Investor Presentaiton

General Bega Investment Risks General market and share price risk The operating and financial performance of the Bega business and the LDD Business will also be influenced by a variety of general economic and business conditions, including levels of consumer spending, inflation, interest and exchange rates, access to debt and capital markets, and government fiscal, monetary and regulatory policies. A prolonged deterioration in general economic conditions, including an increase in interest rates or a decrease in consumer and business demand, may have an adverse impact on Bega's business or financial condition. These factors may cause the price of Bega shares to trade below the price at which they are offered under the Offer, notwithstanding Bega's financial or operating performance. Other Risks The list of risks highlighted here should not be taken as a complete list of risks associated with the LDD Business or an investment in Bega. The risks outlined above and other risks not specifically referred to may in the future materially adversely affect the value of Bega shares and their performance. Accordingly, no assurance or guarantee of future performance or profitability is given by Bega in respect of Bega shares. Share price and volume fluctuations Securities may experience extreme price and trading volume fluctuations. Following the Capital Raising, there may not be an active trading market in Bega's shares. If a market is not sustained, it may be difficult for investors to sell their shares at a price that is attractive to them or at all. The price of the New Shares may not be representative of the price that will prevail after the Capital Raising. The equity market has experienced price and volume volatility that has affected the share price of many companies, including as a result of new or changed governmental measures, business closures, lockdowns, quarantines, travel and other restrictions. Security prices for many companies have experienced wide fluctuations that have often been unrelated to the operating performance of those companies. Fluctuations such as these may adversely affect the market price of Bega's shares. Economic risks Bega is exposed to economic factors in the ordinary course of business. Factors such as changes in fiscal, monetary and regulatory policies can adversely impact Bega's earnings. Given that interest rates in Australia are at historically low levels, there is a likelihood of some increase in the medium to longer term. Page 49 Bega

View entire presentation