Heart of the Table - Financial and Strategy Update

Strategy update - energy cost and feed prices Energy costs Feed prices Energy cost increases continue to flow through - gas prices currently ~30% higher than current contract which expires in December 2018 INGHAM'S Heart of the Table electricity supply contracted to the end of FY18 with progressive procurement options for FY19 and beyond > All industry participants face similar challenges, as evidenced by recent market price increases Continue to focus on offsetting increases via Project Accelerate initiatives and pass on where necessary > Expect to benefit from recent capital investment in more efficient greenfield sites and DCS > Feed prices have continued moving higher in recent months > Over 60% of Australian poultry volumes supplied with feed pass through mechanisms and other cost adjustments Our forward coverage extends approximately 9 months (similar to that previously communicated) Market pricing expected to move in line with feed price movements as per historical trends Smaller feed customers under pressure from rising feed prices in Australia, impacting on volumes NZ feed prices tend to be more stable and dairy demand is strengthening PAGE // 15

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