Investor Presentaiton

Business Performance by Geography Margin by geography $ million 12% 1% 81.9 72.9 64.0 63.4 Northern Australia 14% 1H FY18 1H FY17 30.7 27.0 -22% 0.9 1.1 Southern Australia Western Australia International Margin generated by geography International 1% Western Australia 17% Southern Australia 46% Northern Australia 36% Northern Australia: Unfavourable conditions 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 International: High input costs continue to impact the International margins Elders 21

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