Investor Presentaiton

Cropping Planted Area Thousand hectares (0% 2016-17 2017-18f 2018-19f 12.2 12.6 | 12.2 +3% +8% 4.0 3.9 4.0 2.4 2.7 3.0 -17% 0.6 0.5 0.4 Wheat Barley Canola Cotton " ■ ■ In 2018-19 the planted area of wheat is expected to remain unchanged in response to low world prices, while the planted area for barley, oats, canola and sorghum is expected to increase, following increased profitability. In 2018-19 the cotton planted area is expected to decrease further driven by a fall in the average water level of public irrigation dams servicing cotton growing regions. Australian grain production is expected to lift in 2018-19, driven by an increase in yields, while global grain prices are expected to lift marginally in 2018-19, due to a decline in global supplies. In 2018-19, returns to Australian cotton growers at the gin-gate are forecast to remain relatively flat due to an abundant world production capacity keeping prices low. Prices Production Million Tonnes A$/tonne 63 650 (7%) 600 46 45 550 43 41 41 42 Other 500 Wheat Canola Malting Barley Gin gate price Chickpeas 350 Canola 300 Other grains 250 Barley 200 Wheat 150 2013 2014 2015 2016 2017 2018f 2019f 12 13 14 15 16 17 18f 19f Elders Source: ABARES Agricultural Commodities Outlook, March 2018 39

View entire presentation