production costs 30% lower than the world average.

• Focuses on premium, high-quality EVOO to optimize returns and reduce commodity and currency risk.

USA growth opportunity and market dynamics

• USA operations expanding rapidly, targeting ~2,000 hectares of company-owned groves by 2026 and 3,600 hectares by 2027.

• Olive oil consumption in the USA has grown at a 4.5% CAGR since 1990/91, now the world's second largest consumer, but per capita use remains low.

• Over 95% of olive oil sold in the USA is imported; demand for locally produced, high-quality Californian EVOO is rising.

• Cobram Estate® is the 9th highest selling olive oil in USA supermarkets and the fastest growing Californian olive oil brand, with 33% value growth in the past year.

• Californian olive oil currently represents only 3.4% of USA supermarket olive oil sales, indicating significant growth potential.

Capital raising and use of funds

• Institutional Placement aims to raise up to $175 million, with an additional Share Purchase Plan (SPP) targeting $10 million.

• Funds will be used primarily for land purchases and development of new olive groves in California, supporting expansion to 3,600 hectares and over 9 million litres of oil at maturity.

• Two Joint-CEOs are selling 2 million shares to repay director loans and associated taxes, representing 22% and 19% of their holdings respectively.

• Placement and SPP priced at $3.20 per share, a slight discount to recent trading prices.

• SPP open to eligible shareholders in Australia and New Zealand, capped at $30,000 per shareholder.