Strategic Financial Overview

Group highlights Delivering on our strategy - growing volumes and earnings with strong cash flow Highlights INGHAM'S Heart of the Table > Chicken remains the competitive protein with 3.2% growth across ANZ in core Chicken & Turkey volumes > Strategy implementation continues to deliver improved returns despite a challenging New Zealand market > Rising energy, feed and insurance costs continue to be offset by strategic initiatives or price increases > Price increases in the range 5% to 8% plus passed through in AUS across all channels in recent months > Strong operating cash flow generation supported by working capital management and strategic asset sales > Leverage ratio reduced to 0.7x Project Accelerate continues to deliver in line with expectations, with further benefits to be delivered 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 FP network optimisation announced in June 2018 Progress made on identifying further opportunities in processing, farming and feed Strategy progress - focus on profitability and capacity rationalisation in third party feed sales > Capital investment in capacity and efficiency continues as planned new South Australian feed mill expected to be in commercial production in Q1 FY19 investment in new NZ Breeder facilities expected to be completed by end of H1 FY19 further investment planned in WA with a new Feedmill and a Hatchery to be operational in FY21 PAGE // 3

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