The Evolution of MSF's Grower Cane Price Risk Management Offering

1. The evolution of MSF’s Grower Cane Price Risk Management Offering • Initially, when Mulgrave and Maryborough were separate entities:- • Cane Pay Sugar and Mill Margin Sugar was notionally separated into two pools in the Maryborough region • A grower Target Price Committee made ICE11 pricing decisions on behalf of the Maryborough growers both in advance of and during the season • Management made ICE11 pricing decisions on behalf of MSF • In the Mulgrave region there was a single ICE11 pricing pool for both miller and growers • Management made ICE11 pricing decisions for all pool participants (largely during the season) • Soon after acquiring Mulgrave, the Maryborough system described above was introduced • MSF sought to evolve its offering to cater for individual grower pricing • An extensive review of QSL’s offering followed • Mulgrave and Maryborough Target Price Committee members provided guidance • A number of opportunities for improvement and customisations for our growing regions were identified • As the offering evolved a Grower Reference Panel consisting of representatives from each region’s Target Price Committees was formed with the view to streamlining the process by ensuring a single point of reference • The Grower Reference Panel provided extensive feedback and the opportunity for continuing visibility as finer details were worked through • Once finalised, MSF’s Improved Pricing and Pooling Model (IPPM) was introduced to Mulgrave and Maryborough growers • The IPPM has been well received by growers as evidenced by the low number that chose QSL’s offering (1% in the Maryborough region and 10% in the Mulgrave region) • The IPPM has now been implemented and is operational • MSF has purchased a data capture and pool management system (Visual Risk) • Recruitment for a Pool Manager and Grower Services Officer has commenced 1

2. MSF’s Grower Cane Price Risk Management Offering as it is today Growers are able to spread cane price risk between a number of ICE11 pricing pools including:- • Pools that manage sugar price and currency risk in advance of the season (Forward Pricing Pools) and ones that manage these risks during the season (In-season Pricing Pools). Within the pricing pool categories described above (Forward and In-season) growers are able to:- • Make AUD equivalent ICE11 pricing decisions themselves • Have someone else (e.g. MSF or a grower Target Price Panel) make decisions on their behalf • Participate in pools that do not involve quantity obligations 2

3. Available pools