Investor Presentaiton

Financially compelling returns for shareholders Significant synergy opportunity - high confidence in base case synergies of $41 million per annum ($36 million expected to be realised in FY22) Transaction expected to be double digit EPS accretive¹ in FY222 ▸ Bega to maintain a strong balance sheet post Acquisition to support growth ▸ Secured an additional Acquisition facility³ and extended and increased its existing core debt facilities to fund the Acquisition ▸ Financial covenants remain unchanged Pro forma FY20 net debt of $518 million and net debt / EBITDA of 3.3x (3.1x pre-AASB 16) Synergy generation and additional initiatives expected to support strong deleveraging post transaction. Bega remains committed to target leverage below 2.0x in the near to medium term Additional initiatives being explored to further accelerate debt paydown include sale and/or sale and lease-back opportunities of freehold property and divestment of non-core assets No change to Bega's dividend approach as a result of the Acquisition Page 25 1 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 2 FY22 includes synergies of $36 million 3 Acquisition facility term is 6 months Bega

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