Webster Limited Annual General Meeting Kidman Wayside Inn, Jondaryan Avenue, Griffith, NSW 31st October, 2012 Managing Director’s Presentation

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Recent performance•

Since balance date items

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FY12 Profit and Loss•

Balance Sheet

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Cash Flow•

Field Fresh Tasmania – onions

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Walnuts Australia – walnuts•

Future Outlook

Presentation agenda

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Recent performance FY12•

Achieved well above predicted walnut yields/ha for maturing orchards in the Riverina

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Undertook a strategic review of the vegetable division resulting in implementation of a lower cost business model

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Successfully completed $10.4m (net) equity raising in early July ‘11•

Bedded down the newly acquired walnut assets in the Riverina

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Performed duties as the Responsible Entity for the walnut managed investment projects for the first full year

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Strong Australian currency eroded margins across all products•

Dividend payment of 2 cents fully franked per ordinary share for the FY’12 year

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Since FY12 Balance Date – Key Items•

Completed review and migrated Onion business to lower cost model

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Made strategic decision to build Walnut value-add (cracking) facility.•

Achieved forward contracting for approx 50% of Onion sales for FY13

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Completed $7m Placement & $13m, 1:4 Non-underwritten, Rights Issue (over-subscribed).

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Instituted hedging program for forward sales.•

Determined Leeton as the site for Value-Add facility and began process of determining equipment needs and supplier tender process for what will be approx a $10m facility.

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Strengthened Board with reappointment of Chris Corrigan.For

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Profit and Loss Statement FY12 $m unless stated FY’11 FY’12 Change

Revenue 47.1 44.7 (5%)

EBITDA 6.0 8.5 42%

DA 2.4 2.9 21%

EBIT 3.6 5.6 55%

Interest 1.7 0.4 (76%)

PBT 1.9 5.2

Tax (4.5)* 1.2

NPAT 6.4* 4.0

EPS (cents) 9.84* 4.3

DPS (cents) 1.0 2.0

Franking (%) 100 100

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Revenue decline reflects reduced selling prices which were influenced by market conditions and strength of the AUD

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EBITDA – predominantly reflects the growth in walnut earnings

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Interest is down reflecting a reduction in average borrowings

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PBT from continuing operations up by $4m due to increased walnut earnings and lower interest expense

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Final dividend payment of 1.5 cent fully franked following 0.5 cent fully franked interim dividend* The Tax, NPAT and EPS in FY’11all include an

initial benefit from tax grouping in that year

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$m unless stated FY’11 FY’12 Pro-forma, post Sept 12 placement , rights issue

Cash 1.3 1.0 16.8Receivables 21.2 23.8 23.8Inventories & Other 5.8 8.6 8.6Total Current Assets 28.3 33.4 49.2PP&E 35.3 37.3 37.3Biological Assets 21.3 23.1 23.1Other 5.0 6.3 6.3Total Non-Current 61.6 66.7 66.7Total Assets 89.9 100.1 115.9Payables 11.7 9.7 9.7Borrowings 5.0 0.3 0.3Other 5.1 3.2 3.2Total Current 21.8 13.2 13.2Borrowings 1.3 5.6 1.1Other 0.1 1.6 1.6Total Non Current 1.4 7.2 2.7Total Liabilities 23.2 20.4 15.9NET ASSETS 66.7 79.7 100.0

Gearing 10% 6.1% 1.4%Shares On Issue 64.6m 93.3m 134.1MNTA per share $0.96 $0.80 $0.71

Balance Sheet FY12

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Continuing growth in tangible assets•

Large surplus on current assets versus current liabilities

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Negligible borrowings ahead of planned capital expenditure

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Lower gearing•

NTA per share is $0.80

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Positioned for profitable growth

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FY’11 FY’12Receipts 37.9 44.5Payments (40.5) (48.6)Operating Cash Flows (2.6) (4.1)Proceeds from sale of investment 51.8 0.0Dividends received (Tassal) 0.6 0.0Payment for PP&E (26.4) (6.0)Proceeds from sale of assets 0.0 0.8Other 0.1 0.3Investing Cash Flows 26.1 (4.9)Proceeds of borrowings 0.7 0.1Repayment of borrowings (19.8) 0.0Dividends paid 0.0 (1.4)Proceeds from issue of equity securities 0.0 10.5Other (0.6) (0.5)Financing Cash Flows (19.7) 8.7

Net Cash Movement 3.8 (0.3)

Cash Flow FY12Operating cash flow •Is not reflective of revenue due to timing difference between management fees charged to walnut grower investors (increase in trade debtors) and receipt •

Walnut and onion sales completed but some receipts outstanding

Investing cash flow•Reflects investment in plant and equipment in both operating divisionsFinancing cash flow•Successful equity raising in July 2011•Dividend of 1 cent per share for the FY’11 year and interim dividend of 0.5 cents per share for FY’12F

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Board & Senior Management

Rod Roberts (Non Executive Chairman)

Leigh Titmus (Managing Director)

Simon Stone (Non-Executive Director)

Ernie Eves (Non-Executive Director)

Chris Corrigan (Non-Executive Director)

Susan Stegmann (CFO and CS)

Key Data @ 15 October 2012

Shares on Issue 134.1m

Share Price $0.60

Market Cap $80.5m

Interest Bearing Debt $1.2m

Webster Overview - Post Placement and Rights Issue

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Operations•

Australia’s largest exporter of brown and red onions with over 90% of the annual crop exported

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Grows under approx. 45,000 tonnes of brown and 3,000 tonnes of red onions with ~50 local farmers on approx. 700 hectares in reliable growing districts in northern Tasmania

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Vertically integrated producer and marketer of onions (brown and red)

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Seed production (2 years worth of insurance)–

Contracting production with growers (March)–

Drilling of Brown onions (May-Aug) & Red onions (Jul-Aug)–

Lifting (Dec-Feb)–

Harvesting, Processing & Storage (Jan-Apr)–

Grading & Packaging (Jan-Jun)–

Export – Shipping of onions to Europe completed by mid May, and to Japan by late June.

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Over 35 years of export experience in fresh food with an extensive global marketing network

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FFT’s advantages and disadvantagesAdvantages•Within Australia, only Tasmania has the climatic conditions conducive to the production of a firm, good quality onion suitable for long distance shipping•FFT has refined its own line of Cream-gold onion seed over many years of selection •FFT onions are sold into counter-season markets replacing local stored product at a premium price•FFT has built a strong reputation in export markets for reliability, quality and customer service•FFT has developed a growing market for store-ready packs for retailers in Japan•FFT runs a large onion export operation in a relatively short marketing window which would be difficult to duplicateDisadvantages•Strength of the Australian dollar•Rising costs of operating in Australia beyond the Company’s control •Rising shipping costs due to Bass Strait issues•High labour costs compared with competitors•Relatively low barrier to entry

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FFT contracts farmers in March each year for the following season•

FFT does not own the land or the crop but has rights to the crop

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FFT reduces its risk through forward contract sales prior to sowing for ~50% of forecast Class 1 production (this percentage increases during the growing season)

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All FFT contracted growers are certified to GlobalG.A.P.•

FFT customers have full on-line access to crop information

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FFT supplies growers with:–

Seed grown by FFT–

Drilling (via contractors)–

Agronomy advice (paddock preparation, spray recommendations, irrigation advice etc.)–

Lifting and harvesting (via contractors)

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FFT revenue is derived from volume of Class 1 onions x price •

FFT costs are the pre-agreed price with growers + fixed and variable costs of drilling & harvesting equipment, storage & processing facilities plus transport to markets

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In-house Forex policy is strictly observed with third party non-bank advisors

Business model

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Onion harvestingF

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Onion factory

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Operations•

WA is the southern hemisphere’s largest walnut orchard owner, manager, producer and marketer of walnuts with 2,200 ha of orchards owned and/or managed in Tasmania & NSW

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Fully vertically integrated operation including:–

Walnut tree nursery–

Orchard establishment–

Orchard maintenance–

Harvesting and processing–

Grading and packing–

Sales and marketing•

Majority of sales (67%) from 2012 season crop was exported•

Total production from existing orchards when they reach full maturity in FY16 is expected to be over 10,000 tonnes in-shell

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AGW Funds Management Ltd, a subsidiary of WBA, is the Responsible Entity representing walnut grower investors

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Riverina yields/ha are exceeding PDS projections

•Includes 40 ha Leased

Orchards (Ha) TAS NSW Total

Owned 470* 471 941

Managed 75 250 325

Investor Growers 954 954

Total 545 1,675 2,220

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Tabbita Orchard 910 ha

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Tasmania – hulling and drying line

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Tabbita – hulling and drying line

18 t/hr

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Griffith – in-shell grading and bagging line

2.5 t/hr

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Leeton – hulling and drying lineUnder construction

Capacity 20 t/hr

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Walnuts Australia Production ProfileExisting orchards Existing and planned orchards

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Walnuts Australia - Key drivers1 Strong demand Strong world demand, driven by recognised health benefits and higher disposable

incomes in Asia.

2 Supply opportunity

North / south hemisphere production imbalance and shift to later production in California, both to benefit Walnuts Australia.

3 Price competiveness Strong world prices since 07/08. WA competitive despite strength of the AUD.

4 Production benefits

Year 4, first harvest. Year 8, mature yields, high barrier to entry. Timely purchase of Gunns Walnut assets, both acquisition price, production cycle and removing from a distressed company

5 Long productive tree life 30+ years. Slow varietal development.

6 Diversified income stream 3 revenue streams - outright orchard ownership, management fees and MIS income.

7 Marketing WA is becoming known in world nut trade circles. Vertically integrated business. Main southern hemisphere competitor, Chile, has a fragmented walnut industry.F

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World walnut productionCountry* 2008 2009 2010 2011 2012* % of totalUSA 396 397 457 418 426 39.7%China 490 466 470 440 454 44.0%Turkey 85 62 60 68 70 6.5%India 37 22 25 25 23 2.5%France 35 33 30 30 24 2.9%Italy 20 13 16 13 11 1.4%Chile 23 25 30 36 44 3.0%Total 1086 1017 1089 1031 1052 5275

* Estimate USDA / FAS / INCSource: Diamond Foods, Inc

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Productive life of a walnut orchard

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Orchard maturity

Approx. 60% of WA orchards are in production but

yet to reach maturity

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Walnut orchard annual activity cycle

J J A S O N D J F M A M J

Grading, packing, cracking

Marketing →For

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Walnuts Australia growth strategyRecent capital raising to be used:•To expand the existing orchard estate in the Riverina by approx. 1,000 ha over 4 years commencing 2014•To construct a walnut cracking facility to:

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Reduce costs, provide returns at all levels of the production chain–

Improve speed to market

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Provide two product lines (in-shell and kernel)–

Open up new market avenues

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Provide opportunities to value-add–

Reduce foreign currency exposure

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Complete the vertical integration of the walnut division from nursery through to kernel salesFor

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Webster OutlookWebster is a land-based food production company:Australia's largest exporter of brown & red onions. Southern Hemisphere’s largest orchard owner, manager and producer of walnuts.

The Company: •Operates in areas that have significant competitive advantages•Has significant export focus.•Produces counter-seasonal food to supply northern hemisphere markets, providing the freshest produce to meet demand

Webster’s strategy is to:•Consolidate its position as the largest walnut and onion producer in Australia•Construct a walnut cracking facility, maintain control of walnut production by investing in plant and machinery in Australia, employ people in regional Australia and further develop domestic and export markets for the walnut category•Expand the current walnut orchard estate by 50% over 4 to 5 years in the Riverina•Examine value adding opportunities for existing businesses.•Consider additional value accretive opportunities that may arise.F

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Thank you for your attendance today

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