DIRECTORS’ REPORT CONT. OPERATING AND FINANCIAL REVIEW (CONTINUED) 3. Cattle Operations (continued) Market conditions The weather continued to affect domestic cattle prices, with the benchmark Eastern Young Cattle Indicator (EYCI) tracking well below 2012 prices  due mainly to a decline in demand for re-stocking cattle. Prices also continue to be affected by the Federal Government’s 2011 suspension of live exports to Indonesia and Indonesia’s subsequent reduction  in live cattle import permits, together with the adverse impact of the continued high Australian dollar. Cattle which would have been destined for  Indonesia are continuing to pressure the domestic market. All market categories have fallen significantly in value. Market conditions for all market categories of cattle apart from longfed Wagyu have declined in value over the three month period. Slaughter cattle  prices also declined and have been driven by increased supply due to dry conditions. The negative market value movement was also exarcebated  by the dry conditions and reduced numbers able to be exported to Indonesia.  450 400 350 300 250 200 2013 2012 2011 2 4 6 8 10 Weeks (A¢/kg cwt) 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 EASTERN YOUNG CATTLE INDICATOR The tables below summarise the potential impact of market price moves on the trading herds and the breeding herds. Trading Herd (Branded Cattle)  Eastern Trading Herd Northern Trading Herd Feedlot Total Trading Herd Head at 31 March 2013 (‘000) 115 82 39 236 Average Weight at 31 March 2013  344 LW kg 313 LW kg 522 LW kg 363 LW kg Average Book Value at 31 March 2013  $1.54 /LW kg $1.37 /LW kg $3.43 /LW kg $1.94 /LW kg Sensitivity value to change in price per kg: $ mil $ mil $ mil $ mil $0.10 /LW kg $4.0  $2.6  $2.1  $8.7 $0.20 /LW kg $7.9  $5.2  $4.1  $17.2  $0.50 /LW kg $19.8  $12.9  $10.3  $43.0 Breeding Herd (Branded Cattle) Breeding Herd Head at 31 March 2013 (‘000) 316 Average Book Value at 31 March 2013  $778 /Head Sensitivity value to change in price per head: $ mil $100 /Head $31.6  16 Australian Agricultural Company Limited