Investor Presentaiton

Acquisition Risks Finance Facilities Bega has approval from its banks for new facilities, which together with existing facilities, are intended to be drawn down to pay the purchase price for the Sale Shares. Draw down of the new facilities is subject to finalisation and signing of facility documentation and certain conditions precedent. The conditions precedent to draw down are usual for financing transactions of this nature and include the release of existing securities other than certain permitted securities on or before completion. Operational Implementation Risk The integration of the LDD Business carries risk, including potential delays or costs in implementation and integration. The success of the acquisition and the ability to realise any synergies will be dependent upon the effective and timely integration of the LDD Business with the existing Bega business. While Bega has undertaken analysis in relation to potential synergies and integration costs of the acquisition, they are Bega's best estimates, and there is a risk that the actual synergies and integration costs may vary materially significantly and that any expected synergies may not materialise at all. There is a risk that Bega's future profitability and prospects could be adversely affected if integration of the LDD Business with Bega's business is not completed efficiently and effectively, with minimal disruption. There is also a risk that unforeseen events may arise causing the expected synergies to be delayed, not be obtained, or cost more to achieve than originally expected. These risks include: 1. Higher than anticipated costs to operate the LDD Business; 2. Disruption to the ongoing operations of both businesses; Page 46 3. Unforeseen costs relation to the integration of some of the IT platforms, management information systems and financial and accounting systems; 4. Unintended loss of key personnel, expert knowledge or reduced employee productivity due to uncertainty arising from the acquisitions; and 5. Failure to maintain key supplier and/or customer relationships Bega

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