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Investor Presentaiton

Balance sheet - core debt profile CORE DEBT ($M) (1) 294 405 237 299 167 122 91 792 821 748 753 763 758 768 Short-term debt less Grains - trading and Oils inventories Long-term debt The Core Debt bridge between FY18 ($514M) and FY19 ($802M) is set out on Slide 16. With the smaller crops in FY18 and FY19 and lower free cash flow, Core Debt is higher due to increased working capital and capex. (308) (293) (283) (265) Cash (461) (389) (371) FY16(3) HY17 FY17(3) HY18 FY18(3) HY19 FY19(3) 721 654 450 627 514 880 802 Core Debt ($M) (1) 29% 29% 20% 25% 21% 32% 30% Core Debt Gearing(2) 2.86 1.92 1.41 1.97 2.12 3.90 5.50 Rolling Core Debt (4) / EBITDA (5) 123456 1. 2. Core debt = total debt less cash less commodities inventory (Grains - trading, Oils). Core debt gearing = core debt / (core debt + equity). 3. HY Underlying EBITDA based on 'last twelve months' ('LTM') ending 31-Mar. 4. Represents the six-monthly rolling average of core debt. 5. 6. FY19 Underlying EBITDA adjusted for abnormal factors as disclosed in Operating & Financial Review At 30 September 2019. GrainCorp 15
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