Ingham's Group Highlights and Financial Update

Financial highlights - FY19 vs FY18 INGHAM'S Heart of the Table Core Poultry Volume Gross Profit Underlying Gross Profit EBITDA Underlying EBITDA Underlying Cash NPAT NPAT Conv EPS Underlying EPS Final Dividend Ratio 414.9kt ↑ 4.3% $483.8m ↑ 1.4% $480.2m ↑ 3.0% $242.2m ↑ 14.2% $208.6m ↑ 2.9% $126.2m ↑ 10.1% $103.2m ↓4.4% 112.7% 15.9% 34.0 cps 27.8 cps 10.5 cps ↑ 13.0% ↓2.1% Financial performance Core poultry volume grew at 4.3% (total poultry volume including Ingredients grew at 2.4%) Underlying EBITDA growth of 2.9% to $208.6m excluding profit on sale, restructuring and Mitavite Profit on sale of assets of $49.7m offset by restructuring initiatives of $18.3m, net impact $31.4m Underlying NPAT decline of 4.4% to $103.2m due to the increase in the effective tax rate > Underlying Earnings Per Share (EPS) decline of 2.1% to 27.8 cps¹ Final dividend of 10.5 cps. Total dividend for FY19 of 19.5 cps - 70% of underlying NPAT Net Debt of $263.8m (underlying leverage ratio 1.3x) post capital return of $125.5m (33 cps) and on-market buy-back $36.4m > Cash position strong with operating cash conversion of 112.7% and cash on hand of $134.5m 1. EPS calculation based on shares on issue at Jun-19 371.7m and Jun-18 380.2m PAGE // 4

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