Strategic Financial Overview

Strategy update Energy costs Feed prices Energy cost increases continue to flow through - new 3 year gas contract secured to provide cost certainty through to FY21 INGHAM'S Heart of the Table - 100% of electricity supply for FY19 and 20% of 1H FY20 secured through progressive procurement > All industry participants face similar challenges, evidenced with recent market price increases Continue to focus on offsetting increases via Project Accelerate initiatives and pass on where necessary > Expect to benefit from recent capital investment in more efficient greenfield sites and DCs Feed prices have continued moving higher driven by dry conditions in Australia Over 60% of Australian poultry volumes supplied with feed pass through mechanisms and other cost adjustments Our forward coverage extends approximately 9 months (similar to that previously communicated) > Poultry prices increasing in the market in line with feed price movements as per historical trends Smaller feed customers under pressure from rising feed prices in Australia, impacting on volumes e.g. Red Lea > NZ feed prices tend to be more stable and dairy demand is strengthening PAGE // 14

View entire presentation