Investor Presentaiton

Commodity inventories funded with specific commodity inventory facilities COMMODITIES INVENTORY (1) ($M) 1,400 Grains, Oils grain, oilseed and Malt barley inventory 1,200 1,000 800 799 739 742 600 400 329 388 306 188 200 0 FY15 HY16 FY16 894 Short-term debt Supplemented short term debt with cash 402 337 906 882 1,035 1,269 633 616 538 513 HY17 FY17 HY18 FY18 HY19 FY19 Grains, Oilseed and Malt barley funding strategy . Grains' grain trading activities, Oils' oilseed and tallow positions, and malting barley are predominantly funded with specific short term commodity inventory debt facilities: - Match debt with asset life Fluctuates with seasonal grain purchases and underlying soft commodity prices Treatment Grains' trading performance measured as PBTDA (2) → interest treated as part of cost of goods sold. • Commodity inventory funding recognised as Operating Cash Flow → match funding purpose and seasonal working capital. GrainCorp 1. Commodities inventory in FY15 includes Marketing and Oils inventory. Malt barley facilities were established in 1H16 and are included in inventory from FY16. 2. PBTDA-profit before tax, depreciation & amortisation. 25

View entire presentation