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Investor Presentaiton

Portfolio separation to unlock shareholder value The Board conducted a portfolio review during the year, announcing a separation of GrainCorp's portfolio to unlock shareholder value: Sale of Australian Bulk Liquid Terminals business to ANZ Terminals for a total enterprise value of $350 million Integration of the Grains and Oils businesses ("New GrainCorp") Announced March 2019. ACCC currently reviewing transaction; decision date 15 November 2019. Also subject to other conditions. Announced April 2019. Integration well advanced, benefits being delivered. Proposed demerger of GrainCorp's global malting business ("MaltCo") > Announced April 2019. Scheme booklet proposed to be distributed to shareholders in first quarter of calendar year 2020. GrainCorp 23
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