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Investor Presentaiton

Profit Sensitivity Underlying EBITDA $(10m) $(7.5m) $(5m) $(2.5m) EBITDA +$2.5m +$5m +$7.5m +$10m -100bps -$20 -200k head -$50m Sheep price -$10 +$10 Cattle price -$100 -$50 +$50 +$100 Sheep volume -1m head -500k head +500k head +1m head Cattle volume -100k head +100k head Retail sales -$25m +$25m Retail GM% -50bps +50bps +$20 +200k head +$50m AgChem GM% -200bps -100bps +100bps +200bps Fertiliser GM% -200bps -100bps +100bps +200bps Killara utilisation % -20% -10% +10% +20% -2% SG&A Costs (excluding Depreciation and Amortisation) -1% +1% +2% +100bps Elders 35

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