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Annexure II – Investor Presentation (continued)5. Earnings outlook1. OverviewNot for distribution or release in the United States or to U.S. persons2223 September 2009FY09 guidance update• Continuing businesses remain on trackfor 2009– Improved 2H09 in Landmark RuralServices and continued strongperformance from CommodityManagement (ex Brazil & India)– Offset by lower Landmark FinancialServices impacted by reducedmargins and increased provisioningrequirement– Net reduction of $5m in prior FY09guidance range• Non-cash goodwill impairment of$120m on Landmark Financial Services• Clarification of tax impact ofdiscontinuing operations in Brazil hasled to a net reduction in group taxexpense($m)FY09 guidanceLowerendUpperendContinuing businesses EBITDA 160 175Continuing businesses profitbefore tax and significant items85 95Significant items (36) (34)Goodwill impairment 1 (120) (120)Discontinued operations 2 (171) (149)Profit before tax (242) (208)Tax expense 3 (17) (20)Forecast reported NPAT (259) (228)1. Non-cash goodwill impairment will not impact on covenant testing.2. Based on: Hi-Fert operating loss $18–20m, AWB Brazil operating loss $57–67m, AWB Brazil wind down provision $74–84m.3. Includes AWB Brazil tax expense of ($31)m.Not for distribution or release in the United States or to U.S. persons23 23 September 200936