Investor Presentaiton

Acquisition Risks Restraints and Exclusivity A number of contracts associated with the LDD Business include provisions that impose restraints including provisions requiring the relevant LDD Group entity to deal exclusively with the counterparty. These provisions may restrict the ability of Bega to make adjustments to the LDD Business. Competition Risks The LDD Business operates in a highly competitive market. Many competitors and potential competitors are significant and well-funded multinational food and beverage producers who could materially impact the LDD Businesses' market share by entering or increasing their prominence in the categories the LDD Business operates in. Acquisition accounting risk Australian Accounting Standards require an allocation of fair value of assets and liabilities acquired. This exercise has not yet been undertaken for the Transaction. There is a risk that this acquisition accounting could materially impact the balance sheet and/or future earnings profile of the business. The Company has 12 months from the date of acquisition to finalise the provisional purchase price accounting. Page 48 Bega

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