Investor Presentaiton

Important Notices & Disclaimer The following notice and disclaimer applies to this investor presentation (Presentation) and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation. By accepting this Presentation you represent and warrant that you are entitled to receive the Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it. This Presentation is dated 26 November 2020 and has been prepared and authorised by Bega Cheese Limited (ABN 81 008 358 503) (Bega, BGA or the Company) in connection with the Company's proposed capital raising comprising: (a) an underwritten institutional placement of New Shares to certain professional and sophisticated investors (Placement) and (b) an underwritten accelerated non-renounceable rights issue (Entitlement Offer). The Placement and the Entitlement Offer are referred to as the Offer or the Capital Raising in this Presentation. As the context requires, a reference to "Bega", "Group", "we", "us" or "our" in this Presentation is a reference to the Company and its controlled subsidiaries. Bell Potter Securities Limited (ABN 25 006 390 772) (Bell Potter) and UBS AG, Australia Branch (ABN 47 088 129 613) (UBS) are acting as joint lead managers and underwriters of the Offer (Underwriters). NOT AN OFFER This Presentation is not a prospectus, product disclosure statement, disclosure document or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission (ASIC)) or any other law. This Presentation is for information purposes only and is not an offer or an invitation to acquire the New Shares, securities or any other financial products in any jurisdiction in which, or to any person to whom, it would be unlawful to make such an offer or invitation. This Presentation does not constitute investment or financial advice (nor tax, accounting or legal advice) or any recommendation to acquire New Shares and does not and will not form any part of any contract for the acquisition of New Shares. This Presentation may not be distributed or released in the United States. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The New Shares to be offered and sold under the Offer have not been, and will not be, registered under the U.S. Securities Act of 1933 (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold, directly or indirectly, to any person in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. By accepting this Presentation you represent and warrant that you are entitled to receive such Presentation in accordance with the above restrictions and agree to be bound by the limitations contained herein. The distribution of this Presentation (including an electronic copy) may be restricted by law in certain other countries. You should read the important information set out in the 'Foreign selling restrictions' in the Appendix to this Presentation. Failure to comply with these restrictions may constitute a violation of applicable securities laws. Each recipient of this Presentation should make their own enquiries and investigations regarding all information included in this Presentation including the assumptions, uncertainties and contingencies which may affect Bega's future operations and the values and the impact that future outcomes may have on Bega. Page 2 Bega

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