Heart of the Table - Financial and Strategy Update

Segment Information - New Zealand Pro forma Summary: New Zealand 1H FY2018 1H FY2017 Variance % $ millions New Zealand Poultry volumes (kt) 39.0 36.3 2.7 7.3 Feed volumes (kt) 78.7 69.1 9.6 13.9 Revenue 191.1 185.8 5.3 EBITDA 21.9 17.7 4.2 2.9 23.7 EBITDA % 11.5% 9.5% 2.0% Waitoa only free range chicken Waito free range chicky Wate Wa FOOTITIES Wait Wait Wait We the waitoafreerange.co.nz Note: All financial numbers are in AUD Note: Total Poultry volumes includes core chicken and turkey products in addition to ingredients INGHAM'S Heart of the Table Challenging market conditions continued into this half Improvement in trading performance reflects a continuation of 2H FY17 trends Poultry volume growth led by Retail and QSR Focus on higher value channels, leveraging strong brand position of Waitoa Continued focus in operational efficiencies driving improved performance > Disciplined working capital performance continues inventory days consistent with Dec 16 and June 17, - at ~31 days, and cash conversion of ~15 days Third party feed sales Recovery in dairy feed volumes as dairy demand has improved on the back of milk price recovery > Third party chicken feed sales in line with expectations PAGE // 6

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