Slides
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How to insert a picture Click on the picture icon to insert a picture. Do not move or resize the shape. If you accidentally move it, click the Reset icon on the Home tab. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. (ASX:SGLLV) Annual General Meeting 3 September 2026
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This presentation is for information purposes only. This information is given in summary form and does not purport to be complete. It should be read in conjunction with the most recent financial report, prior disclosures to the ASX and the Information Memorandum dated March 2019. The content of this presentation is provided as at the date of this presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this presentation as advice to investors or potential investors and, subject to any legal obligation to do so Ricegrowers Limited (“ SunRice ” or “Company”) does not have any obligation to correct or update content. This presentation does not purport to contain all information necessary to an investment decision, is not intended as investment or financial advice, is not a recommendation, offer or invitation by any person or to any person to sell or purchase securities in SunRice in any jurisdiction, and must not be relied upon as such. Any decision to buy or sell securities or other products should be made only after seeking appropriate financial advice. This presentation is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor . Any investment decision should be made solely on the basis of your own enquiries. Before making an investment in SunRice , you should consider whether such an investment is appropriate to your particular investment objectives, financial situation or needs and obtain independent advice from a qualified financial adviser. The distribution of this presentation including in jurisdictions outside Australia, may be restricted by law. Any person who receives this presentation must seek advice on and observe any such restrictions. To the maximum extent permitted by law, SunRice , its related corporations, directors, officers, employees or agents disclaim liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement and whether that liability is direct, indirect or consequential) for any loss arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this (whether foreseeable or not). All amounts are in Australian Dollars, unless otherwise stated. Certain statements in this presentation (including those that contain terms such as "believe", "estimate", "plan", "project", "target”, "anticipate", "expect", "intend", "likely", "may", "will", "could" or "should") relate to the future, including forward looking statements relating to SunRice’s financial position and strategy. Whilst the forward - looking statements are based on current views, expectations and beliefs as at the date they are expressed, these forward - looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of SunRice to be materially different from the future results, performance or achievements expressed or implied by such statements. No representation or warranty, express or implied, is made as to the fairness, accuracy, reliability, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness, fairness, accuracy, reliability, completeness or correctness of any forward - looking statements. There can be no assurance or guarantee that these forward - looking statements will be realised. This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of the SunRice Group is available on our website: investors.sunrice.com.au About SunRice’s structure The structure of Ricegrowers Limited ABN 55 007 481 156 (“ SunRice ”, “the Company”) contains Non - Standard Elements, including: 1. The Company has a dual class share structure with differential voting rights; 2. The Company’s Constitution imposes shareholding limits on A Class Shares and B Class Shares; and 3. The Company’s Constitution outlines the composition of the Board of Directors. Details of these Non - Standard Elements are available on SunRice’s website. One of the conditions of the Company’s admission to the official list of the Australian Securities Exchange (ASX) in 2019 was the provision by SunRice of an undertaking to the ASX that it would disclose, in its FY24 Annual Report, whether it had considered removing the Non - Standard Elements from its structure and operations, and if it had decided not to remove the Non - Standard Elements for the time being, its reasons for this. In line with this obligation, SunRice disclosed in its FY24 Annual Report that it was conducting a strategic review including a review of its structure and operations and that this would include a review of the Non - Standard Elements to assess whether the structure continues to be in the best interests of the Company and its shareholders generally. SunRice disclosed in its FY26 Annual Report that the review of the Non - Standard Elements was continuing. The Board anticipates providing an update during FY27. The Board considers that any changes to the Company’s capital structure require careful consideration of a range of strategic, commercial, and stakeholder factors. Should any material recommendations arise from the Board’s periodic reviews, they will be the subject of consultation with the ASX and, where required, will be submitted to shareholders for approval. It should be noted that the interests of A Class Shareholders are in achieving returns through Paddy Prices. The interests of B Class Shareholders are in achieving dividends on B Class Shares and improvement in the market price of B Class Shares. The Directors are required to act in the best interests of the Company as a whole. SunRice’s Directors have actively managed the interests of both A Class and B Class Shareholders, in a listed environment on both the NSX and ASX for almost 20 years and the Directors believe they have demonstrated a strong track record in balancing the interests of both classes of shareholders. In addition, the Board has adopted procedures to manage any potential conflict or divergence of interests which may arise, including establishing a committee of Non - Grower Directors (the Independent Committee). These procedures are set out in the SunRice Conflict of Interest Policy, which is available on SunRice’s website. For more details of the Non - Standard Elements of SunRice’s structure see investors.sunrice.com.au. Important notice & disclaimer 2 Annual General Meeting
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How to insert a picture Click on the picture icon to insert a picture. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Click on the picture, go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. John Bradford 3 SE PT EM BE R 202 6 3 September 2026 3 John Bradford Chair’s Welcome Annual General Meeting
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List Levels Click the Increase List Level icon on the Home tab to apply the second level text (Item name subheading) Procedural matters Agenda 4 Chair’s address 02 Group CEO’s address 03 Financial Reporting, including questions and answers 04 AGM resolution 05 AGM close 06 B Class Meeting to follow Annual General Meeting
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5 Voting will be by way of a poll Ordinary resolutions require a 50% majority of votes cast to pass If you are the registered holder of a shareholding of First A Class Share(s), you are entitled to one vote in respect of that shareholding. You are entitled to one additional vote if you are the registered holder of a Second A Class Share Proxy and direct voting results already received will be displayed for each resolution Voting will close once MUFG Corporate Markets has collected all the voting cards at today’s meeting Procedural Matters Annual General Meeting
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Online and other forms of early voting are now closed A Class Shareholders present in Leeton are able to cast votes using the yellow voting card MUFG will collect votes at the end of the meeting and conduct the poll If you have to leave early, please leave your voting card in the Poll Box on the registration table If you have previously voted by proxy, your votes cast here today will override your previous proxy direction 6 Lodging your votes Annual General Meeting
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7 Asking questions Only Shareholders are able to ask questions Shareholders were invited to submit questions in advance Shareholders present are invited to hold up your voting or admission card and wait for a microphone If you have a question or comment, please confine it to the matters under consideration today Annual General Meeting
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How to insert a picture Click on the picture icon to insert a picture. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Click on the picture, go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. John Bradford 3 SE PT EM BE R 202 6 3 September 2026 8 John Bradford Chair’s Address Annual General Meeting
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Annual General Meeting We have grown our revenue to $3 billion+* and expanded margin We have become one of Australia’s most valuable food companies We have created significant opportunities for our talented workforce We have a strong portfolio of brands, underpinned by quality and innovation, which delight our consumers We have realised value for our shareholders* We have continued to drive sustainable outcomes for our consumers, communities and planet through lower - emissions rice and a diversified, resilient and increasingly traceable supply chain * These statements are aspirational targets, not a budget or forecast and assume reasonable macro conditions. Our Values Integrity Collaboration Community Innovation Core Rice Meaningfully grow ANZ rice business Significantly expand Middle East business Deepen our position in the US Maintain a long - term viable Australian rice industry Adjacent Portfolios Build rice - based snacking Drive our non - rice portfolio to its potential 2030 Our recipe For success Consumer focus We put our consumers at the centre of how we think and the decisions we make Our Purpose With rice at our heart, we bring people together through inspiring and delicious food. How We Bring This To Life Everyone’s favourite rice food company Rice at our heart Branded vertically integrated rice products are at our core Global mindset We balance global scale with local consumer relevance Our Ambition Commercial Strategies What Success Looks Like
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Annual General Meeting We have grown our revenue to $3 billion+* and expanded margin We have become one of Australia’s most valuable food companies We have created significant opportunities for our talented workforce We have a strong portfolio of brands, underpinned by quality and innovation, which delight our consumers We have realised value for our shareholders* We have continued to drive sustainable outcomes for our consumers, communities and planet through lower - emissions rice and a diversified, resilient and increasingly traceable supply chain * These statements are aspirational targets, not a budget or forecast and assume reasonable macro conditions. Our Values Integrity Collaboration Community Innovation Core Rice Meaningfully grow ANZ rice business Significantly expand Middle East business Deepen our position in the US Maintain a long - term viable Australian rice industry Adjacent Portfolios Build rice - based snacking Drive our non - rice portfolio to its potential 2030 Our recipe For success Our Purpose With rice at our heart, we bring people together through inspiring and delicious food. Everyone’s favourite rice food company Our Ambition Commercial Strategies What Success Looks Like Consumer focus We put our consumers at the centre of how we think and the decisions we make Rice at our heart Branded vertically integrated rice products are at our core Global mindset We balance global scale with local consumer relevance How We Bring This To Life
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Consumer focus We put our consumers at the centre of how we think and the decisions we make Rice at our heart Branded vertically integrated rice products are at our core Global mindset We balance global scale with local consumer relevance How We Bring This To Life Annual General Meeting 2030 Our recipe For success
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12 Annual General Meeting Delivering for both A and B Class Shareholders A Class Shareholders B Class Shareholders Payout ratio 68% Total f ully franked dividend per B Class Share 70c CY25 Paddy Price for medium grain $400/T
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We are working with growers, industry and government to support the long - term viability of the Australian rice industry. Water availability and policy settings continue to impact growers, regional operations, and communities. Despite these pressures, we’ve seen some encouraging signs. The CY26 crop delivered some of the highest quality scores in many years, while recent rains provide encouragement ahead of CY27 planting. Industry challenges & opportunities Annual General Meeting
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14 CY27 Growers’ Handbook available now Annual General Meeting Your CY27 Growers’ Handbook has everything you need to know about growing for SunRice in one place.
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15 Thank you and acknowledgements Annual General Meeting
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How to insert a picture Click on the picture icon to insert a picture. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Click on the picture, go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. John Bradford 3 SE PT EM BE R 202 6 3 September 2026 16 Paul Serra Group CEO’s Address Annual General Meeting
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SunFoods Hawaii USA SunFoods California USA Argentina Uruguay Italy Aqaba Processing Company (APC) Jordan Ricegrowers Middle East, UAE Pakistan India China Cambodia Ricegrowers Japan Taiwan Ricegrowers Vietnam Ricegrowers Singapore Trukai Industries Papua New Guinea SolRice Solomon Islands Ricegrowers Ltd Australia Global Offices and Assets Source locations Bringing people together through inspiring and delicious food Revenue ~A$1.8 billion ~45 brands 50 across 4 key regions 12 countries, including Australia 57% of revenue generated outside of Australia 68% of revenue from branded sales Sales in close to Rice sourced from more than Thailand A leading global branded rice food business Spain 17 global markets Ricegrowers New Zealand Annual General Meeting
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Revenue $1.80b $1.85b FY25 FY26 1. ‘FY26’ refers to the period ended 30 - Apr - 26. In this presentation, 'Crop Year 2025' or ‘CY25’ refer to the rice crop harvested in 2025 but processed and marketed in FY26. 2. Diluted earnings per B Class Share is calculated by dividing profit for the period attributable to B Class Shareholders of the company by the weighted average number of additional B Class Shares that would have been outstanding assuming the conversion of all dilutive potential B Class Shares. 3. FY26 includes a final dividend of 50 cents and an interim dividend of 20 cents per B Class Share. Maintaining margin and lifting after tax profitability amid top - line headwinds Key Highlights • SunRice Group delivered solid performance in a challenging operating environment in FY26, maintaining the quality and resilience of its earnings margin and improving after tax profitability, despite pressures on the top line • Continued focus on B Class Shareholder return with payout ratio of 68% and FY26 fully franked tota l dividend of 70c per B Class Share ↓ 2 % EBITDA $143.6m $147.7m ↓ 3 % EBITDA margin 8.0% 8.0% No change Net Profit After Tax $73.3m $70.7m Diluted Earnings Per B Class Share 2 102.6c 101.9c Fully Franked Total Dividend Per B Class Share 3 70c 65c ↑ 8 % ↑ 1 % ↑ 4 % 18 Paddy Price for medium grain rice $400/T $406/T ↓ 1 % FY26 Performance 1 Annual General Meeting
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How to insert a picture Click on the picture icon to insert a picture. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Click on the picture, go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. John Bradford 3 SE PT EM BE R 202 6 3 September 2026 19 Dimitri Courtelis Group CFO Annual General Meeting
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International Consumer Packaged Goods Australia and New Zealand Consumer Packaged Goods Bulk Rice and Animal Feed Corporate FY26 vs PCP FY26 vs PCP FY26 vs PCP FY26 vs PCP Revenue $737 m ↓ 7% $ 735m ↑<1% $ 328m ↑ 4% EBITDA $87m ↑ 1% $63m ↓ 14% $18m ↑ 158% $(24m) ↓36% EBITDA margin 11.8% ↑ 1pp 8.5% ↓ 1.4pp 5.5% ↑ 3.3pp NPBT $69m ↑ 4% $45m ↓ 17% $11m $(31m) ↓33% 20 85% branded revenue 82% branded revenue FY26 Segment snapshot
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2030 Strategic Ambition Drive Economic Return Disciplined Allocation of Capital Reliability Through the Cycle Margin Improvement Consider Water Availability Risk Management Balance Sheet Flexibility Strong & Consistent Dividends Maximise Total Shareholder Return Optimisation of Cashflows Flow Cash Generation Management Considerations Organic Growth Inorganic Growth Auxiliary Investment Debt Management Shareholder Value 3 2 1 4 5 1 Organic Growth (Capex Target: > 75% of depreciation p.a.) Invest in capex (sustaining capex & growth capex), branding & promotion, product development, new locations and operational efficiencies 2 Inorganic Growth Invest in merger & acquisitions, strategic alliances, and joint ventures 3 Auxiliary Investments Invest in essential enablers including health & safety, sustainability and people & culture 4 Debt Management (Target: Overall Leverage Ratio 2.0x to 3.0x & Overall Gearing Ratio 30% to 40%) Maintaining a flexible and resilient balance sheet to support the 2030 Strategy These targets and principles are intended to provide a general guide for SunRice Group’s financial stewardship. SunRice may consider operating outside of the proposed targets if, following assessment, the circumstances justify it, and the Group’s long - term risk management profile is not adversely impacted. 5 Shareholder Returns (Target: Dividend Payout Ratio 50% to 60%) Return strong and sustainable dividends Capital Management Framework Objective Maximise Value For Investors 21 Annual General Meeting
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- 1. Net debt / EBITDA 2. Core debt / Core debt + Equity 3. Refer to FY26 Annual Report Financial Statements Note 4D for detailed debt terms and conditions 1.1x - Capital Management 46 46 74 40 72 81 70 66 224 202 218 169 151 37 38 74 94 126 217 221 175 Apr - 20 Oct - 20 Apr - 21 Oct - 21 Apr - 22 Oct - 22 Apr - 23 Oct - 23 Apr - 24 Oct - 24 Apr - 25 Oct - 25 Apr - 26 83 84 148 134 198 298 291 241 Net debt Seasonal debt (net of cash and incl. overdrafts and lease liabilities) Net debt / EBITDA Gearing ratio Core debt / EBITDA Core Gearing ratio 2 Net Debt: Reduced to $151m (from $218m at 30 April 2025) Gearing: Improved to 19% from 26% PCP Leverage Ratio: Reduced to 1.1x from 1.5x PCP 1 Balance Sheet Flexibility: Strong balance sheet with flexibility to support operating activities, continued capex and potential acquisitions Debt capacity: As at 30 April 2026, core debt facilities were $130m, while seasonal debt facilities were $434.5m 3 Core debt 19% 22
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490 572 564 609 703 848 827 853 809 10.3% 15.1% 9.9% 6.6% 9.3% 9.8% 12.7% 13.6% 13.5% FY17 FY18 FY19 FY20 3.9% FY21 FY22 FY23 FY24 FY25 FY26 477 Capital Employed ($m) ROCE (%) 1.1x 0.5x 1.4x 1.3x 3.0x 2.2x 2.5x 1.6x 1.5x 1.1x 17% 9% 19% 24% 28% 34% 27% 26% 19% FY17 FY18 FY19 15% FY20 FY21 FY22 FY23 FY24 FY25 FY26 1. Group’s Return on Capital Employed (ROCE – calculated as Profit Before Income Tax and Interest divided by Net Assets excluding C ash and Borrowings). Balance Sheet Flexibility Net Debt / EBITDA (x) and Gearing Ratio (%) Efficient Use of Capital Capital Employed ($m) and ROCE 1 Positioned to invest through the cycle ROCE 1 steady at 13.5%: Improving 3x since FY21 low at 3.9% Capital employed down to $809m (from $853m) Leverage at 1.1x from prior 1.5x, well below target range of 2.0 – 3.0x Gearing ratio at 19%, well below target ranges of 30 – 40% Investment: $36.6m in capital expenditure for FY26 Net Debt / EBITDA (x) Gearing Ratio (%) 23
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How to insert a picture Click on the picture icon to insert a picture. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Click on the picture, go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. John Bradford 3 SE PT EM BE R 202 6 3 September 2026 24 Paul Serra Group CEO’s Address cont. Annual General Meeting
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Progress against 2030 Growth Strategy Meaningfully grow ANZ rice business Significantly expand Middle East business Deepen our position in the US Commercial Strategies Core Rice Maintain a long - term viable Australian rice industry Drive our non - rice portfolio to its potential Adjacent Portfolios 25
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Through our 2030 Growth Strategy, we are focused on helping growers improve productivity, profitability and resilience over the long - term. Water efficiency 10ML / Ha Crop yields and quality 15T / Ha & quality metrics Technology, automation & AI adoption Grower returns $500 / T A clear vision for the long - term viability of Australian rice: 10:15:500
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reduction in Scope 1 and 2 emissions , year - on - year Progressed Net Zero Roadmap SunRice Group’s approach to sustainability supports long - term value creation and strengthens business resilience across global markets. We continue to embed the four pillars — Thriving People , Thriving Planet, Thriving Communities and Inspiring Products — across operations and the Group’s value chain. Sustainability and Community In FY26: Released the Group’s first mandatory Sustainability Report 20% reduction in the emissions intensity of Australian rice production, year - on - year 9% Advanced responsible packaging commitments Launched Community Investment Strategy Donated across three key community partners in Australia, Papua New Guinea and Vietnam $75,000
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28 Outlook The Group’s Q1 FY27 trading performance is tracking in line with prior guidance set out in the Group’s 2026 Annual Report. The Group remains on track to achieve its FY27 outlook. Revenue is expected to be slightly below FY26, the Group’s EBITDA margin is expected to compress, and NPAT is anticipated to be materially lower than FY26, primarily driven by the smaller Australian rice crop driving cost inefficiencies and under absorption in the Group’s Australian rice operations (consistent with prior lower crop cycles). This is despite continued underlying growth in our branded business. Earnings are also expected to be heavily weighted to H2 as the Group absorbs most of the smaller crop - transition costs in H1. Geopolitical instability and shipping disruption in the Middle East continue to be closely monitored, having delayed some trades and expansion plans in the region. Further deterioration could pressure both revenue and profitability in that market. The Group’s balance sheet remains strong, with lower inventory levels supporting healthy cash flow and contained debt levels, providing flexibility to keep investing in the Group’s 2030 Growth Strategy. •. Annual General Meeting FY27 Q1 Trading Update and Group Outlook
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29 Annual General Meeting Thank you and acknowledgements
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How to insert a picture Click on the picture icon to insert a picture. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Click on the picture, go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. John Bradford 3 SE PT EM BE R 202 6 3 September 2026 30 Formal Items of Business Annual General Meeting
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Financial Reporting Consideration of the Annual Financial Report, Sustainability Report, Directors’ Report and Independent Auditor’s Report for the year ended 30 April 2026. AGENDA ITEM 1 31 Annual General Meeting
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Remuneration Report “That the Remuneration Report for the year ended 30 April 2026 be adopted.” RESOLUTION 1 32 Annual General Meeting
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Votes Received For 172 Against 29 Open 12 Abstain 1 “That the Remuneration Report for the year ended 30 April 2026 be adopted.” 33 Remuneration Report RESOLUTION 1 Annual General Meeting
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“That Ian Glasson, being eligible, be re - elected as a Director of the Company for a period of three years.” 34 Re - election of Ian Glasson RESOLUTION 2 Annual General Meeting
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35 “That Ian Glasson, being eligible, be re - elected as a Director of the Company for a period of three years.” Re - election of Ian Glasson RESOLUTION 2 Votes Received For 197 Against 18 Open 12 Abstain 0 Annual General Meeting
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AGM results will be posted on the ASX and SunRice website Thank you for your attendance B Class Meeting to follow in Leeton and via webcast on: https://meetings.openbriefing.com/SGL26 36 AGM close Annual General Meeting
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Don’t miss time sensitive shareholder updates. Opt in to electronic communications today via email and text. Check with MUFG team on the registration desk now to ensure you're receiving important notices from SunRice Group, including in relation to dividends. OR CALL: 1800 237 764 38 Are your shareholding contact details up to date? Annual General Meeting
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How to insert a picture Click on the picture icon to insert a picture. Do not move or resize the shape. If you accidentally move it, click the Reset icon on the Home tab. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. (ASX:SGLLV) B Class Meeting 3 September 2026
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This presentation is for information purposes only. This information is given in summary form and does not purport to be complete. It should be read in conjunction with the most recent financial report, prior disclosures to the ASX and the Information Memorandum dated March 2019. The content of this presentation is provided as at the date of this presentation (unless otherwise stated). Reliance should not be placed on information or opinions contained in this presentation as advice to investors or potential investors and, subject to any legal obligation to do so Ricegrowers Limited (“ SunRice ” or “Company”) does not have any obligation to correct or update content. This presentation does not purport to contain all information necessary to an investment decision, is not intended as investment or financial advice, is not a recommendation, offer or invitation by any person or to any person to sell or purchase securities in SunRice in any jurisdiction, and must not be relied upon as such. Any decision to buy or sell securities or other products should be made only after seeking appropriate financial advice. This presentation is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor . Any investment decision should be made solely on the basis of your own enquiries. Before making an investment in SunRice , you should consider whether such an investment is appropriate to your particular investment objectives, financial situation or needs and obtain independent advice from a qualified financial adviser. The distribution of this presentation including in jurisdictions outside Australia, may be restricted by law. Any person who receives this presentation must seek advice on and observe any such restrictions. To the maximum extent permitted by law, SunRice , its related corporations, directors, officers, employees or agents disclaim liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement and whether that liability is direct, indirect or consequential) for any loss arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this (whether foreseeable or not). All amounts are in Australian Dollars, unless otherwise stated. Certain statements in this presentation (including those that contain terms such as "believe", "estimate", "plan", "project", "target”, "anticipate", "expect", "intend", "likely", "may", "will", "could" or "should") relate to the future, including forward looking statements relating to SunRice’s financial position and strategy. Whilst the forward - looking statements are based on current views, expectations and beliefs as at the date they are expressed, these forward - looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of SunRice to be materially different from the future results, performance or achievements expressed or implied by such statements. No representation or warranty, express or implied, is made as to the fairness, accuracy, reliability, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness, fairness, accuracy, reliability, completeness or correctness of any forward - looking statements. There can be no assurance or guarantee that these forward - looking statements will be realised. This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of the SunRice Group is available on our website: investors.sunrice.com.au About SunRice’s structure The structure of Ricegrowers Limited ABN 55 007 481 156 (“ SunRice ”, “the Company”) contains Non - Standard Elements, including: 1. The Company has a dual class share structure with differential voting rights; 2. The Company’s Constitution imposes shareholding limits on A Class Shares and B Class Shares; and 3. The Company’s Constitution outlines the composition of the Board of Directors. Details of these Non - Standard Elements are available on SunRice’s website. One of the conditions of the Company’s admission to the official list of the Australian Securities Exchange (ASX) in 2019 was the provision by SunRice of an undertaking to the ASX that it would disclose, in its FY24 Annual Report, whether it had considered removing the Non - Standard Elements from its structure and operations, and if it had decided not to remove the Non - Standard Elements for the time being, its reasons for this. In line with this obligation, SunRice disclosed in its FY24 Annual Report that it was conducting a strategic review including a review of its structure and operations and that this would include a review of the Non - Standard Elements to assess whether the structure continues to be in the best interests of the Company and its shareholders generally. SunRice disclosed in its FY26 Annual Report that the review of the Non - Standard Elements was continuing . The Board anticipates providing an update during FY27. The Board considers that any changes to the Company’s capital structure require careful consideration of a range of strategic, commercial, and stakeholder factors. Should any material recommendations arise from the Board’s periodic reviews, they will be the subject of consultation with the ASX and, where required, will be submitted to shareholders for approval. It should be noted that the interests of A Class Shareholders are in achieving returns through Paddy Prices. The interests of B Class Shareholders are in achieving dividends on B Class Shares and improvement in the market price of B Class Shares. The Directors are required to act in the best interests of the Company as a whole. SunRice’s Directors have actively managed the interests of both A Class and B Class Shareholders, in a listed environment on both the NSX and ASX for almost 20 years and the Directors believe they have demonstrated a strong track record in balancing the interests of both classes of shareholders. In addition, the Board has adopted procedures to manage any potential conflict or divergence of interests which may arise, including establishing a committee of Non - Grower Directors (the Independent Committee). These procedures are set out in the SunRice Conflict of Interest Policy, which is available on SunRice’s website. For more details of the Non - Standard Elements of SunRice’s structure see investors.sunrice.com.au. Important notice & disclaimer 40 B Class Meeting
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How to insert a picture Click on the picture icon to insert a picture. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Click on the picture, go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. John Bradford 3 SE PT EM BE R 202 6 3 September 2026 41 John Bradford Chair’s Welcome B Class Meeting
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List Levels Click the Increase List Level icon on the Home tab to apply the second level text (Item name subheading) Procedural matters Agenda 42 Meeting resolution 02 General business 03 Meeting close 04 B Class Meeting
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43 Procedural Matters Proxy and direct voting results already received will be displayed for the resolution Voting will close once MUFG Corporate Markets has collected all the voting cards at today’s meeting Voting will be by way of a poll Resolution 1 requires a 50% majority of votes cast to pass 1 2 3 4 B Class Meeting
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51 Online and other forms of early voting are now closed B Class Shareholders present in Leeton are able to cast votes using the white voting card MUFG will collect votes at the end of the meeting and conduct the poll If you have to leave early, please leave your voting card in the Poll Box on the registration table If you have previously voted by proxy, your votes cast here today will override your previous proxy direction Lodging your votes B Class Meeting
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45 Asking questions Only Shareholders are able to ask questions Shareholders were invited to submit questions in advance Shareholders present are invited to hold up your voting or admission card and wait for a microphone If you have a question or comment, please confine it to the matters under consideration today B Class Meeting
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How to insert a picture Click on the picture icon to insert a picture. How to change the position of the picture in the shape Go to the Picture Format tab, click Crop, now you can click and move your picture within the shape, click Crop again when you have finished. How to reduce the file size of the picture Click on the picture, go to the Picture Format tab, click Compress Pictures, check ‘Apply only to this picture’, choose ‘Web (150ppi)’ and click OK. John Bradford 3 SE PT EM BE R 202 6 3 September 2026 46 Formal Items of Business B Class Meeting
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“That approval is given for all purposes, including ASX Listing Rule 10.14, for the Company to grant securities to the Chief Executive Officer, Mr. Paul Serra, as his Long Term Incentive Award on the terms set out in the Explanatory Notes to this Notice of Meeting.” 54 Long Term Incentive Award for the CEO and Managing Director RESOLUTION 1 B Class Meeting
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55 Long Term Incentive Award for the CEO and Managing Director RESOLUTION 1 Votes Received For 11,408,597 Against 7,733,982 Open 1,428,858 Abstain 70,489 B Class Meeting
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56 3 September 2026 Questions & Answers B Class Meeting
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Voting has now closed AGM and B Class Meeting results will be posted on the ASX and SunRice website Thank you for your attendance 57 B Class Meeting Close B Class Meeting
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With rice at our heart, we bring people together through inspiring and delicious food. 45 B Class Meeting