Australian Agricultural : Half Year Results Presentation

23 November 2016 Dear Shareholders,

Our Journey from Pastoral Company to a Luxury Brand Business

You would notice a lot of change if you first invested in AACo 5 years ago. We are still the leading beef producer in Australia. We still have the largest Wagyu herd in the world. We still raise our cattle in the beautiful, wide-open spaces in Queensland and Northern Territory. But so much else has transformed, for the better.

Over the past few years, we have shared goals for our company. We wanted to vertically integrate. We needed to expand and exploit our investment in innovation and technology. We understood the best path forward was to become a price maker rather than price taker, which mandated creating and promoting our branded products. We demanded a focus on managing our cost structure.

We knew there would be many changes required to achieve these goals. It would require us to invest in the business, change our business practices, and even modify our culture. Change can be hard and time consuming, but when the rewards are as great as we envisioned, we had no choice but to move forward.

In FY16, we started to see some returns on our investments, but the returns were just the beginning. For FY17 and beyond, we will continue to make investments and changes, and we expect to continue to see rewards.

We would like to highlight some of the exciting developments that occurred in the first half of FY17. First and foremost, our aspiration to be a differentiated branded beef company came to life in October 2016 with a local launch in Singapore of our flagship luxury brands, Westholme and Wylarah. The company strategy is to launch these brands into other key markets over the next 18 months. The launch was the latest step to transform AACo to a vertically integrated business selling luxury beef brands, fundamentally changing the way we sell and deliver our products to consumers. This strategy will underpin the ongoing incremental increase in our average sale prices.

Second, we continued our commitment to innovation and technology. We co-founded and invested in a San Diego based biopharmaceutical supply company, Nucleus Biologics, that produces products based largely on raw material supply from AACo. Further, we formed a Scientific Advisory Board under the chairmanship of Dr Megan Clark, former CEO of CSIRO, to review and guide our future innovation and technology programs.

Third, we continued our efforts to integrate our supply chains and ensure consistent supply for each of our beef programs. For example, our increased knowledge of supply and demand across the supply chain signalled that we needed to build cattle inventory in the first half of the year to ensure consistent supply in the second half of FY17 and throughout FY18. While this has impacted cash flow in the short term, it will ultimately result in improved returns from beef sales in the coming periods.

While a better operated company is an admirable goal, ultimately it must translate into profits. We committed to developing consistent high quality earnings. Our latest results demonstrate this progress: increased earnings, increased average sales price for our Wagyu products, reduced operational expenses, and reduced production costs.

There is more detail in our ASX announcements. We are pleased with our progress but we are far from finished.

Yours sincerely,

Jason Strong Managing Director

Brisbane

GPO Box 587, Brisbane QLD 4001 [e-mail]

ABN 15 010 892 270 www.aaco.com.au

AUSTRALIAN AGRICULTURAL COMPANY

Financial Results Presentation for the Half Year ended 30 September 2016

23 November 2016

Important information

Summary information only

This presentation contains general information about the Australian Agricultural Company Limited and its consolidated entities ("AACo") and its activities current as at the date of this presentation. It is provided in summary and does not purport to be complete.

You acknowledge and agree that you will rely on your own independent assessment of any information, statements or representations contained in this presentation and such reliance will be entirely at your own risk.

Disclaimer

AACo and its related bodies corporate and associated entities and each of their respective officers, employees, associates, agents, auditors, independent contractors and advisers, do not make any representation, guarantee or warranty, express or implied, as to the accuracy, completeness, currency or reliability (including as to auditing or independent verification) of any information contained in this presentation and do not accept, to the maximum extent permitted by law:

1. any responsibility arising in any way for any errors in or omissions from any information or for any lack of accuracy, completeness, currency or reliability of any such information made available;

2. any responsibility to provide any other information or notification of matters arising or coming to their notice which may affect any information provided; and

3. any liability for any loss or damage (whether under statute, in contract or tort for negligence or otherwise) suffered or incurred by any person as a result of or in connection with a person or persons using, disclosing, acting on or placing reliance on any information contained in this presentation, whether the loss or damage arises in connection with any negligence, default or lack of care or from any misrepresentation or any other cause.

Forward-looking statements

This presentation may contain forward-looking statements. All statements other than statements of historical facts included in this presentation are forward-looking statements. Forward- looking statements may include, without limitation, statements relating to AACo's financial position and performance, business strategy, plans and objectives of management for future operations. Forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond AACo's control) and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Some of the important factors that could cause AACo's actual results, performance or achievement to differ materially from those in any forward-looking statements include (among other things): levels of demand and market prices, climatic conditions, the impact of foreign exchange currency rates on market prices and operating costs, political uncertainty and general economic conditions in Australia and overseas, the ability to produce, process and transport goods and livestock profitably, the actions of competitors and activities by governmental authorities. No representation, guarantee, or warranty (express or implied) is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, projections or forward-looking statements contained in this presentation.

Except as required by applicable regulations or by law, AACo does not undertake any obligation to publicly update or review any forward looking statements, whether as a result of new information or future events.

This presentation should not be relied upon as a recommendation or forecast by AACo.

No offer of securities

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell AACo securities in any jurisdiction.

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