Investor Presentaiton

Crop production contract to help manage variability GrainCorp has entered a 10-year crop production contract, effective for FY20, to manage the risk associated with the volatility of eastern Australian winter grain production. • Contract counterparty is White Rock Insurance (SAC) Ltd, a subsidiary of Aon plc. • The contract will help smooth GrainCorp's cash flow, allowing for longer term capital allocation and business planning through the cycle. The contract comprises production payment thresholds, whereby Grain Corp receives a payment when annual grain production drops below a certain threshold and makes a payment when production exceeds an upper threshold (see table for details). ABARES' September 2019 Australian Crop Report, shows a total 2019/20 ECA winter crop production estimate of 12.8mmt. The next ABARES crop report is due to be published on 3 December 2019. • Initial FY20 production payment/receipt based on February 2020 ABARES' total ECA winter crop production estimate for 2019/20 season. Key Contract terms Grain production metric used for purpose of contract Threshold for payment by White Rock Threshold for payment by GrainCorp Production payment required Maximum annual cap - GrainCorp payment Metric ABARES total ECA winter crop(1) Below 15.3 mmt Above 19.3 mmt $15/tonne A$70 million Maximum annual cap - White Rock payment A$80 million Aggregate net limit of Production Payments over 10-year term Total annual pre-tax cost to GrainCorp (including associated financing costs) (1) ABARES' total winter crop production for the Australian states of Queensland, New South Wales and Victoria. A$270 million <A$10 million GrainCorp 21

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