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4 February 2026

Dear CBH,

The remaining equity for the 2024/25 Lupins Harvest Pool has now been distributed to all participants.

In the Esperance Zone, final equity values were $444.16 per tonne for LUP1, representing returns of $62.71 per tonne above the average cash price for the same marketing period.

This season’s lupin receivals were 21 per cent below the five-year average. Trading margins were tight at harvest due to strong market competition. Contracting for the pool as a result was initially quiet but nominations for the pool grew in January. The later nominations made it challenging to participate in early‑season sales before contracting.

Our Marketing & Trading division’s Structured Products team leveraged key opportunities to deliver these strong results by:

• Capturing solid customer demand in key markets
• Strategically timing with some early season sales when prices where high; equally late season sales captured higher values than new season trades when stock was tight
• Securing advantageous foreign exchange levels in April as the AUD weakened.

2024/25 LUP1 Lupin Harvest Pool Esperance Zone

Prices are quoted Free in Store (FIS)

Recipient Created Tax Invoices (RCTIs) and loan statements can be accessed in LoadNet by navigating to the Financial tab and selecting Paperwork.

If you have any questions or need assistance, please contact your Business Relationship Manager or reach out to our Grower Service Centre on 1800 199 083.

Thank you for your continued support of CBH Pools, and we wish you every success for the start of the 2026/27 season.

We look forward to continuing to deliver value through CBH Pools.

Regards,

CBH Marketing & Trading

Structured Products Team