Investor Presentaiton

250 300 EXTERNAL FEED MARKET OBSERVATIONS INGHAM'S Always Good FEED COSTS HAVE INCREASED SUBSTANTIALLY DUE TO VOLATILITY IN INTERNATIONAL MARKETS Delivered feed cost contains cereal grains, protein meals, vitamins and minerals. Feed cost also includes transport and milling cost Grain imported into New Zealand operations is purchased from the international market $A per metric tonne 500 Spot wheat price¹ & spot CME 1,2 soymeal futures (as observed by Ingham's) 800 1H23 P&L 750 450 Wheat (A$) 400 700 650 800 1H23 P&L 700 600 Long term wheat & soymeal pricing 1,2 $A per metric tonne Wheat ($A) CME Soy ($A) 1H23 P&L 350 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4 Wheat Soymeal FY 21 Q1 FY21 Q2 FY21 Q3 FY 21 Q4 FY 22 Q1 FY 22 Q2 FY 22 Q3 FY 22 Q4 FY 23 Q1 FY 23 Q2 600 CME Soy (A$) 550 500 450 400 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4 FY21 Q1 FY 21 Q2 FY 21 Q3 FY 21 Q4 FY 22 Q1 FY 22 Q2 FY 22 Q3 FY 22 Q4 FY 23 Q1 FY 23 Q2 500 400 300 200 FY 14 Q1 FY 14 Q3 FY 15 Q1 FY 15 Q3 FY 16 Q1 FY 16 Q3 FY 17 Q1 FY 17 Q3 FY 18 Q1 FY 18 Q3 FY 19 Q1 FY 19 Q3 FY 20 Q1 FY 20 Q3 FY 21 Q1 FY 21 Q3 FY 22 Q1 FY 22 Q3 FY 23 Q1 Global supply remains tight. Despite the limited resumption of exports from Ukraine uncertainty surrounding trade flows from the Black Sea region remain Dry seasonal conditions continue to negatively impact a number of key major wheat-exporting countries, such as Argentina and the United States While wheat prices stabilised during 1H23, wheat pricing (in AUD terms) at the end of the half is observed as being 18.5% higher versus 2Q FY22 Extensive rains and flooding in Eastern Australian wheat growing areas only resulted in minor crop damage limiting price discounts for lower quality wheat ABARES forecasting a new wheat production record of 36.6 million tonnes Pricing remains elevated versus historical levels reflecting continuing poor growing conditions in North and South America; all-in costs have increased in AUD terms once higher freight and logistics costs are included - CME pricing data does not include freight and logistics costs Soybean pricing (spot CME in AUD terms) at the end of 1H FY23 is observed as being 24% higher versus the prior corresponding period - CME data above does not include transport and logistics costs Demand is expected to remain strong in 2022-23 Quarterly spot price data is based on the average of daily observations during the period and is shown for illustrative purposes only. Ingham's actual consumption prices will differ due o the purchase of delivered grain/soymeal as well as level of forward cover of between 3 - 9 months. Chicago Mercantile Exchange 1. 2. 17

View entire presentation