Alterra Limited announced it has completed a review of financial feasibility modelling completed in 2021 ("Initial Feasibility") on the 100% owned Carpenters Avocado Project ("Carpenters"). The updated financial feasibility modelling underscores the strong and robust economics of the Carpenters Project. The Carpenters Project is Alterra's 100% owned avocado development project located in Western Australia's south- west, in the premium horticultural corridor between Pemberton and Manjimup - a region highly regarded for its favourable climate, reliable rainfall, excellent Karri-loam soils, and quality water.

Alterra considers the site highly suited to avocado production with potential for up to or in excess of 200ha of planted avocado orchard, which once developed will likely be one of Australia's contiguous avocado projects in Australia. The Carpenters site, encompassing a total of 700ha, possesses significant water storage potential including two distinct dam sites, and is held in a 30 + 10 + 10 year lease executed in April 2020 by a wholly owned subsidiary of Alterra. On 29 July 2021, the Company engaged leading investment management and corporate advisory firm, Pendulum Capital Pty Limited (Pendulum) to project manage the planting program for Stage 2 of the Project.

On 21 August 2021, the Company announced that the Board and the technical team had worked alongside Pendulum to develop a strategy to optimise development plans for the Project with a strict focus on costs whilst managing site conditions to ensure the long- term performance and sustainability of the Project. On 31 December 2021 highly experienced agribusiness executive and investor Greg Harvey was appointed Executive Director of the Company and in March 2022 Ben Norrish, who was previously the General Manager of Jasper Farms (AustOn Group, OTTP), Western Australia's avocado producer and has extensive expertise and experience in large- scale avocado orchard development and operations in WA, commenced as Chief Operating Officer of the Company. Higher density plantings, High performance micro-sprinklers in line with industry standards in the district, Reduced spring 2021 planting to approximately 7ha (circa 5,000 trees) due to heavy rain on site over winter, bringing the total planted area to approximately 12ha, Enhanced drainage and infrastructure on site to service growth in 2022 and beyond, Commencing reparations to plant up to 50,000 trees across 85ha in spring 2022.

The Carpenters project will be serviced by a major dam currently under construction (Dam 1). Dam 1 construction continues to advance, albeit progress slowed owing to labour constraints and unseasonably heavy rainfall interrupting the construction schedule in 2021. Construction is funded entirely by the Lessor.