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1) What is the return on investment ratio in 2020 and 2019? 2) Based on the return on investment ratio, is Limoneira Co. using their

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1) What is the return on investment ratio in 2020 and 2019?

2) Based on the return on investment ratio, is Limoneira Co. using their assets more efficiently in 2020 than in 2019?

3) What is the return on owners' equity ratio in 2020 and 2019 (consider convertible preferred stocks as part of owner's equity)?

4) Based on the return on owners' equity ratio, are investors seeing a greater return in 2020 than 2019?

5) What is the profit as percent of sales ratio in 2020 and 2019?

6) Has the profitability of Limoneira Co. improved over these two years?

7) Based on all of your calculations and analyses of the selected financial ratios, what is your opinion of the financial performance of Limoneira Co. in 2020 as compared to 2019?

LIMONEIRA COMPANY CONSOLIDATED BALANCE SHEETS (5 in thousands, except share amounts) October 31, 2020 2019 5015 16.261 6,865 10,688 2.294 5,911 42,520 242,649 21.646 61.214 616 15.114 7.223 8,153 2,985 979 35,070 248,114 17,602 58.223 17,346 1,839 12,407 9,266 399,867 1,505 11,309 8.737 389,600 $ 5 Assets Current Cash Accounts receivable, met Cultural costs Prepaid expenses and other currents Receivables/other from related parties Income taxes receivable Total current Property, plant and equipment, net Real estate development Equity in investments Investment in Calavo rows, Inc. Goodwill Intangible assets, net Others Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Growers payable Accrued liabilities Payable to related parties Current portion of long-term debit Total current liabilities Lone-term lisbilities: Long-term debt, less current portion Deferred income taxes Other long-term liabilities Total liabilities Commitments and contingencies Series B Convertible Preferred Stock - $100.00 per value (50,000 shares authorized: 14,790 shares issued and outstanding at October 31, 2020 and 2019) (8.75% coupon rate) Series B-2 Convertible Preferred Stock $100.00 par value (10,000 shares authorized: 9.300 shares issued and outstanding at October 31, 2020 and 2019) (4% dividend rate on liquidation value of $1.000 per share Stockholders equity Series A Junior Participating Preferred Stock - $0.01 par value (20,000 shares authorized: zero issued or outstanding af October 31, 2020 and 2019) Common Stock - $0.01 par value (39,000,000 shares authorized: 17.857,707 and 17,756,180 shares issued and 17,606,730 and 17,156,180 shares outstanding at October 31, 2020 and 2019, respectively) Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 250,977 shares at October 31, 2020 Noncontrolling interest Total stockholders' equity Total Liabilities and Stockholders' Equity See Notes to Consolidated Financial Statements 5.838 $ 8,126 7.947 6.273 3.277 31,461 4,974 14,500 8,261 906 31,664 122.571 22.430 6,568 183,030 105,892 24,346 5,467 167,369 1.479 1,479 9,331 178 160,254 53,089 (7.235) 179 162,084 30,797 (7.548) (493) 13,741 195,760 389,600 15,422 221,68 399,167 LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (S in thousands, except share amounts) Years Ended October 31, 2020 2019 2018 $ 159,937 $ 4,622 164,559 166,549 4,849 171,398 124,344 5,048 129,392 157,281 4,504 152,372 4,439 98,083 4,212 1,558 Net revenues Agribusiness Other operations Total net revenues Costs and expenses: Agribusiness Other operations Impairment of real estate development assets Loss (gain) on sale and disposal of property assets Selling, general and administrative Total costs and expenses Operating (loss) income Other (expense) income Interest income Interest expense Equity in earnings of investments, net (Loss) gain on stock in Calavo Growers, Inc. Other income, net Total other (expense) income (Loss) income before income tax benefit 502 21.280 183,567 (19,008) (1,069) 21.170 176,912 (5.514) 16,053 119,906 9,486 362 (2,048) 339 (6.299) 219 (7427) 207 (2,341) 3,073 (2.117) 129 (1,049) 201 (1,323) 583 4.223 313 3,997 (26,435) (6.563) 13,483 Income tax benefit Net (loss) income Loss (income) attributable to noncontrolling interest Net (Loss) income attributable to Limoneira Company Preferred dividends Net (los) income applicable to common stock Basie net (Loss) income per common share Diluted net (less) income per common share 8.494 (17,941) 1.506 (16,435) (501) (16,936) 1,097 (5,466) (477) (5.943) (501) (6,444) S 6,729 20,212 (24) 20,188 (501) 19,687 $ (0.96) $ (0.37) $ 1.26 (0.96) $ (0.37) 1.25 17,666,000 17,666,000 17,580,000 17,580,000 15,581,000 16,209,000 Weighted average common shares outstanding basic Weighted-average common shares outstanding-diluted See Notes to Consolidated Financial Statements. LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (In thousands) Years Ended October 31, 2020 2019 2018 $ (17,941) S (5,466) S 20,212 (1,255) (707) 274 140 (1,103) (607) 1,137 4,809 Net (loss) income Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments Minimum pension liability adjustments, net of tax of $(69), S(252) and $415 Residual state tax effects on sale of equity securities Unrealized holding gains on security available for sale, net of tax of $0, $0 and $1,956 Reclassification of unrealized gain on security sold, net of tax of $0, $0 and S(1,160) Unrealized gains from derivative instruments, net of tax of $0, $0 and $79 Total other comprehensive (loss) income, net of tax Comprehensive (loss) income Comprehensive loss (income) attributable to noncontrolling interest Comprehensive (loss) income attributable to Limoneira Company (293) (18,234) 1,536 (16,698) S (1,710) (7,176) 438 (6,738) (2,965) 163 1,889 22,101 (13) 22,088 $ S See Notes to Consolidated Financial Statements. LIMONEIRA COMPANY CONSOLIDATED BALANCE SHEETS (5 in thousands, except share amounts) October 31, 2020 2019 5015 16.261 6,865 10,688 2.294 5,911 42,520 242,649 21.646 61.214 616 15.114 7.223 8,153 2,985 979 35,070 248,114 17,602 58.223 17,346 1,839 12,407 9,266 399,867 1,505 11,309 8.737 389,600 $ 5 Assets Current Cash Accounts receivable, met Cultural costs Prepaid expenses and other currents Receivables/other from related parties Income taxes receivable Total current Property, plant and equipment, net Real estate development Equity in investments Investment in Calavo rows, Inc. Goodwill Intangible assets, net Others Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Growers payable Accrued liabilities Payable to related parties Current portion of long-term debit Total current liabilities Lone-term lisbilities: Long-term debt, less current portion Deferred income taxes Other long-term liabilities Total liabilities Commitments and contingencies Series B Convertible Preferred Stock - $100.00 per value (50,000 shares authorized: 14,790 shares issued and outstanding at October 31, 2020 and 2019) (8.75% coupon rate) Series B-2 Convertible Preferred Stock $100.00 par value (10,000 shares authorized: 9.300 shares issued and outstanding at October 31, 2020 and 2019) (4% dividend rate on liquidation value of $1.000 per share Stockholders equity Series A Junior Participating Preferred Stock - $0.01 par value (20,000 shares authorized: zero issued or outstanding af October 31, 2020 and 2019) Common Stock - $0.01 par value (39,000,000 shares authorized: 17.857,707 and 17,756,180 shares issued and 17,606,730 and 17,156,180 shares outstanding at October 31, 2020 and 2019, respectively) Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost, 250,977 shares at October 31, 2020 Noncontrolling interest Total stockholders' equity Total Liabilities and Stockholders' Equity See Notes to Consolidated Financial Statements 5.838 $ 8,126 7.947 6.273 3.277 31,461 4,974 14,500 8,261 906 31,664 122.571 22.430 6,568 183,030 105,892 24,346 5,467 167,369 1.479 1,479 9,331 178 160,254 53,089 (7.235) 179 162,084 30,797 (7.548) (493) 13,741 195,760 389,600 15,422 221,68 399,167 LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (S in thousands, except share amounts) Years Ended October 31, 2020 2019 2018 $ 159,937 $ 4,622 164,559 166,549 4,849 171,398 124,344 5,048 129,392 157,281 4,504 152,372 4,439 98,083 4,212 1,558 Net revenues Agribusiness Other operations Total net revenues Costs and expenses: Agribusiness Other operations Impairment of real estate development assets Loss (gain) on sale and disposal of property assets Selling, general and administrative Total costs and expenses Operating (loss) income Other (expense) income Interest income Interest expense Equity in earnings of investments, net (Loss) gain on stock in Calavo Growers, Inc. Other income, net Total other (expense) income (Loss) income before income tax benefit 502 21.280 183,567 (19,008) (1,069) 21.170 176,912 (5.514) 16,053 119,906 9,486 362 (2,048) 339 (6.299) 219 (7427) 207 (2,341) 3,073 (2.117) 129 (1,049) 201 (1,323) 583 4.223 313 3,997 (26,435) (6.563) 13,483 Income tax benefit Net (loss) income Loss (income) attributable to noncontrolling interest Net (Loss) income attributable to Limoneira Company Preferred dividends Net (los) income applicable to common stock Basie net (Loss) income per common share Diluted net (less) income per common share 8.494 (17,941) 1.506 (16,435) (501) (16,936) 1,097 (5,466) (477) (5.943) (501) (6,444) S 6,729 20,212 (24) 20,188 (501) 19,687 $ (0.96) $ (0.37) $ 1.26 (0.96) $ (0.37) 1.25 17,666,000 17,666,000 17,580,000 17,580,000 15,581,000 16,209,000 Weighted average common shares outstanding basic Weighted-average common shares outstanding-diluted See Notes to Consolidated Financial Statements. LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (In thousands) Years Ended October 31, 2020 2019 2018 $ (17,941) S (5,466) S 20,212 (1,255) (707) 274 140 (1,103) (607) 1,137 4,809 Net (loss) income Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments Minimum pension liability adjustments, net of tax of $(69), S(252) and $415 Residual state tax effects on sale of equity securities Unrealized holding gains on security available for sale, net of tax of $0, $0 and $1,956 Reclassification of unrealized gain on security sold, net of tax of $0, $0 and S(1,160) Unrealized gains from derivative instruments, net of tax of $0, $0 and $79 Total other comprehensive (loss) income, net of tax Comprehensive (loss) income Comprehensive loss (income) attributable to noncontrolling interest Comprehensive (loss) income attributable to Limoneira Company (293) (18,234) 1,536 (16,698) S (1,710) (7,176) 438 (6,738) (2,965) 163 1,889 22,101 (13) 22,088 $ S See Notes to Consolidated Financial Statements

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