DIRECTORS’ REPORT CONT. OPERATING AND FINANCIAL REVIEW (CONTINUED) 1. Review (continued) Results 10 Australian Agricultural Company Limited 3 months to 31 Mar 2013  $’000 3 months to 31 Mar 2012  (reviewed)  (11)  $’000 Favourable/  (Unfavourable)  Movements  $’000 Finished & store cattle Cattle sales  (1) 2 2,114 19,561 2,553 Cattle growth  (2) 9,556 15,013 (5,457) Cattle fair value adjustments  (3) (37,666) 12,452 (5 0,118) Deemed cost of cattle sold  (4) (22,114) (19,561) (2,553) Cattle expenses  (5) (6,881) (4,209) (2,672) Feedlot cattle expenses  (6) (7,535) (6,825) (710) Finished & store cattle gross margin (42,526 ) 16,431 (58,957) 10 0 -10 -20 -30 -40 -50 -60 -70 -80 20 Millions (5.1) (5.5) (5.4) (0.0) (37.2) (7.5) (3.5) 0.5 0.7 (1.0) (0.6) (0.5) (0.4) 22.9 (46.5) (1.7) (2.2) NPAT Q1 2013 Tax Benefit Borrowing Costs Depreciation Corporate NABL Project Costs Hedging Activities Other income Wholesale Beef Margin Farming Margin Cattle Operation Expenses Other Valuation Adj Herd Revaluation - SGARA Attrition Natural Increase Cattle Growth NPAT Q1 2012 NPAT Q1 2013 V NPAT Q1 2012