Investor Presentaiton

General Bega Investment Risks Government policies and legislation risk Bega may be affected by changes to government policies and legislation, including those relating to the agricultural industry, property, the environment, taxation, the regulation of trade practices and competition. Changes in accounting policy Bega is subject to the usual business risk that there may be changes in accounting policies which impact on Bega. Taxation implications Future changes in Australian taxation law, including changes in interpretation or application of the law by the courts or taxation authorities in Australia, may affect taxation treatment of an investment in Bega shares, or the holding and disposal of those shares. Further, changes in tax law, or changes in the way tax law is expected to be interpreted, in the various jurisdictions in which Bega operates, may impact the future tax liabilities of Bega. Asset impairment risk The Bega's Board regularly monitors impairment risk. Consistent with accounting standards, Bega is periodically required to assess the carrying value of its assets, including its brands. Where the value of an asset is assessed to be less than its carrying value, Bega is obliged to recognise an impairment charge in its profit and loss account. Impairment charges can be significant and operate to reduce the level of a company's profits and, potentially, its capacity to pay dividends. Impairment charges are a non-cash item. Dividend risk There is a risk Bega may cease to be able to continue to pay dividends consistent with prior periods or at all. ASX Listing ASX imposes various listing obligations on Bega which must be complied with on an ongoing basis. Whilst Bega must comply with its listing obligations, there can be no assurance that the requirements necessary to maintain the listing of the New Shares will continue to be met or will remain unchanged. Page 50 Bega

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