Name of PresentationFebruary 17 2016

Barry Irvin AM – Executive Chairman

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Infrastructure Bega Bega

Bega Strathmerton

Dairy Production (Cheddar Cheese, Stringers)

Processing and Packaging(Cut and Pack Cheese)

Infant Nutritionals, Lactoferrin, D40, Cream Cheese, Skim and Whole Milk Powder, MPC, Butter

Processing and Packaging (Cut and Pack Cheese)Dairy Production

(Cheddar Cheese)

Processing and Packaging (Infant Nutritionals)

Derrimut

Bega Coburg

Tatura

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Product Range

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Customer Relationships

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• Identifying opportunities for commercialisation in a number of areas

• Investing in bio nutrient extraction infrastructure

• Progressing strategic alliances with commercial partners and research centres

• Beyond dairy

Bio nutrient Platform

Bega Bio nutrients IntroductionA Division of Bega Cheese

A bio nutrient is a natural ingredient that, in addition to its nutritional value, has at least one specific health benefit.

What is a Bio Nutrient

o Bio nutrients are derived from natural sources such as dairy, plants or microorganisms and include:

• Lactoferrin (milk fraction) èImmunity èCold prevention…• Phaselite™ (White kidney bean extract) èAmylase inhibition èWeight Management• Omega-3 DHA (fish or micro-organisms extract) èMulti purpose è Cardiovascular disease,

cognitive functionso Typical daily dosages range from milligrams to grams

o Retail Products• Supplements, OTC (e.g. tablets, hard or soft gel capsules, syrups, sachets). • Nutritionals (e.g. infant formula, adult powders and Ready To Drink’s). • Health foods (e.g. bars, functional yoghurts, beverages).

o Retail Outlets• Pharmacy • Vitamin and health shops• Online/e-commerce• Supermarkets

Market ChannelsBionutrients are widely used and visible in consumer everyday life.

NORTH AMERICA• US$ 98.5bn • Stable Market

EUROPE• US$ 56.3bn • Stable Market

Market Size and GeographyEurope, North America, and APAC are the major markets.

OCEANIA• US$ 7.3bn• Growing Market

CHINA • US$ 76bn• Growing Market

SEA• US$ 16bn• Growing Market

JAPAN, SOUTH KOREA & TAIWAN• US$ 38.4bn• Stable Market

SOUTH AMERICA• US$ 47.7bn • Growing Market

Proprietary Bio Nutrients

Evolution of regulation to increase safety and

substantiated health claim

Market opportunity for Proprietary bio nutrients

More regulations

Investments in toxicology and clinical

studies

Online information

Food scandals

Less health care

Health concerned

Market Development

of bio nutrients with scientific background

Consumer trends

Bega Bio Nutrients Bega Bio nutrients develops and supplies products serving a range of health areas

FRACTIONS FROM MILK AND WHEY

Lactoferrin ü ü ü ü ü ü ü ü ü

Lactoperoxidase ü ü ü ü

Milk Protein Fraction ü ü ü ü ü ü ü

α-Lactalbumin ü ü ü ü ü ü ü

HYDROLYSATES

Protein Isolates ü ü ü

Whey Peptide (muscle recovery) ü ü

Casein Peptide ü ü

Whey Peptide (glycemia) ü

STRATEGIC PARTNERSHIPS

Casein Phosphopeptide ü ü ü

Phaselite™ (Plant Extract) ü

Cartidyss™ (Marine Extract) ü ü ü ü

Specialty Blends ü ü

Product Portfolio and Health Benefit CategoriesOur focused product portfolio supports a wide range of potential health benefits.

Markets Finished products EXAMPLES

Supplements and OTC

• Tablets• Sachets • Capsules• Syrups

Health foods

• Dairy products(yogurts, liquid, fermented beverages, cheese….)

• Beverages(sport drinks, herbal drinks, ‘Vitamin waters’)

Nutritionals

• Infant formula powders/RTDs• Adult nutritionals• Sports nutrition• Medical nutrition

Increased capability supporting Bega Nutritionals platform

End MarketsOur ingredients will be used in finished products found in three key markets.

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Bega

Bega Strathmerton

Derrimut

Bega Coburg

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

0

100,000

200,000

300,000

400,000

500,000

600,000

Group Sales

Consolidated Total Assets

Tatura

Bega

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support

ownershipagility

think

value

dream

thankrespect

manners

celebrate

create

imagine

include

innovate challenge buildfuture

curiosity

Thank you

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The following disclaimer applies to this presentation and any information provided in this presentation (Information). You are advised toread this disclaimer carefully before reading or making any other use of this presentation or any Information.This presentation has been prepared by Bega Cheese Limited ACN 008 358 503 (Bega Cheese) on information available at the time of itspreparation. The Information is in summary form and does not purport to be complete. Except as required by law, no representationor warranty, express or implied, is made as to the fairness, accuracy, completeness, reliability or correctness of the Information,opinions or conclusions, or as to the reasonableness of any assumptions.Certain statements, particularly those regarding possible or assumed future performance, costs, returns, prices, potential businessgrowth, industry growth or other trend projections, and any estimated company earnings or other performance measures, are, or maybe, forward looking statements. Such statements relate to future events and expectations and as such involve unknown risks anduncertainties, many of which are outside the control of or unknown to Bega Cheese and its officers, employees, agents or associates.Actual results, performance or achievement may vary materially from any forward looking statements and the assumptions on whichthose are based, and such variations are normal and to be expected.The Information also assumes the success of Bega Cheese’s business strategies. The success of the strategies is subject to uncertaintiesand contingencies beyond Bega Cheese’s control, and no assurance can be given that the anticipated benefits from the strategies will berealised in the periods for which forecasts have been prepared or otherwise. Given these uncertainties, Bega Cheese cautions investorsand potential investors not to place undue reliance on these forward-looking statements.The Information may be changed at any time in Bega Cheese’s absolute discretion and without notice to you. Bega Cheese undertakesno obligation to revise the forward looking statements included in this presentation to reflect any future events or circumstances,except as required by law or any relevant regulatory authority.The release, publication or distribution of this Information in jurisdictions outside of Australia may be restricted by law and you shouldobserve any such restrictions. This Information does not constitute investment, legal, accounting regulatory, taxation or other adviceand the Information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financialsituation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for makingyour own independent assessment of the Information. You are solely responsible for seeking independent professional advice inrelation to the Information and any action taken on the basis of the Information. No responsibility or liability is accepted by BegaCheese or any of its officers, employees, agents or associates for any of the Information or for any action taken by you on the basis ofthe information.

DISCLAIMER