Strategic Financial Overview

Strategy update INGHAM'S Heart of the Table Project Accelerate Automation delivering benefits in improved processing yields and reduced unit costs across major Primary plants program continues with deboning initiatives planned at Te Aroha (New Zealand) and a focus on FP plants further opportunities in process streamlining and plant debottlenecking - Labour savings continued to be delivered through improved labour productivity and EBA renegotiation EBA's at major plants closed out and operational, focus on delivering benefits from flexibility provided Network rationalised with volume growth in QLD and SA, improving utilisation and unit costs consequent reduction in NSW and some VIC production transformation of Victorian cost base move towards self-sufficiency in WA Further processing network optimisation announced and underway Procurement, Turkey and Supply Chain initiatives tracking as planned Further opportunities identified in Farming, Feed and Premiumisation Capital investment program tracking to plan Note: The growth benefits from Project Accelerate are designed to allow Ingham's to remain competitive, mitigate inflation costs and contribute to profit growth PAGE // 13

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