Investor Presentaiton

Capital Raising Risks Underwriting risk Bega has entered into an underwriting agreement under which the Underwriters have agreed to fully underwrite the Capital Raising, subject to the terms and conditions of the underwriting agreement. If certain events occur, the Underwriters may terminate the underwriting agreement. Such "termination events" include those summarised in Section "Overview of the Underwriting Agreement terms". Termination of the underwriting agreement may have an adverse impact on the ability of Bega to proceed with the Entitlement Offer and the quantum of funds raised as part of the Entitlement Offer. If the underwriting agreement is terminated by either or both Underwriters, there is no guarantee that the Entitlement Offer will continue in its current form or continue at all. Failure to raise sufficient funds under the Entitlement Offer (as a result of it not proceeding or otherwise) could materially adversely affect Bega's financial position. Risk of dilution You should note that if you do not take up all of your entitlement under the Entitlement Offer, then your percentage security holding in Bega will be diluted by not participating to the full extent in the Entitlement Offer. Investors may also have their investment diluted by future capital raisings by Bega may issue new securities in the future to, amongst other things, finance other acquisitions or pay down debt which may, under certain circumstances, dilute the value of an investor's interest. Page 52 Bega

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