GRAINCORP LIMITED — Regulatory Filings 2013

May 15, 2013

HY13 Results and Strategy Update 16 May 2013

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Disclaimer

This presentation includes both information that is historical in character and information that consists of forward looking statements. Forward looking statements are not based on historical facts, but are based on current expectations of future results or events. The forward looking statements are subject to risks, stakeholder engagement, uncertainties and assumptions which could cause actual results, timing, or events to differ materially from the expectations described in such forward looking statements. Those risks and uncertainties include factors and risks specific to the industry in which GrainCorp operates, any applicable legal requirements, as well as matters such as general economic conditions.

While GrainCorp believes that the expectations reflected in the forward looking statements in this presentation are reasonable, neither GrainCorp nor its directors or any other person named in the presentation can assure you that such expectations will prove to be correct or that implied results will be achieved. These forward looking statements do not constitute any representation as to future performance and should not be relied upon as financial advice of any nature. Any forward looking statement contained in this document is qualified by this cautionary statement.

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Agenda

HY13 Results Strategy Update

• Highlights

• Gamechangers

• Segment Performance

  • Asset Optimisation

  • Port Flexibility

• Balance Sheet and

• Capex

Recommended Offer

• Proposed Offer from Archer Daniels Midland Company (“ADM”)

• Next Steps

• Outlook

3

Strong earnings due to grain volumes and diversification strategy

• Strong earnings of $227M EBITDA[(1)] and $109M NPAT[(2)] .

• .

• Statutory NPAT of $88M after significant items[(3)]

• Storage & Logistics – benefiting from higher than average carry-in, firm receivals market share and a significant grain export program.

• Marketing – sustained performance with consistent sales.

• Malt – continued strong capacity utilisation with margins in line with expectations.

• Oils – performing in line with expectations with integration milestones being achieved.

• –

• $110M strategic growth initiatives on track to deliver Gamechangers, Asset Optimisation and Port Flexibility initiatives by the end of FY16.

• Fully franked interim dividends totalling $0.25[(4)] per share (comprising $0.20 Ordinary plus $0.05 Special).

• Earnings before interest, tax, depreciation and amortisation and before significant items.

1. Net profit after tax and before significant items.

1. Significant items of $20M includes costs relating to acquisitions (eg stamp duty), Oils integration and proposed takeover responses. See appendix for further detail.

2. The interim dividends totalling $0.25 are included in the dividends totalling $1.00 under the proposed ADM Offer. Any full year dividend relating to the period ending 30 September 2013 would also be included in the dividends totalling $1.00.

4

Earnings profile delivering on corporate objectives

EBITDA[(1) ]

NPAT[(1)]

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Fiscal 1H Fiscal 2H Fiscal 1H Fiscal 2H
500 250
400 200
179 83
300 150
177 84
200 100
100
100 79 173 235 227 50 31 28 88 122 109
112 53
82 32
$M 0 $M 0
FY09 FY10 FY11 FY12 FY13 FY09 FY10 FY11 FY12 FY13
1H 82 112 173 235 227 1H 32 53 88 122 109
2H 79 100 177 179 2H 31 28 84 83
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• Improving shareholder returns

• Delivered an average return on equity of 11.3% over the last three years[(2)]

• Achieved a total shareholder return of 36% in FY12[(2)]

• Managing variability  creation and development of GrainCorp Malt and GrainCorp Oils

• Delivering growth  growth across all segments organically and acquisitively

• Before significant items. EBITDA and NPAT reflect inclusion of Malt from FY10 and Oils from FY13. 2. To 30 September 2012.

Diversified earnings supporting higher ordinary interim dividend

Dividends per share

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40
Interim DPS
Interim Special DPS
15 5
20
5
20
15 15 15
CPS 0
HY09 HY10 HY11 HY12 HY13
80
Ordinary DPS
Special DPS
60
30
25
40
5
5
20
35
30
25
20
7
CPS 0
FY09 FY10 FY11 FY12 HY13
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• HY13 fully franked interim dividends totalling $0.25 per share comprising:

• $0.20 Ordinary dividend

• $0.05 Special dividend

• HY13 dividend dates

• Ex-dividend date: 1 July 2013

• Record date: 5 July 2013

• Payment date: 19 July 2013

• Dividends totalling $1.00[(1)] permitted to be paid under the proposed ADM Offer, inclusive of the interim dividend

1. This amount includes the interim dividends totalling $0.25 announced on 16 May 2013 and would also include any full year dividend relating to the period ending 30 September 2013.

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Driving change in safety culture

Lost Time Injury Frequency Rate[(1) ]

Key focus in FY13:

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16
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15
14 14.5
13
12 12.4
12.2
11 11.7 11.6
10
9
8
FY09 FY10 FY11 FY12 HY13
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• Reduce Fatal Level Risks through physical, system and process improvements

• Make significant progress towards OHS accreditation

• Drive a change in safety culture through rollout of Sentis Zero Incident Process (“ZIP”) training

• Rolling 12 month average LTIFR[(1)] higher

• Lead indicators improving in Storage &

• Continue to rollout online safety modules

Logistics and Malt businesses

• Significant safety capex program being implemented in FY13

1. Lost Time Injury Frequency Rate calculated as the number of Lost Time Injuries per million hours worked. (Note: HY13 includes Oils for the first time.)

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Diversified business and more ‘normal’ receivals

HY12 to HY13 Earnings Bridge[(1)] - $M

	122 28 11 4 33 EBITDA More ‘normal’ receivals Strong capacity utilisation, lower barley procurement gains More diversified business with inclusion of Oils Sustained performance, consistent sales						1		109 13 4 1 11 Oils inclusion and recent capex program Higher debt post Oils acquisition Lower earnings
HY12 NPAT Stor HY12 NPAT		age & Logistic Storage &	s Marketing Marketing	Malt Malt(2)	Oils Oils		Allied Allied Mills (3)		Corporate & Corporate	D&A D&A	Net Interest Net	Tax Tax	HY13 NPAT HY13
		Logistics									Interest		NPAT
HY13 ($M)		119	27	55	33		5		(12)	(56)	(20)	(43)	109
HY12 ($M)		147	38	59	-		4		(13)	(43)	(16)	(54)	122

1. Excludes significant items - see appendix for further information.

2. Includes Port of Vancouver compensation receipts of $4.0M in HY13 ($4.8M in HY12). 3. 60% share of NPAT.

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Portfolio of grain businesses capture value along the grain chain

$M Revenue HY13 HY12	EBITDA(1)
	HY13 HY12
Storage & Logistics 385 439 119 147 Marketing(2) 1,212 937 27 38 Malt(3) 461 468 55 59 Oils(4) 462 33 Allied Mills(5) - - 5 4 Corporate Costs - - (12) (13) Eliminations and other (158) (158) - -
Total 2,361 1,686 227 235

1. Excludes significant items of $20M – see appendix for further detail.

2. Marketing EBITDA.

3. EBITDA includes Port of Vancouver compensation receipts of $4.0M in HY13 ($4.8M in HY12).

4. Oils HY12 Revenue of $538M and EBITDA of $33M.

5. Allied Mills 60% share of NPAT.

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Segment Performance

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Storage & Logistics – strong earnings with return to more ‘normal’ receivals

$M	HY13	HY12
Revenue	385	439
EBITDA	119	147
EBIT	94	123
Capital Expenditure	24	34

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Storage & Logistics Throughput [(4) ]
20
15
10
17.8
14.7 15.2
5 9.1
mmt
0
HY10 HY11 HY12 HY13
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• Earnings reflective of more ‘normal’ Eastern Australian crop production and benefiting from carry-in of 4.3mmt[(1)] and 4.3mmt of grain exports

• Country receivals of 9.7mmt

  • 9.5mmt winter crop, 0.2mmt summer crop

  • ~56% share of winter crop production[(2)]

• Grain exports[(3)] of 4.3mmt and non-grain exports of 0.8mmt

• Positive impacts from Gamechanger initiatives  rail optimisation and strong customer service

• 3 year long term agreements (“LTAs”) introduced in 2013  3.8mmt under LTAs confirmed

• mmt = million metric tonnes.

• Based on Eastern Australia’s wheat, barley and canola production estimates, using the average of Australian Crop Forecasters’ May 2013 report of 16.0mmt and ABARES’ February 2013 report of 16.3mmt.

• Including containers.

• Average of country grain inload (carry-in + receivals) and outload (carry-in + receivals – carry-out) + ports grain and non-grain. exports handled. See appendix for further detail.

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Marketing – sustained performance and consistent sales

$M			HY13	HY12
Revenue			1,212	937
EBITDA			27	38
Interest expense(2)			(10)	(11)
PBTDA(2)			17	27
Marketing	inventory		396	387
	Marketing Volumes(1)
4
2.1 0 1 2 3 mmt	1.9	2.9	3.9	3.5
HY09	HY10	HY11	HY12	HY13

• Earnings reflective of lower Eastern Australian grain production volumes

• 3.5mmt sales delivered[(1) ]

  • 1.3mmt domestic, 2.2mmt export and international

• ~60% of marketed grain acquired from growers and ~85% sold to end users

• Increasing presence in Western Australia and South Australia

• Marketing inventory of $396M[(2) ]

• Global trading and risk management platform on track for deployment in 2013

• Delivered tonnes including bulk and container sales, Pools and UK’s Saxon Agriculture.

• Marketing’s grain inventory predominantly funded via separate short-term debt facilities. Interest expense treated as part of cost of goods sold. Marketing’s performance measured as PBTDA.

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Malt – continued high capacity utilisation

$M		HY13	HY12	• Earnings reflective of continued high
Revenue		461	468	capacity utilisation of 95% with margins
EBITDA(1)		55	59	in line with expectations
EBIT(1)		37	40	• Continued growth from malt portfolio
Capital Expenditure		22	15	position (eg distillers, craft)
				• Effective margin management but lower
080	Malt Sales			barley procurement gains than FY12

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0.80 Malt Sales
0.60
0.40
0.67
0.62
0.49 0.48
0.20
mmt
0.00
HY10 HY11 HY12 HY13
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• Launch of Brewers Select in UK  access to growing craft beer market

• Gamechanger initiatives on track

• Includes Port of Vancouver compensation receipts of $4.0M in HY13 ($4.8M in HY12).

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Oils – strong earnings across crushing, refining and terminals

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$M HY13 HY12 [(1) ] Crushing & Refining
•
Revenue 462 538 Combined crushing and refining capacity of
0.60mmt
EBITDA 33 33
•
Sales in line with expectations of 0.27mmt
EBIT 22 24
of crushed and refined products
Capital Expenditure 9 8
Pacific Terminals
• ~230K m [3] of storage with high capacity
Oils Crushing & Refining Sales [(2)]
0.60 utilisation
0.50 • Represents approximately one third of
0.40 GrainCorp Oils combined EBITDA
0.30 Integration
0.50 0.51 0.52 0.53
•
0.20 Integration on track to deliver ~$4.0M
0.27 (pre-tax) of synergies in FY13 and ~$7.0M
0.10
of synergies p.a. ongoing
mmt 0.00
FY09 FY10 FY11 FY12 HY13
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• Combined crushing and refining capacity of 0.60mmt

• Integration on track to deliver ~$4.0M (pre-tax) of synergies in FY13 and ~$7.0M of synergies p.a. ongoing

• HY12 figures for Gardner Smith and Integro under different ownership. 2. Includes sales volumes for Riverland (oil and meal) for each 12 months ended 31 March and Integro for each 12 months ended 30 June. HY13 volumes for Riverland and Integro for six months ended 31 March 2013.

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Allied Mills – improved earnings and capacity replacement on track

$M (60%) JV Share	HY13	HY12
EBITDA	13	12
Equity profit(1)	5	4
Shareholder loan interest received	1	1
Net Asset Value(2)	164	148

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60% Net Asset Value - $M
200
150 164
148
137
131
121
100
50
$M 0
HY09 HY10 HY11 HY12 HY13
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• Improved earnings from value add product initiatives (eg Par Baked Bread)

• New Tennyson mill expansion in Queensland due for completion in mid-2013

• Acquired Tullamarine bread facility in Melbourne to support value add product strategy

• Acquired Tamworth starch / food ingredients facility in New South Wales

• Allied Mills 60% share of NPAT. Excludes shareholder loan interest received.

• HY13 includes 60% of Shareholders Equity ($145M) and Shareholder Loan ($19M).

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Balance Sheet and Capex

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Strong and flexible balance sheet

Core Debt – $M

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Creation of • HY13 Core Debt [(1)] at HY13 of $415M
GrainCorp Oils
Schill Malz 79 • Increased short-term debt for
acquisition 9 Short-term
debt less
Marketing Marketing and Oils inventories
and Oils
inventories
132 26
43 • Flexible balance sheet → HY13 Core
565 558
Long-term
debt Gearing of 20% (in line with
342 340
278
strategic target of <25%)
Cash • HY13 debt reflects seasonal nature
(256) (254) (222)
(312)
(350)
of working capital management
FY12
FY11 HY12 FY12 Pro forma HY13
(2)
9 218 16 320 415 Core Debt [(1)]
Core
1% 13% 1% 16% 20%
Gearing [(1)]
Core Debt /
0.05x 0.53x 0.04x 0.67x 0.99x
EBITDA [(3)]
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1. Core Debt = Total Debt less Cash less Marketing and Oils grain and oilseed inventory. Core Gearing = Core Debt / (Core Debt plus Equity). 2. FY12 Pro forma Core Debt / EBITDA includes Oils FY12 EBITDA as detailed in the ASX Announcement dated 28 August 2012. 3. HY13 EBITDA based on last twelve months (“LTM”) as at Mar-13. Includes Oils LTM.

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Commodities inventory funded with specific commodity inventory facilities

Commodities inventory[(1)] – $M

Marketing and Oilseed funding strategy

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Commodities
inventory
Short-term debt 572 577
528 519
498
418
387
365
351
338
326 322 312
283
229
218
180 188
156
85 89
56
HY08 FY08 HY09 FY09 HY10 FY10 HY11 FY11 HY12 FY12 HY13
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Supplemented short term debt with cash

• Marketing’s grain trading activities and Oil’s oilseed and tallow positions are predominantly funded with specific short term commodity inventory debt facilities:

• Match debt with asset life

• Fluctuates with seasonal grain purchases and underlying soft

  • commodity prices

Treatment

• Marketing’s performance measured as PBT → interest treated as part of cost of goods

• sold

• Commodity inventory funding recognised →

• as Operating Cash Flow match funding purpose

• Commodities inventory excludes Malt barley and malt inventory held for processing activities. Variance between commodities inventory and Short-term debt reconciles with “Short-term debt less Marketing and Oils inventories” on prior slide.

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Capex supporting safety, network efficiencies and strategic initiatives

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Capex – $M Depreciation & Amortisation – $M
Stay-in-business Depreciation 91
122
Growth
Amortisation
112 78 18
106
72
17
63 16
56
53 63
42 10
61 2
73
32 27
61
56
3
53 59 49 40 46
29 34
FY09 FY10 FY11 FY12 HY13 FY09 FY10 FY11 FY12 HY13
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• Stay-in-business capex has increased from FY12 due to inclusion of Oils

• Depreciation & amortisation higher in FY13 primarily due to inclusion of Oils

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Outlook

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FY13 Outlook

• Grains Processing

• S&L – Country & Logistics Oils – Crushing & Refining • Country receivals[(1)] : 10.0mmt – 10.5mmt • Oil sales: ~0.53mmt • Domestic outload: ~6.0mmt Oils – Bulk Liquid Terminals • Carry-out: ~2.0mmt • Continued high average capacity utilisation S&L – Ports Malt • Direct to port receivals[(2)] : ~2.0mmt • Malt sales: ~1.30mmt • Grain exports[(3)] : 8.0mmt – 8.5mmt • EBITDA per tonne[(4)] : $75 – $80 • Non-grain exports: ~2.0mmt Marketing • Strong international grain demand • Lower Australian volumes • Increasing international presence • Ex-farm post harvest receivals • Level of AUD and CAD foreign exchange • Central Queensland sorghum receivals rates • Export program booking execution rate • Domestic competition and demand for crushed and refined oil products

• Winter and summer crop receivals.

• Grain received at port ex-farm and from other bulk handlers. 3. Bulk and containers.

• Excludes $4.0M Port of Vancouver compensation receipt.

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Strategy Update

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Earnings growth initiatives targeting ~$110M EBITDA by FY16

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Gamechangers Asset Optimisation Port Flexibility
Oils Synergies &
Storage & Logistics 3 Year Port Protocol
Optimisation
Port Terminals Growth
Marketing Industry Code
& Efficiencies
Continuous
Malt
Improvement
~$45M EBITDA ~$45M EBITDA ~$20M EBITDA
~$70M capex [(1) ] ~$180M capex minimal capex
Strong industry fundamentals will drive additional earnings growth
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1. Excludes ~$20M capex spent in FY12 on Gamechangers.

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Earnings growth initiatives and capex requirements

Incremental underlying EBITDA and Capex ($M) from FY13

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20 110
20
Oils
25
Malt
14 45 Marketing [(2) ]
12
20 Storage &
Logistics
Growth
~25 ~15 ~30 ~70 [(1)] ~115 ~65 - ~250 [(1)]
capex
Asset Port
Gamechangers [(1) ] Total
Optimisation Flexibility
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1. Excludes ~$20M capex spent in FY12 on Gamechangers.

1. Marketing represents Profit Before Tax, Depreciation and Amortisation.

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Gamechangers

Storage & Logistics

Marketing

Malt

• •

• Global trading and risk Port of Vancouver project management platform on completed with new track for deployment in 2013 speciality capacity on line in 2013, servicing growing craft

• • Increasing contribution from brewing sector

Improved customer service

• Invested in 24 new mobile grain handling stackers driving improved country site efficiency

• Increasing contribution from Calgary and Hamburg offices

• Improved market access for Calgary and Hamburg offices •

• growers and buyers through Calgary water recycling •

• smart phone app and enhanced Strengthening customer facility on track for delivery transaction capability relationships through in 2013, reducing effluent increased offering to discharge costs

• Rail optimisation customers globally

• Load optimisation driving • Launched Brewers Select in increased train productivity • Regional and global customer April 2013  access to

• • strategies further developed growing UK craft beer sector Network review to improve train cycle times ~$20M EBITDA ~$12M EBITDA ~$14M EBITDA ~$25M capex[(1) ] ~$15M capex[(1)] ~$30M capex[(1)]

• Excludes ~$20M capex spent in FY12 on Gamechangers.

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Asset Optimisation & Port Flexibility

Port Flexibility

Oils Ports & Country Capture Synergies Bulk liquid terminals • opportunities Integration on track to deliver • $7M in synergies p.a. Imported fuels opportunity at

3 Year Port Protocol

  - New port protocol for bulk export grain agreed in November 2012

• Imported fuels opportunity at Pinkenba  development approval submitted

• Corporate office co-location completed and IT and systems integration milestones achieved

• 3 year long term agreements for grain exporters to be introduced in 2013

• Capacity expansion at Adelaide and Fremantle for other products  under assessment

• 3.8mmt under LTAs

Continuous improvement

Industry Code

Strengthen and optimise capability

• Rollout of process • Industry in consultation with

• improvement plan in grain port Federal Government terminals

• Progressing optimisation of GrainCorp Oils’ capacity

• Process improvements in Country & Logistics under assessment

~$25M EBITDA ~$20M EBITDA ~$20M EBITDA ~$115M capex ~$65M capex minimal capex

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Recommended Offer

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Recommended offer

Recommended Offer

Value and Premium

Conditional Agreement & Due Diligence

• In April 2013 GrainCorp entered into a conditional agreement with ADM under which ADM would make a takeover offer, subject to satisfactory completion of confirmatory due diligence

• Confirmatory due diligence was completed in May 2013

Recommendation

• Each GrainCorp Director has indicated that they would recommend the ADM Offer[(1)]

Offer Conditions[(2) ]

• Minimum acceptance of 50.1%

• Regulatory approvals including FIRB and MOFCOM

• No prescribed occurrences

Total value to shareholders of $13.20 comprising:

• $12.20 per share in cash

• Dividends totalling $1.00 per share[(3) ]

Additional Value

• Dividends expected to be fully franked[(4)]

• Additional 3.5 cents per share per month[(5) ]

Premium

• Represents 49% premium to the closing price before the initial proposal[(6)]

• Represents 15%[(7)] increase to initial proposal

Next Steps

• Grant Samuel & Associates Pty Limited appointed Independent Expert

• ADM to progress regulatory approvals

• Bidder’s Statement and Target’s Statement expected to be sent to shareholders in June

• Directors recommendation subject to the offer continuing to be in the best interests of shareholders and: there being no superior proposal; an independent expert determining that the offer is fair and reasonable; and certain regulatory conditions being satisfied or waived by 31 December 2013.

• Conditions are detailed in the Takeover Bid Implementation Deed available on the GrainCorp website (graincorp.com.au).

• This amount includes the interim dividends totalling $0.25 announced on 16 May 2013 and would also include any full year dividend relating to the period ending 30 September 2013.

• Providing up to an additional $0.43 per share for those shareholders who can capture the full benefit from franking on the dividends.

• For each full month between 1 October 2013 and the date the regulatory conditions have been satisfied or waived, subject to GrainCorp being profitable over that relevant period. Dividends expected to be fully franked.

• GrainCorp closing price of $8.85 on 18 October 2012.

• Including FY12 final dividend.

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Questions

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Appendix

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Significant items	Significant items	Significant items	Significant items	Significant items	Significant items	Significant items	Significant items
$M	Segment	EBITDA	Net Interest	D&A	Tax	NPAT	Details
Underlying 227 (20) (56) (43) 109
GrainCorp Oils acquisition and integration costs Corporate(12.9) - - 1.3 (11.6)Stamp duty of $9.0 million and advisory and integration costs of $2.6 million in relation to the creation of GrainCorp Oils
Corporate activity Corporate (9.0) - - 2.7 (6.3)M&A costs in relation to responding to ADM’s proposals
GrainCorp Malt acquisition Malt 1.8 - - (4.2)(2.4)Net trade tax expense triggered as part of a GrainCorp Malt acquisition
Statutory 207 (20) (56) (43) 88

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Grain volumes

Volume driver (mmt)	HY13	HY12	Comments
Grain carry-in (1-Oct)	4.3	6.0	• Grain stored at start of period • HY13 carry-in above average of 3mmt • Higher HY12 carry-in due to larger FY11 crop
Country network receivals	9.7	11.6	• ~56% share of winter crop production(1) • Lower receivals versus prior year due to smaller crop
Grain exports handled	4.3	5.0	• Strong export demand
Non-grain exports	0.8	0.7	• Includes woodchips, cottonseed, orange juice, meals, mineral sands and fertiliser.
Grain carry-out (31-Mar)	7.8	11.1	• Grain stored at period end • FY13 carry-out expected to be ~2mmt
Throughput(2)	15.2	17.8	• Average of country sites in and out, and ports grain and non-grain exports handled
Domestic grain outload	3.0	2.9	• Higher share of supply to domestic grain market
Grain received at port	1.1	1.4	• Grain received direct at port ex-farm and other bulk handlers

1. Eastern Australia’s wheat, barley and canola production estimates, based on average of Australian Crop Forecasters’ May 2013 report of 16.0mmt and ABARES’ February 2013 Crop Report of 16.3mmt.

2. Average country grain inload (carry-in + receivals) and outload (carry-in + receivals – carry-out) + ports grain and non-grain exports handled.

32

GrainCorp Oils key drivers

Crushing

Refining

• Capacity utilisation

• Gross margin (oil seed cost)

• Crush process cost

• Capacity utilisation

• Gross margin (oil cost)

• Refining process cost

• Product mix

Combined sales volumes (crude oil, meal, refined products)

Pacific Terminals

Complementary businesses

• Capacity utilisation

• Tallow and vegetable oils marketing

• Liquid stock feeds (Australia & NZ) and blended feeds (NZ)

• Used edible oil collection and recycling

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~One third of GrainCorp Oils
EBITDA
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Included in Crushing & Refining

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GrainCorp is Australia’s leading agribusiness

Integrated Business Model with an international “end-to-end” grain supply chain connecting consumers to growers   Unique portfolio of local storage and logistics assets and local and international downstream processing assets linked by a global Marketing   platform

Global exposure to attractive grain industry fundamentals with strong demand growth for grain and processed grain coupled with origination   advantages

Confident in delivering growth from identified strategic initiatives targeting ~  $110M incremental underlying EBITDA[(1)] by end FY16  Track record delivering corporate objectives and strategy execution  

1. Earnings before interest, tax, depreciation and amortisation.

34