Strategic Financial Overview

Outlook > Demand for poultry products continues to grow > Strategy implementation remains on track, opportunity pipeline is strong > Expect a continuation of market price increases, reflecting increases in energy and feed costs - offset cost increases where possible or pass on to the market when necessary INGHAM'S Heart of the Table > New Zealand market dynamic remains challenging in 2H and expectation is this will continue through 1H > Capital Management to be progressed > Change in New Zealand tax legislation expected to increase the Group effective tax rate to c.29% > Dividend policy remains unchanged PAGE // 17

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