Investor Presentaiton

Transaction overview Executive summary Transaction funding Financial impact Director participation Timing and conditions Bega trading update Page 7 All cash transaction funded with a combination of: 1. $267 million debt from new and existing facilities, including a $500 million acquisition facility 1 2. An underwritten Capital Raising of $401 million, comprising: a 1 for 4.5 pro-rata accelerated non-renounceable entitlement offer of approximately $220 million, comprising an Institutional Entitlement Offer and a Retail Entitlement Offer ("Entitlement Offer"); and an institutional placement ("Placement") of approximately $181 million The transaction is expected to be double digit EPS accretive² in FY223 Pro forma net debt at 30 June 2020 increases to $518 million (post-AASB 16), implying to 3.3x net debt/EBITDA (3.1x pre-AASB 16) Strong deleveraging profile post transaction underpinned by synergies. Initiatives to further accelerate debt reduction post transaction being explored Bega will also assume lease liabilities of $78 million The Bega Cheese Directors who are eligible to participate in the Entitlement Offer have each confirmed their intention to participate in whole or in part The transaction is unconditional and expected to complete at the end of January 2021 ACCC pre-approval obtained Strong performance in branded business with continued focus on cost reduction initiatives Softness in infant formula market On track for FY21 consensus EBITDA4 1 Acquisition facility term is 6 months 2 Comparative EPS for the Company takes into account a theoretical ex-rights price adjustment for the entitlement offer and excludes one-off costs and any impact of acquisition accounting 3 FY22 includes synergies of $36 million 4 Consensus EBITDA $124 million as at 24 November 2020 Bega

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