Heart of the Table - Financial and Strategy Update

Outlook INGHAM'S Heart of the Table > Strategy implementation remains on track, with further opportunities identified > Accelerate benefits expected to continue to underpin cost reduction and profit improvement as planned > Increases in energy and feed costs expected to continue and, where they are unable to be offset, flow through to market price increases consistent with recent experience 1H seasonality skew more evident in 52 week year > New Zealand market dynamic remains challenging > Some third party feed customers continue to struggle with rising prices > Further asset sales expected to offset further restructuring costs in FY18 > Capital management options under review > Dividend policy remains unchanged PAGE // 18

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