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Investor Presentaiton

Net Debt Continued improvement across all key ratios Net Debt Key Ratios At balance date 92 170 1H FY18 1H FY17 Leverage (average net debt to EBITDA) YTD average 143 142 1H FY18 1H FY17 1H FY18 1H FY17 Change 1.8 1.9 0.1 Interest cover (EBITDA to net interest) 11.0 8.4 2.6 Gearing (average net debt to closing equity) 50% 79% 30% ■ Average net debt over the two periods were consistent with: o Strong EBITDA cash conversion 。 Offset by: o Investment outflows associated with bolt-on acquisitions o Distribution of dividends to shareholders Net debt at balance date lower than average, reflecting variability of Livestock activity leading up to balance date Improvement was achieved in all key ratios. Elders 10

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