Investor Presentaiton

Trading update Strong performance in branded business, with continued focus on cost reduction initiatives Strong retail sales performance from branded business driven by heritage brand performance and product innovation Execution of organisation review delivering headcount reduction and material savings in non-manufacturing costs Continued reduction of manufacturing costs and optimisation of secondary manufacturing footprint Koroit Lactoferrin plant is operational and producing volumes in line with contractual agreement Favourable domestic seasonal conditions with solid rainfall across the Eastern Seaboard Stable global dairy commodity prices Continued softness in infant formula market Infant formula market has softened due to pressure on distribution channel On track for FY21 consensus¹ We remain comfortable with the normalised EBITDA consensus for the core Bega business (excluding LD&D), which represents strong year-on-year growth from FY20 Page 32 * See note 32 (Annual Report) for details about restatements 1 EBITDA $124 million as at 24 November 2020 Bega

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