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FY2015 Full Year Result

FY2015 Financial Result Announcement

Bega Cheese Limited today announced a normalised earnings before interest, tax, depreciation
and amortisation (EBITDA) of $55.7 million and a normalised profit after tax (PAT) of $22.0 million,
in line with previous guidance issued to the market on 19 May 2015.

The normalised result excludes the impact of the Milk Sustainability and Growth Program. The
statutory results when including the effect of this program in FY2015 was an EBITDA of $42 million
and PAT of $12.4 million.

While the result was down on FY2014 (which included the sales of Warrnambool Cheese and
Butter shares), the business has responded well to a substantive and sustained contraction in
global dairy commodity prices throughout the year and strong competition for milk supply.

Bega Cheese generated revenue totalling $1.1 billion in FY2015, an increase of $43 million.

The benefit of Bega Cheese’s value adding strategy was demonstrated through strong revenue
growth in the consumer packaged goods and nutritionals platforms. These platforms grew by a
combined $72 million in revenue and highlight the strength in demand for consumer goods, infant
formula and growing up powders.

While the value added platforms performed well in challenging circumstances a $29 million
reduction in returns from global commodity sales significantly impacted financial outcomes for the

Bega Cheese continues to express optimism for the outlook for the business. The company
achieved a number of key strategic milestones in FY2015 including a step change in milk supply
sourcing through its Milk Sustainability and Growth Program, bringing to full production of its new
infant blending and canning plant at Derrimut and the strong growth of its consumer goods and
nutritional platforms.

The positive outlook, strong business platforms and balance sheet supported a full year dividend
outcome consistent with the previous year of 8.5 cps (H2 4.5 cps).

In commenting on the progress of the business Executive Chairman Barry Irvin noted “Bega
Cheese has continued to invest in the future, adding capability and capacity in higher value add
consumer goods and nutritionals platforms. It is pleasing to see that these strategic investment
initiatives have enabled the business to maintain its growth momentum even though the global
dairy industry has seen a major contraction in the value of dairy commodities”.

August 27, 2015
For further information please contact:
Barry Irvin Executive Chairman Bega Cheese
02 6491 7720