Heart of the Table - Financial and Strategy Update

Group highlights Delivering on our strategy - growing volumes and earnings with strong cash flow Highlights > Chicken remains the competitive protein with 3.7% growth in core Chicken & Turkey volumes despite cycling of customer EDLP initiatives in FY17 Strategy implementation on track and delivering improved returns > Rising energy and feed costs either offset or being passed on to customers across all channels INGHAM'S Heart of the Table Improved New Zealand performance driven by poultry volume increases and recovery of dairy feed volumes > Strong operating cash flow generation, supported by asset sales. Leverage ratio reduced to 0.9x > Project Accelerate continues to deliver in line with expectations - - benefits flowing through in improved yields, reduced unit costs and improved utilisation of assets initiatives on track in network rationalisation, automation, labour efficiency, procurement and others > Progress made on identifying further opportunities including in farming, further processing and feed Strategy progress > Capital investment in capacity and efficiency continues as planned - - South Australia hatchery and breeder investments now fully operational new South Australian feed mill progressing well new Queensland distribution centre operational Queensland feedmill acquired to compliment existing capacity Note: Total Poultry volumes includes core chicken and turkey products in addition to ingredients PAGE // 3

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