Investor Presentaiton

ELDERS LIMITED ABARES September 2023 Market Outlook Strong livestock volume outlook moderated by subdued prices and weaker crop outlook • WOOL OUTLOOK Beef and Veal¹ Average saleyard prices (c/kg) Sheep¹ Wool1 Winter Cropping² -15.5% Average saleyard prices (c/kg) -23.4% Eastern Market Indicator (c/kg) -4.2% Area planted ('000 ha) Summer Cropping² Area planted ('000 ha) -2.5% -6.4% 605 785 -15.3% -14.5% 1,389 -2.0% 662 560 415 1,301 1,276 -4.1% -15.0% 24,153 355 23,963 22,983 1,519 1,566 1,331 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 2021-22 2022-23 2023-24 Production (kt) Production (kt) Sheep shorn for wool production (kt) Crop production (kt) Crop production (kt) +10.5% +10.2% +0.1% -15.5% -13.8% +13.8% 2,293 +5.7% 1,878 2,015 778 823 -1.1% -33.6% 324 328 324 678 63,222 68,079 5,516 -19.2% 5,069 45,193 4,094 2021-22 2022-23 2023-24 Moderating beef prices due to increased supply (local and global), higher turn-off rates and lower restocking demand Beef production to rise 14% due to drier conditions, lower pasture availability and increased livestock turn-off rate Global beef prices are expected to fall due to increased global supply 2021-22 2022-23 2023-24 Lamb and sheep prices are expected to remain suppressed by higher production as drier forecasted conditions incentivise stock turn-off Live sheep volumes are expected to weaken in 2023-24 due to subdued export prices following higher global supply 2021-22 2022-23 2023-24 Wool production is expected to increase driven by greater sheep shorn as margins improve on lower shearing costs The average wool cut per head is expected to decline to 4.58/kg heading into 2024 owing to drier conditions However, Sheep flock compositions are shifting towards meat breads in the short term as farmers chase margins " 2021-22 2022-23 2023-24 Winter crop production is expected to fall below the 10-year average due to below average rainfall in key states Yields are forecast to be below average owing to drier conditions in key northern cropping regions Wheat and canola production set to fall 36% and 38% respectively, with barley production down 26% 2021-22 2022-23 2023-24 Negative summer crop outlook as Queensland and northern New South Wales experienced below average rainfall Dryland crops may be impacted by lower soil moisture levels Total summer crop production remains above the long-term average, however there is a potential for El Niño conditions 1. Department of Agriculture, Fisheries and Forestry, ABARES Agricultural forecasts and outlook: September edition 2. Department of Agriculture, Fisheries and Forestry, ABARES Australian Crop Report: September edition 34

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