1. Grower, Handler, and Shipper of California Almonds

2. Bearing Acreage 000’s of acres Bearing acreage has doubled since 2007.
We will harvest 1.07 million acres for 2018.
*2019 projected increase of 124,000 acres has never been done before.
By 2020 over 1,2MM acres will be bearing.
As long as almonds remain profitable, farmers will grow them.

3. California Almond Shipments and Crop Receipts
Supply is now under pressure from world demand, we will ship more than what was harvested in 2017.
Larger crops are a necessity to keep pace with demand
*10 year average yield equals 2,216 lbs. per acre

4. Supply and Demand 2013 2014 2015 2016 2017 2018 Carry-In 317 350 376
412
398
*352
Crop
2,010
1,868
1,895
2,136
2,260
**2,450
Marketable
1,970
1,839
1,847
2,087
2,215
2,401
Total Supply
2,287
2,188
2,223
2,499
2,614
2,753
Shipments
1,937
1,812
1,811
2,101
*2,262
2,326
Carry-Out
352
427
Lbs./Acre
2,364
2,147
2,129
2,272
2,250
**2,290
Supply Growth
11.5%
-4% -
13% 5%
8.41%
Consumption
3.8%
-6.4%
16%
7.0%
2.0 %
Carry-In as % of Shipments
16.37%
19.4%
20.7%
19.6%
15.6%
18.4 %
Bearing Acres
850,000
870,000
890,000
940,000
1,000,000
1,070,000
*estimate shipments based on current projection
**Objective Estimate

5. Supply Scenario’s for 2018 to 2019
Revised to reflect other possible crop sizes
2018
2019
Carry-In
*352
427
Crop
**2,450
**2,645
Marketable
2,401
2592
Total Supply
2,753
3,019
Shipments
2,326
2576
Carry-Out
443
Lbs./Acre
**2,290
2,336
Supply Growth
8.41%
8.8 %
Consumption
2.0 %
9.7 %
Carry-out as % of Shipments
18.4 %
17.2 %
Bearing Acres
1,070,000
1,194,000
**Objective Estimate
*Assumes shipments of 2,280 billion for 2017 crop year, leaving a carry-out of 334 million pounds.
**Based on objective estimate of 2,290 lbs. per acre.

6. Historical Pricing – Standard 5%
Almond prices rose during the drought years peaking in late 2014.
This corrected in 2015 with one of the largest drops seen in 20 years.
Market levels have remained very stable since then.

7. Historical Pricing – NPS 23/25
February
Freeze
Almond demand continued during the drought years peaking in late 2014.
Price ceiling was reached in 2015 with a large correction not seen in 20 years.
Market levels have remained very stable since then. Lesson learned?

8. Driving Consumers to Plant Based Foods:
Consumption Behavior
Global Consumer Trends: Vegetable Based Proteins, Natural, Nutritious and Healthy Eating
Driving Consumers to Plant Based Foods:
Global Dairy Alternatives $19.5 Billion by 2020
US Dairy Alternative growth
US Nutritional Bar market +$5 Billion
Protein and Weight control beverages
Almond Board Promotional and Advertising budget
$58.6 Million for Crop Year 2017 and will continue to grow