Investor Presentaiton

Sources and uses of funds Transaction funding structure Sources and uses of funds Debt facilities Entitlement offer Bega has secured a $70 million increased facility limit of Syndicated Revolving 1 to $140 million, with a 2-year term. Furthermore, Syndicated Revolving 2, with a facility limit of $140 million, has been renewed for 2 years This increases Bega's existing core debt facility limit from $517 million to $587 million to support the acquisition of LD&D Bega has also obtained an acquisition facility¹ of $500 million Financial covenants remained unchanged A 1 for 4.5 pro-rata accelerated non-renounceable Entitlement Offer to raise gross proceeds of up to $220 million Sources of funds Placement Entitlement offer New and extended debt facilities Acquisition facility Total sources of funds Uses of funds Acquisition price Stamp duty and acquisition transaction costs² Capital raising and debt funding costs³ 4 Placement An institutional placement of $181 million Page 28 Upfront integration costs Additional transition separation costs Total uses of funds $m 181 220 210 57 668 $m 534 42 11 21 21 60 668 1 Acquisition facility term is 6 months 2 This includes estimated stamp duty ($35.0 million) and acquisition transaction costs ($7.3 million) 3 This includes $2.5 million of debt upfront fees and $8.5 million of Capital Raising transaction costs 4 This reflects an estimate of upfront integration costs ($20.8 million) required shortly following the Transaction 5 This includes IT separation costs ($37.0 million), additional transitional operating costs ($15.8 million) and upfront capex ($7.2 million) expected to be incurred during the 12 months following the Transaction Bega

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