Investor Presentaiton

Performance by Geography Geographic diversification with Southern Australia outperformance offsetting Northern Australia Underlying profit movement $ million 35.2 1.1 0.0 1.2 0.3 6.5 2.2 $ SH $ 1H FY17 Northern Australia Southern Australia Western Australia International Underlying Corporate and unallocated costs Profit 39.7 $ Interest, tax & NCI $ 1H FY18 Underlying Profit ☐ Unfavourable conditions in Northern Australia impacting Livestock and Real Estate margin, offset by the Ace Ohlsson acquisition Southern Australia outperformed last year across most products, especially Retail, and additional earnings through bolt-on acquisition in western Victoria Western Australia improvement driven by Retail, offset by easing Livestock and Real Estate earnings ■ High input costs continue to impact the International margins ■ Corporate and unallocated costs increased due to investment in Eight Point Plan initiatives ☐ Lower tax due to normalisation of performance in Australian partnerships Elders 7

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