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Investor Presentaiton

ELDERS LIMITED Industry Backdrop - Livestock Historically high volatility in cattle and sheep prices has adversely impacted Agency Services gross margin 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 2013 ■ EYCI ($/Head) 2017 -1,516 (-70%) 2,159 2023 -650 200 180 160 140 120 100 80 60 40 WW ន ៖ ៖ ៖ ៖ ៖ ៖ ៖ ៖ ន 2013 Mutton ($/Head) 2017 FINANCIAL RESULTS 193 -162 (-84%) -31 2023 FY23 experienced the fastest revision in EYCI prices this century (- 64%), with the index trading one standard deviation below the 10-year mean The price revision was driven by: 。 Disruptions to the live export market, following a small number of cases of Lumpy Skin Disease in Indonesia Mutton prices have fallen 77% since September 2022, and is trading at two standard deviations below the 10-mean Prices were impacted by high stock turn-off following herd build over the last three years and weaker global demand о Increased supply with herd destocking following BOM of El Niño and potential drier outlook for parts of Australia ☐ US Import prices and demand for Australian lean beef remains strong driven by the long-running American herd destocking 1. EYCI - Eastern States Young Cattle Indicator Source: Reproduced courtesy of Meat and Livestock Australia Limited - www.mla.com.au 10-Yr Mean 1 Std Dev - 2 Std Dev 17
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