Strategic Financial Overview

Segment Information - New Zealand $ millions (AUD) Jun-18 Jun-17 Variance % New Zealand Poultry volumes (kt) 76.8 73.5 3.3 4.5 Feed volumes (kt) 137.3 123.2 14.1 11.4 Revenue 370.0 361.3 8.7 2.4 EBITDA 36.8 36.2 0.6 1.7 EBITDA % 9.9% 10.0% -0.1% Waitoa Only FREE RANGE Chicken NEW Waitoa Only FREE RANGE Chicken Premium Chicken Fillet Burgers. Ancient Grains New Zealand Free Range marinated whole muscle chicken breast fillet. delicately coated with Ancient Crains (quinoa, buckwheat, oats). Family Roast Couscous & Herb Stuffing Fresh marinated whole chicken filled with a delicious Couscous & Herb stuffing and delicately sprinkled with a herb seasoning. the WHOLE BAG Summary: New Zealand INGHAM'S Heart of the Table > Poultry volume growth driven by QSR and Retail > Challenging market conditions deteriorated further in the 2H due to competitor volumes produced for export but being cleared through domestic channels > FY trading performance reflects increased price competition due to oversupply in the domestic market > Successful focus on higher value channels and products, leveraging the strong brand position of Waitoal Continue to focus on operational efficiencies driving improved performance > Disciplined working capital performance Third Party Feed sales Recovery in dairy feed volumes as dairy demand has improved on the back of strengthening milk prices Third party chicken feed sales in line with expectations 4 Fillets Grown in the Ethically Valies of Waikato No Added Hormones NET 400g Grown in the valleys of Wato Ethically Baland No Added Man NET 15 Note: All financial numbers are in AUD Note: FY17 pro forma based on 52 weeks. A reconciliation between FY17 pro forma and statutory results is included in the Appendix PAGE // 6

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