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Earnings bridge FY18 - FY19 EARNINGS BRIDGE (1) ($M) EBITDA Malt Oils Grains Corporate 6 (8) Strong customer demand Weak oilseed 71 crush margin (65) Impact from trade disruptions. (15) Drought impact on rail contracts Restructuring costs (5) Drought effect on ECA grain production, receivals, exports. (114) Higher commodity inventories, Tax benefits higher drawn borrowings 47 Lower capex 2 11 (8) (82) FY18 NPAT EBITDA FY19 NPAT Malt Oils Grains Corporate D&A(2) Net Interest Tax NPAT(1) FY19 ($M) 176 53 (131) (29) (142) (50) 44 (82) FY18 ($M) 170 61 68 (31) (153) (42) (3) 71 1. Excludes significant items. Numbers rounded to nearest $M. 2. Depreciation & Amortisation. 7

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