BEGA CHEESE LIMITED — Major Shareholding Notification 2020

Apr 16, 2020

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ASX ANNOUNCEMENT

Notification of Change in Shareholdings

In accordance with Listing Rule 3.19 Bega Cheese (ASX : BGA) gives notice that it has become aware of the following changes of 1% or more in the relevant interests held in Bega Cheese shares as at 14 April 2020:

Perpetual Limited now hold a relevant interest (including shares held in nominee companies) of 10.04% in Bega Cheese shares.

The Constitution of Bega Cheese contains provisions that set maximum shareholdings. The Constitution prescribes that no person, together with his or her associates (as defined in the Corporations Act), can have a relevant interest (as defined in the Corporations Act) in a number of Bega Cheese shares greater than 15% of the total number of Bega Cheese shares on issue (Shareholding Limit). The Shareholding Limit will remain at 15% until 16 August 2021, at which time the Shareholding Limit will cease to apply.

If a person holds shares in excess of the Shareholding Limit (Excess Shares), all rights to vote and receive dividends on the Excess Shares are suspended while the breach of the Shareholding Limit continues. A shareholder who is paid a dividend or other distribution on Excess Shares is required to refund that dividend or distribution to Bega Cheese on receipt of a written notice from the company. The Directors may also, by written notice, require divestiture of Excess Shares.

17 April 2020

For further information please contact

Brett Kelly Company Secretary Bega Cheese Limited

02 6491 7777