Investor Presentaiton

Substantial synergy opportunity Page 24 Synergy Drivers Corporate reorganisation Milk supply and operation Indirect procurement Cultural alignment Integration and optimisation of corporate support functions IT systems, commercial cross-over as well as finance functions and processes Coordinated approach to mitigate disruption to the underlying business and prioritise stability and continuity of customer relationships Access to a greater milk supply network and favourable milk demand patterns Opens up opportunities for joint optimisation and efficiency Cost to serve improvements through protein standardisation and route optimisation among the leading opportunities Opportunity to leverage Bega's significant knowledge of lean and innovative food manufacturing processes Leveraging purchasing from common indirect categories Primarily driven by packaging, media, MRO and services Cultural fit through heritage, community, customers and suppliers provides stability Track record for building long-term partnerships supporting integration Strong employee engagement and low turnover rate instilled across both businesses Ensuring cultural standards appreciated and maintained High confidence in base case synergies $41 million per annum Bega

View entire presentation