Company Presentation S Y D N E Y - J A N U A R Y 2 0 2 0 A LT E R - PowerPoint PPT Presentation

Company Presentation S Y D N E Y - J A N U A R Y 2 0 2 0 A LT E R R A P R E S E N TAT I O N 2 0 2 0

Disclaimer This presentation is not a prospectus nor an offer for securities in any jurisdiction correctness, completeness or adequacy of any statements, estimates, opinions or corporations act or any other applicable law. The occurrence of events in the nor a securities recommendation. The information in this presentation is an other information contained in this presentation. To the maximum extent future are subject to risks, uncertainties and other factors that may cause Alterra overview and does not contain all information necessary for investment decisions. permitted by law, Alterra Limited, its directors, officers, employees and agents Limited’s actual results, performance or achievements to differ from those In making investment decisions in connection with any acquisition of securities, disclaim liability for any loss or damage which may be suffered by any person referred to in this presentation. Accordingly, Alterra Limited, its directors, officers, investors should rely on their own examination of the assets and consult their own through the use or reliance on anything contained in or omitted in this employees and agents do not give any assurance or guarantee that the occurrence legal, business and/or financial advisers. The information contained in this presentation. Certain information in this presentation refers to the intentions of of the events referred to in the presentation will actually occur as contemplated. presentation has been prepared in good faith by Alterra Limited, however no Alterra Limited, but these are not intended to be forecasts, forward looking representation or warranty expressed or implied is made as to the accuracy, statements or statements about future matters for the purposes of the A LT E R R A P R E S E N TAT I O N 2 0 2 0 3

Alterra’s Purpose TO DRIVE VALUE FOR OUR INVESTORS BY UNLOCKING VALUE FROM LAND AND + EXPERIENCED TEAM WATER ASSETS + FOCUSED SCALABLE STRATEGY WE SEEK TO DO SO AS AN ORIGINATOR, DEVELOPER, MANAGER AND INVESTOR OF + AGILE & DISCIPLINED APPROACH ASSETS IN FAST GROWING, IN-DEMAND AGRICULTURAL SECTORS + CAPITAL-LEAN STRUCTURE TARGETING DELIVERY OF INVESTMENT-GRADE ASSETS WITH GROWING INSTITUTIONAL INVESTOR APPEAL + STRONG GOVERANCE FRAMEWORK FOCUSED ON SUSTAINABLE, ROBUST PROJECTS RESILIENT TO ADVERSE CLIMATE EVENTS A LT E R R A P R E S E N TAT I O N 2 0 2 0 4

Time & Place Opportunity D I R E C T E X P O S U R E TO U N I Q U E T I M E & P L A C E O P P O RT U N I T Y WE SEE OPPORTUNITY IN A MARKET OF: WESTERN AUSTRALIA UNIQUE TIME & PLACE OPPORTUNITY: + CONSTRAINED FINITE RESOURCES SUCH AS LAND WITH + FARMLAND AND WATER REASONABLY PRICED BY AUSTRALIAN, SECURE WATER INTERNATIONAL STANDARDS + A GLOBAL SHIFT TOWARDS PLANT-BASED DIETS + IDEAL CLIMATE, ADUNDANCE OF WATER, EXCELLENT + LIMITED DIRECT INVESTMENT OPPORTUNITIES BIOSECURITY + BURGEONING INSTITUTIONAL DEMAND FOR LONG-TERM + INCUMBENT PRODUCERS REQUIRE SIGNIFICANT CAPITAL TO AGRICULTURAL ASSETS MODERNISE, SCALE & FUTURE PROOF EXISTING ASSETS + GROWING EXPORT MARKET, PARTICULARLY TO SE ASIA + POLITICALLY SECURE WITH STRONG ‘RESOURCES BACKED’ ECONOMY + LIKE CALIFORNIA 30 YEARS AGO A LT E R R A P R E S E N TAT I O N 2 0 2 0 5

Who We Work With K E Y D E V E LO P M E N T PA RT N E RS A N D C L I E N T S LAND & WATER CAPITAL PRIVATE CAPITAL FARMERS Investors interested in property Farmers that hold development & agricultural sector underdeveloped land with secure water e.g Family offices, PE funds e.g. Dairy & beef farmers IMPACT INVESTORS LAND BANKER Investors seeking measurable social or Landowners that have speculated environmental benefit alongside on land & water assets financial return e.g. Individuals, family offices e.g. Impact funds & family offices & corporates INSTITUTIONAL RESOURCE INVESTORS COMPANIES Funds that are looking to achieve long- Mining companies with term, risk-adjusted returns land banks, water & rehabilitation obligations e.g. Pension & endowment funds e.g. Mineral sands A LT E R R A P R E S E N TAT I O N 2 0 2 0 6

Revenue Model I N C O M E F RO M O R I G I N AT I O N , D E V E LO P M E N T & M A N A G E M E N T S E RV I C E S P LU S C A P I TA L G ROW T H F RO M CO - I N V E S T M E N T DEVELOPMENT SYNDICATES CORPORATE INVESTOR Landowner & Capital Partners Tailored to Client’s Investment Needs ROBUST PROCESS, MULTIPLE INCOME STREAM WITH CAPITAL GROWTH UPSIDE ORIGINATE DEVELOP MANAGE ALTERRA’S REVENUE MODEL ACQUISITION FEES DEVELOPMENT FEES MANAGEMENT FEES FEASIBILITY FEES MANAGEMENT FEES PERFORMANCE FEES CARRIED INTEREST PERFORMANCE FEES ANNUITY INCOME A LT E R R A P R E S E N TAT I O N 2 0 2 0 7

Alterra’s Focus: Avocados H I G H P E R F O R M A N C E P RO D U C T I O N S Y S T E M W I T H A C C E S S TO G ROW I N G G L O BA L M A R K E T S AVOCADO EXECUTION PARTNER: FRENCH’S GROUP 2018-19 REGIONAL AVOCADO ORCHARD PRODUCTIVITY VS. FRENCH’S GROUP • Alterra partners with industry leaders to advance know-how, commercialise production IP & manage execution risks • Local Partner Agreement secured with French’s Group (Aug 2019) • Over 33 years experience developing avocado orchards • Co-founder and shareholder of service provider APMS 1 that packs, distributes and exports Australian avocados 10.7 13.8 29.7 • Leaders in high-performance avocado production systems Source: 2019 OrchardInfo Report • Alterra owns the exclusive access to French’s Group avocado genetics and budwood SOUTH-WEST OF WESTERN AUSTRALIA • Alterra owns the exclusive access to French’s Group historic and • WA currently exports premium avocados to UAE, Japan, Singapore, future production data Malaysia & Hong Kong • Current wholesale price for premium Pemberton avocados $7.2-9/kg¹ • Global Seaborne trade volume growing @CAGR 14.5% since 2014² • Only 3.7% of Australian avocado production currently exported compared to 50% for New Zealand ³ 1 Alterra research 7 th January 2020 1 Advanced Packing and Marketing Services ( https://www.advancepackingandmarketing.com.au) 2 ITC Trade Map ³ Avocados Australia 8 A LT E R R A P R E S E N TAT I O N 2 0 2 0

Growing Institutional Demand W E S T E R N A U S T R A L I A I S T H E N E X T F RO N T I E R F O R I N S T I T U T I O N A L I N V E S T M E N T FOREIGN DIRECT INVESTMENT INDUSTRY NEWS Agriculture, Forestry & Fishing $m Recent Institutional Investments “Canadian-based Ontario Teachers’ Pension Plan has emerged as the buyer of avocado producer, Jasper Farms, in a deal worth about $180m” October 2017 9 “Avocados smashing it with the most expensive farmland in Australia” November 2017 “Foreign investment in Australia’s Agricultural land hits $7.9b” February 2019 * Includes Germany, UK, Netherlands, France, Switzerland ** Includes Japan, Hong Kong, Singapore, Malaysia, Indonesia A LT E R R A P R E S E N TAT I O N 2 0 2 0

Property Development Example F R E N C H ' S G R O U P – Y E A G A R U P P R OJ E C T, P E M B E RTO N , W E S T E R N A U ST R A L I A 8 0 H E C TA R E S – L A N D A CQ U I R E D 2 0 1 6 2016: PROPERTY ACQUISITION DEGRADED FARM French’s Group owned project This is a typical example of the types of projects targeted by Alterra Land originally cleared in c. 1940 and previously used to graze cattle and farm potatoes A LT E R R A PRESENTATION 2 0 2 0 10

Property Development Example F R E N C H ' S G R O U P – Y E A G A R U P P R OJ E C T, P E M B E RTO N , W E S T E R N A U ST R A L I A 8 0 H E C TA R E S – P RO P E RT Y C O N V E RS I O N CO M P L E T E D 2 0 1 9 2019: FIRST HARVEST COMPLETED Avocado trees planted in 2017 A LT E R R A PRESENTATION 2 0 2 0 11