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14 November 2016 2016 Full Year Financial Results Presentation Attached is the presentation of the financial results for the 12 month period ended 30 September 2016. Sanjeeta Singh Joint Company Secretary 1

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Disclaimer and Important Information Forward looking statements Non-IFRS information This presentation is prepared for informational This presentation refers to and discusses purposes only. It contains forward looking underlying profit to enable analysis of like-for- statements that are subject to risk factors like performance between periods, excluding associated with the agriculture industry many the impact of discontinued operations or of which are beyond the control of Elders. events which are not related to ongoing Elders’ future financial results will be highly operating performance. Underlying profit dependent on the outlook and prospect of the measures reported by the Company have been Australian farm sector, and the values and calculated in accordance with the FINSIA/AICD volume growth in internationally traded principles for the reporting of underlying profit. livestock and fibre. Financial performance for Underlying profit is non-IFRS financial the operations is heavily reliant on, but not information and has not been subject to review limited to, the following factors: weather and by the external auditors, but is derived from rainfall conditions; commodity prices and audited accounts by removing the impact of international trade relations. Whilst every discontinued operations and items not endeavour has been made to ensure the considered to be related to ongoing operating reasonableness of forward looking statements performance. contained in this presentation, they do not constitute a representation and no reliance should be placed on those statements. 2

FY16 Year in Review Solid performance across all key metrics � Reduction in lost time injuries from 14 to 4 � Statutory net profit after tax of $51.6m, up $13.3m � Underlying net profit after tax of $41.2m, up $13.2m � Underlying EBIT of $56.2m, up $15.7m � Operating cash flow $48.7m for the year � Underlying return on capital of 28.4%, up from 21.9% at September 2015 � Underlying earnings per share 45.4 cents, up 11.5 cents � Completed successful $97m net equity capital raise with 72% of hybrids now held by Elders Finance 3

FY16 Priorities Delivered our promises to stakeholders Safety Operational Key Efficiency Performance Performance Relationships and Growth � Reduction in lost time injuries � $41.2m underlying profit up � Developed online client community � 90 day improvement program from 14 to 4 $13.2m for ongoing market research and continued to lift branch performance customer satisfaction � Underlying ROC at 28.4%, up � Expanded Tasmanian presence � LTI frequency rate reduced from � Increased customer satisfaction from 21.9% at 30 September 3.4 to 1.0 2015 index results � Successful integration of multiple � Employee safety engagement acquisitions across real estate, � Retail ROC improved from 8.3% � Supplier registrations in place for stable at 83% agency and retail to 17.9% Elders home brand products � Designed and testing a new � 30% equity acquisition of StockCo � Leverage ratio improved from 3.1 � New agreement with CSBP in WA mobile WHS reporting system to 1.4 for fertiliser supply � Acquired 10% Elders Insurance � Increased emphasis on employee � Interest cover ratio improved from � Expanded digital client offerings and community health and � Launched Elders Grain platform wellbeing 4.7 to 6.3 (Red notebook app, websites, weather app) � Structured review process of capital � Cessation of long haul and and cost initiatives � Employee engagement and managed divestment of short haul Live Export enablement stable at 73% and 72% � $97m net equity capital raised to fund respectively hybrid acquisition 4

Full Year Financial Performance Change $ million FY16 FY15 $m % Sales revenue 1,425.2 117.3 9.0% 1,307.9 Underlying EBIT 56.2 15.7 38.8% 40.5 Underlying profit after tax 41.2 13.2 47.1% 28.0 Reported profit after tax 51.6 13.3 34.7% 38.3 Net debt (86.1) 50.1 36.8% (136.2) Operating cash flow 48.7 54.0 n/m (5.3) Average working capital 216.0 0.9 0.4% 215.1 Underlying return on capital (%) 28.4% 21.9% 6.5% 29.7% Underlying earnings per share (cents) 45.4 11.5 33.9% 33.9 5

Performance by Product Strong retail and agency performance Underlying profit movement $ million Product margin 0.8 1.7 (3.8) 5.2 (3.3) (2.5) 15.1 41.2 28.0 FY15 Retail Products Agency Real Estate Financial Feed & Costs Interest, tax & FY16 Underlying Services Services Services Processing NCI Underlying Profit Services Profit FY15 FY16 Interest, Retail Agency Financial Feed and Costs Real Estate Underlying tax & NCI Underlying Products Services Services Processing Services Profit Profit Services � Retail earnings improvement from price book management, supplier rationalisation and improved rainfall across the country � Agency uplift with continued strong livestock prices and acquisitions � Real Estate earnings higher on the back of strong demand for cattle farming properties and low interest rates � Financial Services boosted by dividends received arising from 10% acquisition of Elders Insurance � Feed and Processing businesses impacted by high Australian cattle costs and lower occupancy in Killara feedlot � Higher costs to drive Eight Point Plan initiatives, including acquisitions 6 � Tax and non controlling interest higher due to improved performance of partnerships

Performance by Geography Improvement across Australian business units, headwinds for International segment Underlying profit movement $ million (2.5) 6.4 (3.0) 4.1 4.3 3.9 41.2 28.0 FY15 Underlying Northern Southern Western International Corporate and Interest, tax & FY16 Underlying Profit Australia Australia Australia unallocated NCI Profit costs Northern Southern Corporate and Interest, Western FY16 FY15 International Australia Australia unallocated tax & NCI Australia Underlying Underlying costs Profit Profit � Strong retail and livestock performance underpinned improvement across all Australian geographies � Northern Australia benefitted from high cattle prices and retail upside resulting from recovery in cotton growing regions, increased plantings and expansion in New South Wales � Southern Australia performance driven by retail improvements and acquisitions, along with livestock agency upside from high cattle prices � Western Australia upside in retail through improved seasonal conditions and livestock agency with record cattle prices � High input costs, pricing pressures and strong Australian dollar impacted the international businesses 7 � Corporate costs reduced resulting from property cost savings and favourable tendering of service contracts

Capital Deployed Return on capital in excess of targeted 20% Return on capital � Underlying return on capital improvement drivers: excl Live Export incl Live Export Working capital efficiency and increased o profitability in the retail business 28.4% 27.2% 21.9% Increased profitability of the livestock agency o business Capital allocation based on disciplined o 21.9% 21.9% 21.2% business case process Wind down of the long haul Live Export o business Sept 15 Mar-16 Sep-16 � Lower working capital balances, arising from: Working Capital Focussed inventory management and o $ million Sept-15 Sept-16 Change improved supplier trading terms in retail Retail Products 146.2 131.2 10% Wind down of the long haul Live Export o Agency Services (incl. Real Estate) 27.3 41.4 52% business Feed and Processing Services 39.0 38.9 0% Live Export Services 28.7 17.1 40% � Stable working capital deployed throughout the year Other (21.7) (37.0) 71% despite higher sales activity in retail Working capital (balance date) 219.5 191.6 13% Working capital (average) 215.1 216.0 0% 8

Operating Cash Flow Strong cash inflows from operations Cash flow $ million Working capital movements � Strong EBITDA cash conversion 13.6 (17.2) � Working capital benefits in Retail offset by 10.8 (10.6) (1.5) 3.1 unfavourable timing of livestock related (8.6) payments (6.0) 59.1 48.7 42.7 � Lower cash requirement for Live Export as a result of the wind down of the long haul EBITDA Retail Agency (incl. Real Estate) Financial Services Feed & Processing Live Export Other Interest, tax and dividends Operating cash flow Capex Free Cash Flow business Feed and Agency Interest, Free Retail Financial Live Operating Other Capex EBITDA Processing Services tax & Cash Products Cash Flow Services Export Services dividends Flow (incl. Real Estate) Retail Agency Financial Feed & Live $ million Other Total Products Services Services Process Export EBITDA adjusted 41.4 40.9 10.9 5.4 (9.5) (30.0) 59.1 Working capital 13.6 (17.2) 3.1 (1.5) 10.8 (10.6) (1.8) Interest, tax and dividends (8.6) (8.6) Operating cash flow 55.0 23.7 14.0 3.9 1.3 (49.2) 48.7 9