Select Harvests Limited announced the following update on the 2021 crop and current market conditions. The company has been completed and 100% of the 2021 crop has been delivered to its Carina West processing facility. With over 60% of the crop processed they estimate the crop volume, including from the acquisition of the Piangil orchard, to be approximately 28,250 MT (2020 crop volume was 23,250 MT). Processing productivity continues to improve, with prior year investments in technology delivering efficiency gains and further enhancing post farm gate quality. The Almond Industry has experienced significant growth in global demand across all markets, particularly in their traditional almond markets: India, Europe and China. Californian domestic and export almond shipments year to date (August 2020 ­ June 2021) are up 21.7% and forward commitments are up 34.0% lifting the combined shipped/committed volume to 3.16 billion pounds (compared to last year's volume of 2.56 billion pounds). Shipments are occurring at an unprecedented pace, with historic monthly shipment records being set in 10 out of the 11 months of the season to date. While uncommitted inventory is up 29.4% to 326 million pounds (compared to last year's 252 million pounds) this is now down to manageable levels with carryout volumes expected to drop below 600 million pounds following July's shipments. Forward commitments for the 2021 crop are down 29% vs the same period last year with growers reluctant to sell waiting to understand the potential impact of the drought on supply. Australian almond exports Year on Year (March ­ April) are up 54%, with the South/Central Asia (India) market up 200%, Europe up 69% and North East Asia (China) market up 9% during the period. Last night, the US Department of Agriculture released the 2021 Objective Crop Estimate for the 2021 US almond crop of 2.8 billion pounds, down 12.5% on the 3.2 billion pound Subjective Estimate released on 12 May 2021 (2020 crop volume was 3.12 billion pounds). With the California drought worsening in recent months, the Subjective Estimate has proven to be too optimistic. The Objective Estimate is now in line with consensus industry forecasts for the 2021 Californian crop. Continued strong shipment numbers and the worsening drought situation in California have led to an appreciation in almond pricing of between 5% and 10% over the last 6 weeks. 60% of Selects Harvests' 2021 crop is committed (including internal sales) at prices in the range of AUD 5.90/kg – AUD 6.40/kg. It should be noted the un-committed portion of the crop is the lower value grades. 90% of the crop is covered at 0.73 AUD/USD and the current market price is in the range of AUD 6.20 – AUD 6.60. Both Australian and US processors are experiencing some shipping delays due to container shortages, however they are experiencing only minor related cashflow delays. The development of Select Harvests' 2022 crop is progressing well with good tree health and sufficient chill hours as they head towards pollination in August. Again, they have volumes benefiting as their younger orchards reach maturity. Water supply and pricing is much improved on recent years and the ongoing focus for 2021 is to maintain the high standard of their horticultural practices and deliver another strong crop.