BESTON GLOBAL FOOD COMPANY LIMITED ANNUAL GENERAL MEETING

Held at Hilton Adelaide, Ballroom C,

Level 1, 233 Victoria Square, Adelaide, South Australia on

Wednesday 22 November 2017 commencing at 10.30 am (Adelaide time / ACDT).

SLIDE 1 – INTRODUCTION

Good morning Ladies and Gentlemen. On behalf of the Board, I would like to welcome you to Beston Global Food Company’s Annual General Meeting. I am Roger Sexton, the Chairman of Beston Global Food Company.

I ask that you ensure that your mobile telephones are on silent mode or switched off.

SLIDE 2 – AGENDA

At today’s meeting, we have a number of formalities to deal with inclusive of the consideration of the Group’s 2017 Annual Report, the adoption of the Remuneration Report, and the re-election of several Directors.

SLIDE 3 – WELCOME

With me, sitting at the front of the room, are your Directors:

Catherine Cooper

Petrina Coventry

Stephen Gerlach

Jim Kouts

Ian McPhee

The Company’s CEO: Sean Ebert, and

Company Secretary, Richard Willson

I am also pleased to welcome Mark Phelps representing our auditors Ernst & Young, our legal counsel Andrew Corletto from Minter Ellison, and Link Market Services, who will assist as required in the counting of votes in respect of all resolutions to be put to the meeting.

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I am also pleased to welcome our many guests from interstate and overseas. These include:

• Mr SHEN Weibin (Lotus Supermarkets, China)

• Mr YE Lifeag (Lotus Supermarkets, China)

• Mr SHEN Zihao (CEO, DHG Group, China)

• Mr MA Yuan (General Manager of Investment, DHG Group, China)

• Mr Mamun Rahman (Bangladesh)

• Mr Alex Anastasiou (Morgans, Melbourne)

SLIDE 4 – Apologies

We have received apologies from:

• Mr Dequan Liu

• Ms Donny Walford

• Ms Sophie Mitchell

• Mr John Polinelli

Are there any other apologies?

We will now proceed with presentations on our Annual Report. I would be grateful if you could hold any questions that you might have on theses presentations, or on the Annual Report itself, until the end of the presentations.

Can you also please hold onto the registration slips you were given on your arrival today, as these could become quite valuable. I will explain why a little later. Should you need to leave before the conclusion of our proceedings today, can you please write your name on the slips and hand them back to the Link Market Services staff as you leave.

SLIDE 5 - CHAIRMAN’S REPORT

Last year at this AGM, I spent some time in my Chairman’s Address explaining the origins of our Beston Global Food Company, and our Business Model. I also explained how we were seeking to capitalize on two critical, emerging problems that are facing the worlds growing population, namely that of Food Security and Food Safety.

Our Chief Executive, Sean Ebert, will shortly outline the operational and financial achievements that have been made by the Company over the 2016-17 financial year. But before he does so, I would like to sketch out a broad picture for you so that you are better able to put the information to be provided by Sean into its proper context.

A few weeks ago, I sat down and pulled out all the statements of objectives that we had written into the Prospectus document for our IPO. I did this in part to check that we are on track to achieve all the objectives that we said we would achieve at the time of the IPO (which I am pleased to report, we are.... indeed, I have calculated that we have achieved 97% of our IPO objectives to date).

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But I also went through this exercise so as to ensure ourselves that our business plan or "compass" as reflected in the "North Star" of our Company logo was continuing to take us in the right direction, given all the disruption that has occurred in the Australian Dairy Industry in recent times and given all the changes in the various markets in which we operate.

I would like to share the results of this exercise with you so as to give you an understanding of our business plan and the strategies being implemented by your Board of Directors.

SLIDE 6 – BUILDING SHAREHOLDER VALUE

There is an old saying in the investment community which says that: "You make your profit when you buy". A key to the short, medium and long term success of BFC has been to ensure that we buy assets at the "right price", and at the "right time" in the cycle.

It is clear that we have achieved both of these objectives...and in the process, have built considerable shareholder wealth already.

In order to enter the Dairy Industry as a start-up Company, it was important that we acquired productive assets (i.e., farms and factories) at prices which would both:

• enable us to withstand the volatilities of an industry undergoing

enormous change;

and

• enable us to achieve returns on those assets which exceeded those of our

competitors and thereby build in the financial leverage to enable us to grow.

As set out in the IPO Prospectus, we acquired the dairy factories and assets of the former business of United Dairy Power at Murray Bridge and Jervois for the total sum of $4.5 million, excluding stamp duty. These assets were transferred into the IPO at precisely the same figures as we had acquired them, so as to share the upside benefits with our shareholders.

SLIDE 7 – DAIRY DIVISION ASSETS

Notwithstanding that the factories had been closed by the Receiver and had to be re-started by BFC, the price we paid for these assets was a long way below their replacement cost. To give you an idea of just how far below replacement cost we bought these assets, we have recently been required by our Insurers to submit to a formal valuation of these assets as part of our annual re-insurance program.

The current replacement cost of the buildings and plant and equipment that we have today at Murray Bridge and Jervois, as determined independently on behalf of the insurers, is $144 million – and this doesn’t include the value of our land holdings.

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In other words, our Company and our Shareholders in BFC are sitting on productive assets in our dairy business which were acquired at a very substantial discount to current replacement values.

If you look at the current replacement values of the core assets in our Dairy Division in Slide 7, you will note that a similar pattern applies to the other assets acquired for our dairy business. While the acquisition discount was not quite as large, we were able to purchase our dairy farms at bank debt prices and our Dairy Fractionation Plant (Dairy Protein Plant) at a price of $7 million versus its construction and fit out cost of $21 million.

As shown in Slide 7, the total replacement value of our Dairy Assets, based on recent insurance valuations, is around 5 times our purchase prices.

The additional intrinsic value which we have created for our shareholders over the past two years in our dairy business alone translates to over 40 cents per share on top of the net assets per share of 30.26 cents shown in the 30 June 2017 balance sheet. These numbers do not of course include any uplift in values created in other parts of the business (such as with brands and technology) which I will touch on later.

As you will appreciate, it is far easier to achieve respectable returns on assets (i.e., in excess of normal commercial benchmarks) when those assets are acquired at prices below market levels. Indeed, with the annualized milk volumes which we are now putting through our dairy factories (90 million litres per annum currently), we have significantly turned around our dairy business… by some $1.4 million from the prior year. This uplift in our dairy business is expected to be even greater in this 2017-2018 year with the increased milk supply which we are now putting through our factories.

In short, our dairy business is going very well, and we are positive about its outlook. We believe that we have positioned our dairy business to capitalise very effectively on the rationalisation which is taking place in the Australian dairy industry.

SLIDE 8 – DAIRY INDUSTRY RATIONALISATION

In recent months, we have seen a lot of takeover activity occurring… at quite extraordinary prices… which will result in a lot of consolidation over future months with much of the ownership of Australia’s dairy processing industry passing into the hands of foreign companies, as shown in Slide 8.

Our Company has the opportunity, with our production capacities and the work we have done to build our brands and our market presence, to be the “Third Player” in the Australian Dairy Industry going forward. This is an exciting place to be right now, as demonstrated by the steady stream of major new Australian and global customers which are knocking on our doors. These include Guzman y Gomez, a fast growing, high quality Mexican fast food franchise with operations, and some 90 stores in Australia and overseas, and a number of major new retail supermarket customers in China and Asia.

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As our CEO will explain shortly, we have sold all of the cheese inventories that we had built up to 30 June 2017 and have already pre-sold our cheese production for December.

The decisions we took in the 2016-17 financial year to further build out our Dairy Division are proving to be the right decisions and are bearing results. Indeed, our decisions reflect the overall strategy enunciated in our IPO Prospectus to take the underutilised assets which we acquired in each of our four Divisions; dairy, meat, seafood and health and nutrition… and build these out to maximise their potential and achieve sustained earnings and value growth.

Internally, within the Company, we talk about our activities in this regard as “popping our profit cells” to realise their potential.

Dairy is at the heart of BFC right now. We have further work to do in lifting the overall performance of this Division but are confident that the hard work over the past 12 months we have done will see the results flowing through over this next 12 months, and particularly from January onwards as our Mozzarella plant comes on stream.

We are also working on our other divisions to “pop” their profit potential. Our next cab off the rank in this regard is our Meat Division. I will report on the progress we are making with this Division shortly.

SLIDE 9 – FINANCIAL PERFORMANCE

The statutory financial results for the Company, as prepared under Australian Accounting Standard Board (AASB) requirements, were both " sweet and sour " in the sense that sales revenues increased by 49% to $23.8million (excluding the revenues of invested companies) but net profit after tax was a loss of $7.7million.

It is important when looking at our Company results, like other companies, to recognize that the Consolidated Statement of Comprehensive Income and the Consolidated Balance Sheet are static reports which relate specifically to the relevant financial year (that is, to the 2016-17 financial year).

The reason to hold Annual General Meetings such as this is amongst other things, so that the Board and Management can provide a “look through” for Shareholders to give you some further insight into what is, behind our statutory results.

So, I would like to spend a few minutes explaining the short-term picture, as reflected in our 2016-17 reported results, and then go on and talk briefly about the medium to longer term picture.

As we have stated in our Annual Report, the bottom line result in the last financial year of a $7.7million loss was disappointing and certainly fell short of our budget expectations. That said, the result also masked the real achievements which were made in the Company over the last twelve months.

The reason for the lower than expected bottom line result related primarily to two key events:

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• the extremely wet winter at the start of the 2016-17 year which resulted in lower

than expected milk production on our own farms (which was compounded by lower

milk available for contract tolling, for the same reasons).

and

• lower than expected sales from China in the first half (which was also exacerbated by

a number of regulatory changes in China which restricted our ability to take some of

our products into the China market for various periods of time).

All of our Investee Companies incurred losses for the 2016-17 financial year, and our share of those losses of $0.8 million is reflected in the $7.7 million loss reported.

When you look through this bottom line result, however, it can be seen that:

• Sales revenues for the Company overall increased by 49% during 2016-17

• Sales revenues in the ASEAN region increased by over 200%.

• Inventories of Cheese increased substantially to close at around 7.0 million as at 30

June 2017.

An important point to note, in relation to our Cheese inventories, is that the milk which goes into the cheese is paid for within 30 days. It is then processed into cheese and matured for 3 months or more and then sold with the payment being received some 9 to 10 months after the milk was paid for.

In other words, the cost of the milk is recognised within 30 days of the milk being delivered to the factory, but under the Revenue Recognition provisions of Accounting Standards, the revenues do not go into the P+L until the cheese is sold and paid for some 9 to 10 months later. All of the cheese inventory in our balance sheet at 30 June was financed from operational cash flows without accessing debt.

Another important point to note also, in doing a " look through" on our 2016-17 results, is that this last financial year was a year in which we undertook significant capital investment to achieve our medium-term Company "build out" objectives.

These objectives were to build a portfolio of brands, increase the capacity of our factories, increase our milk supply and increase our capabilities. These objectives were set by the Board to ensure that the business was in a position to take advantage of the opportunities emerging from the transformation of the dairy industry supply chain in Australia but also to focus on growing long term shareholder value.

Let's have a look at these "build out" investments in a bit more detail:

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SLIDE 10 - BRANDS In our Annual Report, we reported on the work which we have done over the last year in building our portfolio of brands. A key point to recognize in this regard is that all the brands we have developed, aside from our Investee Companies, have been developed in- house, from scratch.

Moreover, in most cases, they have been introduced into the market place and have been generating sales within a space of 12 months. We believe that this is an enormous achievement by our Company and by our staff, considering the competitive landscape that exists for food and beverage companies.

The brands I refer to are 100% owned by BFC. We have developed 11 new brands and 54 new SKU’s (Stock Keeping units) since our IPO.

From an investor standpoint, you will recognize that brands have value. The higher the sales attributed to a brand, the higher the value.

As with our cheese inventory, the cost of building these brands has been incurred in the 2016-17 financial year without any of the benefits being brought to account. The intangible assets shown in our balance sheet are mainly lobster licenses and water licenses. The value of our brands is not as yet reflected in this balance sheet item.

SLIDE 11 – PRODUCTION CAPACITY

FY2016-17 was a year of capital investment into the business, to take advantage of the opportunities emerging in the Australian dairy supply chain and to better position the business over the longer term. The capital investment encompasses building brands for our new products, increasing our manufacturing capacity and also to increase our capabilities across the business.

The alignment of our investment in infrastructure with our long-term strategy we believe, is one of the strengths of our business.

The largest investment in the year has been the commissioning of the mozzarella plant. The non-capitalised factory refurbishment expenditures associated with the installation of the mozzarella line at the Jervois factory have been undertaken to increase our manufacturing capabilities and will allow us to increase our product range to customers through various wholesale, food service and retail channels.

At our Murray Bridge factory, we had two major capital investment projects over the course of the year:

• The first was the commissioning of the hard cheese line. This has allowed us to

produce Parmesan, Tilsit and Raclette premium hard cheese varieties.

• The second major capital investment at Murray Bridge over the year was to acquire

the remaining assets and brands from Australian Provincial Cheese and to move all

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the manufacturing of the Mable’s and Grange Peak products to the Murray Bridge

facility.

Australian Provincial Cheese was the previous producer of the Mable’s & Grange Peak cream cheese range. We initially held an investment in Australian Provincial Cheese via a convertible note and in September 2016, acquired 100% of the business for $2.2m. This purchase included plant & equipment, intellectual property and all other assets required to continue operations. This purchase has allowed us to leverage the high quality of the product and take it into the retail market and to our international distribution channels in China, Thailand, Singapore and Malaysia where there is strong demand for cream cheese products.

These capital investment initiatives have not only increased our portfolio of products but has also increased our plant efficiencies at the Murray Bridge factory.

SLIDE 12 – MILK SUPPLY

A key objective of the Board and Management in this last financial year has been to build up the supply of milk to our dairy factories.

This is fundamentally important (as you can see in this slide) because the profitability of our factories is exponentially related to milk supply. Once we pass the throughput levels at which our fixed costs are covered, the returns then become directly proportional to the variable costs of production (milk, energy, labour etc.) and rise at an increasing rate as milk throughput increases.

After we re-opened the factories at Murray Bridge and Jervois in October 2015, re-instated the export licenses and substantially re-built and repaired the plant, we kicked off with a throughput of 20 million litres of milk, mainly from our own farms.

Over the past 12 months, we have gradually built our own brand of trust with the dairy farming community through various initiatives (such as the Cheese Bank announced last year), events and networking efforts (which have been explained in detail in our Annual Report). As a result, we now have an additional 70 million litres of milk committed to BFC via supply contacts with farmers, giving us a current, annualised throughput of 90 million litres (excluding toll manufacturing).

As we bring in more milk and move beyond 90 million litres, which we are planning to do progressively over the rest of this financial year, the profitability increases significantly (the marginal revenues from the additional milk substantially exceed the marginal costs of processing and drop to the bottom line).

SLIDE 13 – INVESTMENT IN PEOPLE

Whilst we have invested in our production capacity, brands and capabilities as mentioned above, we have also invested in our people. As we have increased the supply of milk and

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increased the volume of cheese produced, we have invested in our sales teams to ensure our products are being sold through the best channels and to form new customer relationships.

The senior appointments in the year were the appointment of Bastian Bai to head up our China business, Hamish Browning as our General Manager of Operations and Ashley Austin to drive our Australia Retail channel.

We also appointed John Fabrici as Head of International Business. John has come to us from Murray Goulburn where he had a similar role. Apart from a wealth of experience in the industry, John has lived and worked in Japan, Korea and China, so has tremendous in-country knowledge with hands on lessons from being on the ground in these countries.

Our General Manager of Marketing, Celeste Frost, decided to drop back to a part time role during the year for personal reasons and hence we appointed Cate Blackman to this position, as from August 2017. We also appointed Nick Rathjen at this time, as Manager, Investor Relations. Nick replaces Yvonne Tee who has taken maternity leave.

It is important to explain that all these new appointments have been made without any additional cost to the Company as they are absorbed within the Management Fee paid to Beston Pacific Asset Management Pty Ltd (‘BPAM’). This is a fixed fee and the way that the fee is calculated has meant that BPAM has been heavily subsidising the operations of BFC over the last two years… to the benefit of shareholders.

SLIDE 14 – MARKET PENETRATION

One of the key objectives of our Company, as we explained in our IPO Prospectus, has been to build a suite of branded food and beverage products and assets and take them into consumer markets in Australia and the rest of the world.

Our mission since the Company was formed, has been “taking healthy eating to the world’s growing communities with Australia’s best food”. With our direct-to-market distribution model in Australia and Overseas, we are achieving this mission through having a customer centric approach to the way we do business, as our CEO will explain shortly.

We have built… and are continuing to build… strong relationships with domestic and international customers who see us as an emerging food & health market leader. We are incredibly proud of our dairy company customers such as Lion, Moo and Nippy’s and our relationships with retailers MM Mega Market, Spinney’s, Costco, Metcash, Aldi, Lotus, Hema and Walmart.

There has been a great deal of activity on the retail customer front this year which has been led domestically by our strong and growing relationship with Metcash and Costco.

SLIDE 15 – CHINA

The high quality of our award winning dairy products has allowed us to by-pass the normal “category review” and “plan-o-gram” product acceptance cycles which typically operate in retail stores in Australia and have also provided us with the status and credibility to go direct-to-shelf in China and the ASEAN region.

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China has been a core element of our market penetration strategy since listing on the Australian Stock Exchange. We see China, and Asia more broadly, as an important and rapidly growing market. China is now one of the largest markets in the world for imported food and beverage products and is growing every year.

Australia is now half way through the four year transition period of the China Australia Free Trade Agreement (ChAFTA) on our way to 2020, by when we will have zero tariffs on most of our food and beverage products into China. (Slide 15)

As we have explained in our various announcements, we have certainly experienced some challenges and set-backs in the development of our revenue base in China.

Some of these have been related to non-performance against contract by parties in China and some have been related to regulatory changes by Chinese authorities. For example, half way through the year, the Chinese Government changed the scientific definition for many seafood products exported out of Australia to China, including for Southern Rock Lobster. The changes meant that the majority of the products produced by our Investee Company, Fergusons Australia, could not be exported to China for a period of six months, until the issue was sorted out at Ministerial level.

Notwithstanding these various challenges, we have stayed the course in China with our objectives in China, as part of our long-term view on this important and rapidly growing market.

Over the course of the year, we have gradually implemented a “direct-to-consumer” model in China and transitioned our customer base by building relationships with large Chinese retail groups, such as Walmart China, to create long-term sustainability orders that can deliver consistency of earning and higher margins. As part of our direct-to-consumer model, we have launched our unique “Beston Food Pods” into high traffic areas in Shanghai and will be rolling out more of these Pods over the year ahead, as Sean will explain shortly.

Following the launch of these Beston Food Pods last month, we now have two in operation and will shortly be launching our third Pod in a prime position at the Shanghai Railway Station.

The Beston Food Pods have generated a huge amount of interest amongst consumers in China and have provided us with an innovative, physical presence to position Beston Global Food’s products as premium quality, safe, healthy and authentic food and beverage products and further build our brand in the minds of Chinese consumers.

Our plan is to build these Beston Food Pods to around 20 in number across provincial cities in China and then franchise them. Apart from the unique concept and design of the Pods they incorporate the electronic intelligence of our OZIRIS and Brandlok technology which enables consumers to check the ingredients and authenticity of our products before they purchase.

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SLIDE 16 – BESTON TECHNOLOGIES

As you are all well aware, a fundamental objective of our business model from the outset has been to produce only the highest quality food and beverage products, with compelling health and nutritional characteristics, and provide our customers with assurance about the provenance and integrity of those products.

To deliver on this objective, we have developed our unique OZIRIS technology platform. Aside from providing transparency and security for our customers, the OZIRIS platform provides big data analytics on the customers who are buying our products.

Over the past twelve months, we have further developed the technology to the point where BFC now holds 11 International Patents or Patents Pending up from 3 Patents or Patents Pending at 30 June 2016.

We announced in our Full Year Financial Accounts that we have had an independent valuation on our intellectual property embodying this technology, and were now exploring various options to best enable the company, and our shareholders, to capitalise on the value of the intellectual property that has been developed and to best position it for maximum growth in the future.

The valuation was prepared by Deloittes Finance in part to set a benchmark for our decision making in relation to the Beston Technologies business… but also to assist in evaluating the various options which have presented themselves for BFC to capitalise on the value of the intellectual property which we have developed in this business.

The Board of BFC recently received an unsolicited offer for Beston Technologies from a large global company which we resolved to decline as it did not meet the benchmarks established by our Deloittes valuation, nor our own divestment parameters.

We also concluded that it was unlikely to realise the value potential which we believe can be achieved by Beston Technologies for the benefit of BFC shareholders.

Subsequent to rejecting this offer for Beston Technologies, the Board of BFC has put forward a merger proposal to another technology company which has complementary, but not competitive, attributes. This merger proposal is currently under active consideration by the Board of the target company and mutual due diligence investigations are being conducted by the managements of both companies.

If this merger proposal proceeds, BFC will realise a profit on the investment it has made to date in Beston Technologies Pty Ltd, which, is currently held in our Company’s balance sheet at cost.

That said, whether or not the proposed transaction proceeds, the Board of BFC has resolved that it is timely to divest Beston Technologies in a way which provides both a capital return on the Company’s investment and an on-going earnings stream. A key reason for this decision is that Beston Technologies is quickly evolving into a big data company, as the OZIRIS technology is used more widely by consumers, and information is collected on these consumers, their buying behaviours and product feedback.

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The technology is at a stage where it can be made available for use by other food companies, as well as by companies in other consumer product based industries, in Australia and elsewhere.

Initial discussions with other potential users have shown that some of these users (particularly the larger companies) are reluctant to have BFC collect data (via OZIRIS) on their customers, and that the technology therefore needs to be at “arm’s length” in order to engage other users. The manner of achieving an arm’s length divestment of Beston Technologies will be such as to ensure that the shareholders of BFC gain the benefits from the future revenue generation capabilities of the technology, possibly through a separate listing, either on the ASX or on an overseas securities exchange.

I would now like to invite our CEO, Sean Ebert to the Podium to present his report on the operational and financial achievements made by the Company.

SLIDE 17 – COMMENCEMENT OF CEO REPORT

Thankyou Roger, and good morning ladies and gentlemen. I will continue our presentation with a review of our Commercial and Operational Outcomes for the 2017 financial year.

Financial year 2017, was the first full financial year for Beston Global Food Company, and a year that has delivered growth in supply, growth in sales, and growth in capacity and capabilities. In less than 2 years, we have moved from acquiring assets and taking equity positions in a portfolio of food, health and nutrition investee companies, to establishing over 10 globally branded products, having customers across Australia, ASEAN and CHINA, and delivering $23.8m in sales revenues.

These are impressive achievements in a relatively short space of time for a company that has taken advantage of market opportunities, in what is a competitive and continuously evolving Global Food Industry.

SLIDE 18 – 2017 RESULT

We have ‘endeavoured to be very agile’ in the way in which we have approached opportunities across our portfolio, which in turn delivered record sales revenues of $23.8m excluding investee companies, up 49% on the FY16 year. This increase in sales was driven by our dairy division’s on-going growth, and in particular our dairy sales in food service and ingredients in Australia, which delivered a 197% increase in domestic Australian sales revenues.

This resulted in a gross margin for the Group of $9.38m, up from $7.46m. The gross margin in the business fell from 46% to 39% as expected due to the company increasing supply and producing greater volumes of cheese with toll manufacturing becoming a smaller contribution to our earnings. Toll manufacturing is the simply the contract processing of milk for other businesses. We see the 2017 gross margin of 39% being closer to the normalised gross margins for a food, health and nutrition business.

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As our Chairman has indicated earlier, it was a ‘year of investment’ that can be seen on our profit and loss statement. We invested in a number of capital projects such as Cream Cheese relocation and upgrade, Hard Cheese refurbishment and expansion, construction on our state of the art Mozzarella Plant, and our protein plant refurbishment project, but have also increased our ‘sales force and operational capabilities and expertise’. We have done so to ‘best position the company’ to capitalise on the future growth in sales and earnings in FY18 and future years.

Although we have had a large increase in sales, and invested in capital projects for growth, we produced a net loss after tax of $7.7m The NPAT result was primarily affected by lower milk availability for processing due to the extreme wet winter, and lower than expected sales from our Northern China operations.

We have addressed both of these adverse impacts by securing and additional 70m litres of milk under contract as at 30th June 2017 to ensure we have adequate supply to continue our growth in production and sales in the Dairy Division. Then in China, we have moved our Head Office from Dalian to Shanghai, appointed a new CEO and leadership team with extensive retail experience, and secured direct relationships with major retailers to build our brands.

SLIDE 19– BALANCE SHEET

This capital investment has been supported by a strong balance sheet and without the business taking on any operational or term debt. The balance sheet has strengthened over the year, led by the capital raising in August 2016 and the increase in Plant and Equipment purchased to increase our capacity.

This has lifted our Net Tangible Assets to $121m as at 30 June 2017, and with that we had $28.7m in cash or cash equivalent demonstrating that we have adequate capital to fund the completion of the mozzarella plant, meet our working capital facilities and maintain a strong balance sheet as we surpass our economies of scale of the dairy business in FY2018.”

SLIDE 20 – SEGMENT DETAIL

In reviewing a more detailed breakdown of our business segments, our dairy division delivered 85% of our revenue, followed by Meat at 10%, and Health and Seafood with 3% and 2% respectively. The sales by division chart illustrates the success we are having in dairy, but shouldn’t discount the successes we are having in the other divisions which I will discuss over the course of the following slides.

Over the year, we also established a strong domestic sales result in Australia, delivering 74% of our total sales achieved predominately through sales in Dairy followed by Water. This reinforces the quality and premium nature of our products as we have taken market share across retail and food service in less than a year, and have also built a stable revenue platform to underpin our expansion into China and ASEAN.

One of the notable highlights in our FY17 results was the growth Half on Half. Dairy had a 21% increase in revenue in the second half, with meat at 200% increase, Health with a 52% and Seafood with a 26% increase.

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The three diagrams illustrate the story of that year, but also demonstrate our ability to deliver on our strategy as we have ‘rapidly grown revenues and increased asset value’ in our business, whilst establishing ourselves with in the Australian marketplace and using that as a platform to leverage growth into China and ASEAN markets.

SLIDE 21 – RETAIL DISTRIBUTION

In June of 2017, we commenced tracking our retail and food service distribution following the recruitment of our National Retail Sales Manager – Ashley Austin as well as expanding our National Dairy Sales Team led by Michael Pastore. We grew our Australian retail distribution from June 17 with around 500 distribution points to over 3700 distribution points nationally within 3.5months. This was mainly driven through our engagement with MetCash and the multistore owners across the country.

Our product range started with a portfolio of Edwards Crossing natural cheese and Mable’s cream cheeses, and as at 28th August we included Eight+ Water, and with further additions planned for this financial year. Eight Water has been well received by our retail channels and since being added, it has grown from 0 to 424 distribution points at the end of the first quarter of FY18 which is a great result for the launch of our new brand

Over the FY17 year, we built a portfolio of brands, increased our supply and capacity, now we are in a position to grow our market share in Australia and retail channels into FY18.

Slide 22 – DAIRY

In our Dairy Division, it has been a ‘flagship year’ for the Company, with the launch of our Cheddar products into food service and retail channels, winning over 23 national and international awards including the Christian Hansen Cup for ‘Best Cheddar in Australia’ for our Edwards Crossing mature cheddar, increasing our milk supply from 20mL to 90mL of milk supply, then finally commenced the construction of our Mozzarella Plant.

We built and launched the Edwards Crossing Brands and Mables Cream Cheese brands into the Australian, ASEAN and CHINA markets, as we believe that is important to build strong brands in order to position our products well with consumers as a premium every day producer.

The combination of the above led to a large increase in revenue in FY17 vs FY16, delivering $19.52m in revenue in FY17 versus $6.60m in FY16. We delivered $6.29m in sales in Cheddar, $3.53m from milk processing, $3.18m from contract manufacturing, $2.08m from whey powder, $1.77m from natural cheese (outside of cheddar), $0.95m from Cream Cheese which is our Mables and Grange peak brands, then finally $1.72m from toll manufacturing.

There are a number of our dairy products that are highly correlated in the production process. The obvious one is that as we increase our milk supply, we produce more cheese, and then in turn produce more whey powder. The impact of the 90mL of milk secured is not reflected in the FY17 numbers, as it takes over 3 months to mature the cheese before it can be released for sale. Therefore, we will be seeing the benefit from this step up in milk supply in the second quarter onwards of the FY18 financial year.

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SLIDE 23 – AUSTRALIAN PROVINCIAL CHEESE

One of the strategic decisions we made during the year was the acquisition of the Australian Provincial Cheese assets and brands. We previously held a 40% indirect equity interest through a convertible note in the company, and following strong sales demand in ASEAN and CHINA, we decided to acquire the remaining interests in the assets.

The production line was relocated from Victoria to South Australia into our Murray Bridge Facilities to increase the production operating efficiencies and reduce overheads, as well being upgraded to increase capacity for domestic and export supply.

Since acquiring the assets in September 2016, the business delivered 0.95m in sales and invested in building on the company’s long standing relationship with key customer Costco in Australia and South Korea, we established national distribution across Australia, expanded sales in Thailand, Singapore and Malaysia, and entered major retailers in China in the first quarter of this financial year.

SLIDE 24 – MEAT AND SEAFOOD

Our Meat and Seafood division experienced a volatile year due to a number of regulatory changes and competition from imports into China, which resulted in a lower than expected result

The result was in part due to the Chinese Government changing the scientific definition on a number of seafood species part way through the year, which meant seafood exports from Australia including our investee company Ferguson Australia were stopped for a period of 6 months.

The second contributing factor were the weak margins on meat sales due to competitive pressure from other meat imports entering the country.

Both of these issues have now been solved and we are not currently experiencing any regulatory issues in FY18 in relation to our seafood, and have moved mainly into retail branded meat products and away from wholesale.

The first highlight of FY17 was the development of our wholly owned branded beef range that we are currently selling into retail and through our Experience stores. Scorpio Foods launched their Ready to Eat Lamb Shank range into ALDI Australia under the ALDI home brand, and Ferguson Australia launched their retail seafood packs into Australian Independent Retail channels nationally.

This is a huge milestone for our businesses, as each business has its own branded range of retail products which will drive sales and support greater margins for their premium products.

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SLIDE 25 – HEALTH AND NUTRITION

The Health and Nutrition division, under which our investment in Neptune Bio Innovation and AquaEssence sits, continued the theme of investment in building new brands, capacity and capabilities. AquaEssence is the naturally high alkaline water business in which we hold a 51% interest and where we have developed our BFC owned global water brand called ‘ei8tht’, which delivered a 422% increase in sales in FY17 versus FY16. This result was driven by strong sales following the launch in China, and in the first quarter of the 2018 financial year, we started the roll out nationally across Australia into Independent Supermarkets which has been well received.

AquaEssence also commenced the expansion of their production and botting facilities during the year that will treble the production capacity and ensure that we have the ability to supply the growing sales from China and domestically. The expansion of the facility as resulted in the use of external contract packing using our water, which is the reason it produced a negative NPAT result. With sales for water continuing to grow and the facility upgrade expected to be completed during the year, we are expecting a much stronger revenue and earnings results in the business for the remainder of FY18.

The lower than expected result in the Health and Nutrition Division was also due to our investee company NBI developing their intellectual property into retail branded products, which were launched into major pharmacies in Australia starting March this year and more recently, launched into our Independent Supermarket customer network.

NBI own a wide range of Intellectual Property specifically targeting improvement in people’s health and wellbeing with the recent commercialisation of their salt replacers under the brand of ‘Lo Sal’, a natural sugar replacer under the brand of ‘Type 2’, and an oral rehydration range under the brand ‘Bio Lyte’. We will continue to explore and convert more of this intellectual property into commercial products following the delivery of results from the first phase rollout of these product ranges.

SLIDE 26 – INTERNATIONAL BUSINESS

Our International business delivered a lower than expected results due to the below budget sales in China and the associated costs with repositioning our operations in China.

Notwithstanding these issues, our ASEAN region, notably Thailand, Singapore and Vietnam delivered $2.8m in revenue which was 205% up or $1.89m versus FY16. This has been driven by the higher volume sales into food service and the launch of our Dairy Brands into Singapore, Thailand and Malaysia and Vietnam supermarket groups. This success in our ASEAN region is in line with our strategy to supply high quality products across both food service and retail channels.

Late in the year, we opened an office in Kuala Lumpur to extend our distribution reach across ASEAN. The opening of this office has seen the launch of our Grange Peak and Kyubu Cheese products into Malaysia and will be followed with more products this year.

The repositioning of the China business into the growth regions of Shanghai was led by Bastian Bai our newly appointed CEO for China, who was formerly the Senior Director for Walmart in China across over 400 stores, followed by the recruitment of a new sales, marketing, and

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logistics operating team and the establishment of new offices located in Shanghai, Shenzhen, Beijing, and Fuzhou. This momentum as flowed through into the first half of FY18 with us listing and selling our branded milk, beef, cheese, water and seafood across over 200 retail stores in China.

The focus remains on ‘building BFC brands’ direct to market through contracts with major retailers, and then expanding this platform to include other premium Australian brands through our established sales channels.

We recently opened our first Beston Experience Store in the iconic Shanghai First Food Store in Central Shanghai, in line with our strategy to focus on direct-to-market model. This is a milestone for the company in executing one of its objectives from the Initial Public Offering, and we have a plan to open more over the course of the FY18 in China as our Chairman has explained.

Lastly in the 2017 financial year, we launched the joint venture with the leading Singapore based childcare centre, MindChamps. This joint venture is still in its infancy, but highlights the opportunity for the business to attract corporate partnerships from our healthy and innovative products.

SLIDE 27 - TECHNOLOGY

Fiscal year 2017 was a ground breaking year in our Technology Division as we commercialised our integrated and 100% owned anticounterfeit, traceability and ecommerce platform OZIRIS, which resulted in signing of customers from June 2017.

Since launching the platform, we are now receiving approaches from other food companies looking to become subscribers to our platform as a Software as a Service model to use our anticounterfeit and traceability technology so they have ‘Brand Protection’ of products. The Chairman has explained this in his presentation how we are responding to these approaches.

With the growing value of Beston technologies, we have also increased our international patents and patents pending from 3 in FY16 to 11 in FY17 to ensure our technology is appropriately protected as we scale it.

Our Ecommerce platform experienced growth in FY17 with over 60 producers using our platform to distribute their products, and we now having over 400 products available on our BestonMarketplace Platform for Australian Consumers. This momentum has flowed through to Q1 FY18 with the average monthly sales increasing by 100% versus the monthly sales in the FY17 year, and we expect this to continue to grow as we grow our product range and roll out our planned marketing activities.

SLIDE 28 – OPERATIONS

The Company commenced a number of major projects across the business during the financial year.

The capital investment projects we completed during the year included the relocation and upgrade of our Cream Cheese line from Victoria to our facility in Murray Bridge South

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Australia, the refurbishment of the Hard Cheese Line and new maturation rooms, and capital improvements on our farms. Our major Mozzarella capital project, and our Protein plant refurbishment projects and both are on track for completion by December 2017, and in operation in the second half of this financial year.

We are well advanced in securing our ‘foundation customers’ for Mozzarella with a baseline production of 5000 Tonnes from our Plant. The plant has production capacity of 18,000 Tonnes per annum with our target to produce 5000 Tonnes in second half of this financial year.

Finally, our farm capital program completed in the year included the upgrading of chiller systems, centre pivot tracks, and upgrades to our rotary dairy system which have improved the operating efficiency. Milk production per cow increased by around 10% following the implementation of a new feed program, and overhead costs were reduced by 15% through additional consolidation of suppliers.

SLIDE 29 – OUTLOOK

The Capital investment in FY17 into expanding production capacity, growth in sales experience, and development of our own brands are expected to translate into higher earnings in FY18.

The Q1FY18 was the first quarter of increase in milk supply at 90mL of annualised milk. This has translated into higher cheese production in late Q2 FY18, and the full benefit of this increase in milk is expected to be realised in the second half of this year.

The Company is putting in place contracts with independent dairy farmers to further increase its milk supply, with a target of at least 130mL annualised milk by the end of the FY18.

This in conjunction with start of Mozzarella production, first release of our Hard Cheese range, continued growth in repositioned China business ,and the ongoing commercialisation of Beston Technologies, we expect these to individually and collectively drive earnings improvement in the second half and onward.

Since our Initial Public Offering in August 2015, we have naturally been concerned with the lack of market coverage on BFC, especially given the changes occurring in the food industry. We have therefore commissioned an Independent research report on our Company from Independent Investment Research Pty Ltd ( IRR ) which we expect to be completed prior to the end of this half year (December) and will be provided to shareholders.

We are a growth company as you can see, and we are committed to delivering value to our shareholders. To grow at the rate we have, take’s a very dedicated group of people and I would like to thank all of our people for their energy and commitment in delivering these achievements, and for their ongoing determination in growing value for our customers, people and shareholders.

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Thank you Roger, and thank you to everyone here today. For your information, in your goodie bag that you will receive today, we have included some important information. The first is we have a flyer that has a list of the Beston Global Food products and which Independent Supermarkets stock our product range. Today we launched our Shareholder Rewards Program, offering 15% discount on BFC products plus other discounts on other company products via our ecommerce platform at BestonMarketplace.com.au.

We will also provide this information on our website for shareholders were unable to attend the Annual General Meeting.

This concludes the formal presentation. Are there any questions from the floor?

SLIDE 30 – FORMALITIES AND VOTING

Now I would like to deal with the formalities which bring us together today:

The purpose of today’s meeting is to deal with the formal business as set out in the Notice of Meeting.

SLIDE 31 – GENERAL BUSINESS

The Company Secretary has advised me that a quorum is present and that 183 proxies representing 179,251,695 Shares or 40.43% of the shares on issue have been received. The proxy votes received for each resolution will be displayed on the screen.

I wish to ask that you state your name for the record when you address the meeting or move or second a resolution.

You have all received the Notice of Meeting detailing the business to be dealt with today. If there are no objections and, in an effort to expedite proceedings, I ask that the Notice of Meeting be taken as read. Thank you.

As each item of business is considered, I will invite comments from the floor. After any discussion, I will be asking for a show of hands to vote on the item. If I consider that the show of hands does not reflect the views of the shareholders entitled to vote, I will ask for a poll on the resolution. So as not to hold up the rest of the meeting, we will conduct the poll at the conclusion of all other business of the meeting.

If you wish to raise a question, please raise the coloured card that you were issued with when you registered today. In the interest of giving all shareholders an opportunity to ask questions if you wish, I ask that any questions be kept to no more than 2 or 3 parts.

SLIDE 32 – FINANCIAL STATEMENTS AND REPORTS

The first item of business is to receive and consider the Company’s financial statements and independent audit report for the year ended 30 June 2017.

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The Annual Report containing these reports was distributed to shareholders and announced to the ASX on 20 October, I hope everyone has found time to read it. As you know a large part of the document is mandated by Law and by Accounting Standards. However, we do try to ensure it is useful as well as compliant.

For now, I am happy to take questions on the Financial Statements and Reports.

Are there any questions or comments on the financial report of the Company? Shareholders are also welcome ask questions of the Company’s auditor, Mr Mark Phelps, who is present today.

We will now move to the Resolutions to be considered at this meeting.

SLIDE 33 – Resolution 1 Adoption of the Remuneration Report for the year ended 30 June 2017

To consider, and if thought fit, pass the following resolution as an ordinary resolution:

“That, for the purpose of Section 250R(2) of the Corporations Act, the Company adopt the Remuneration Report for the period ended 30 June 2017 as set out in the Directors’ Report in the 2017 Annual Report.”

I now formally move the motion that Resolution 1 be put to the meeting in the form set out in the Notice of Meeting.

Is there a seconder to the motion?

Thank you Mr/s ______________.

Is there any discussion on this resolution?

I now formally put the resolution to the meeting.

Those in favour? Those against?

I declare the motion carried/not carried.

SLIDE 34 – Resolution 2 Re-election of Mr Jim Kouts as a Director

To consider, and if thought fit, pass the following resolution as an ordinary resolution:

“That Mr Jim Kouts, having retired by rotation in accordance with clause 59 of the Company’s Constitution and being eligible and having offered himself for re-election, is re-elected as a Director of the Company.”

I would now like to ask Jim if he would like to say a few words.

I now formally move the motion that Resolution 2 be put to the meeting in the form set out in the Notice of Meeting.

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Is there a seconder to the motion?

Thank you Mr/s ______________.

Is there any discussion on this resolution?

I now formally put the resolution to the meeting.

Those in favour? Those against?

I declare the motion carried/not carried.

SLIDE 35 – Resolution 3 Election of Ms Petrina Coventry as a Director

To consider, and if thought fit, pass the following resolution as an ordinary resolution:

“That Ms Petrina Coventry, having retired by rotation in accordance with clause 59 of the Company’s Constitution and being eligible and having offered herself for re-election, is re-elected as a Director of the Company.

I would now like to ask Petrina if she would like to say a few words.

I now formally move the motion that Resolution 3 be put to the meeting in the form set out in the Notice of Meeting.

Is there a seconder to the motion?

Thank you Mr/s ______________.

Is there any discussion on this resolution?

I now formally put the resolution to the meeting.

Those in favour? Those against?

I declare the motion carried/not carried.

SLIDE 36 – LOOKING FORWARD

Ladies and Gentlemen, that concludes the business section of this Annual General Meeting.

Before closing the meeting, I would like to make some comments about the outlook for the

2017-18 financial year and for calendar 2018 when much of the investments and hard work

which have been made over the past twelve months can be expected to bear fruit.

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What we have in BFC is a globally focussed business model, products and intellectual

property that are world’s best practice and a modus operandi that recognises the premium

end of the markets in which we operate.

We are two years, into our five year growth plan wherein these last two years have been

focussed on building the framework and competitive advantage (via our market positioning,

brands, industry award and distributing channels), to achieve growth in earnings going

forward.

As explained earlier in my presentation, we have done a lot already to build intrinsic value

into our Company for the benefit of shareholders. We have further work to do now in lifting

the overall earnings performance of the Company and that is very much the key focus of the

Board and Management.

Over 2017-18, much of the revenue and profit growth will be driven from our Dairy Division,

with near term value being realised as we continue to build the milk throughput and grow

sales. The decision of the Board to expend monies to build out the operating infrastructure

of the Dairy Division in the 2016-17 financial year and invest in new plant and equipment,

amongst other things, has helped to establish BFC as a Company that knows what it is

doing… and can be trusted… in the eyes of the dairy farming community. This, along with

various initiatives explained in our Annual Report, has in turn helped us to secure additional

milk volume for our factories from independent dairy farmers and put us on a path to

extract maximum value from the dairy assets we acquired in 2015.

The 2017-18 financial year will benefit from the increased throughput of milk in the Beston

Pure Foods dairy factories, and the completion and on-streaming of the mozzarella plant in

the second half. The more milk we can supply to the factories, up to their 300 million litre

capacity, the stronger will be the trajectory for earnings growth.

SLIDE 37 – DAIRY FARM REIT

To this end, as previously advised to shareholders, the Board of BFC has been considering

the establishment of a Dairy Farm Investment Trust (DF-REIT) to acquire additional farms to

supply milk to our Beston Pure Foods dairy factories. (Slide 23)

This work has thrown up a wide range of possible options which will continue to be explored

in coming months.

As an immediate measure to secure and fund additional milk supplies and enable the

Company to achieve its growth objectives, the Board has resolved to employ some debt

funding using the security of our existing dairy farm portfolio.

Currently, BFC has no debt on its balance sheet. The funds released via these new debt

facilities will be used to purchase additional milk. Our financial analysis has demonstrated

that the returns from additional milk supplied to our factories far exceeds the cost of

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servicing the newly acquired debt and will provide for prudent capital management of the

Company’s balance sheet (the gearing level will be less than 25%).

SLIDE 38 – SCORPIO FOODS TRANSACTION

As part of the Company’s strategy to progressively build out our other Divisions and “pop”

their profit potential, as explained earlier, the Board of BFC is pleased to announce that it

has reached agreement with the Founders of Scorpio Food Pty Ltd (“Scorpio”) for BFC to

move to a 100% shareholding of the business.

The move to acquire the remaining 60% of Scorpio which BFC does not currently own will be

achieved through the conversion of our existing loans to Scorpio without the injection of

additional capital.

The conversion of our BFC loans to additional equity in Scorpio is the final stage of a

substantial restructure of the Scorpio business which has been undertaken over the past six

months. The restructure has included the closure of Scorpios operations at Colac, Victoria

(together with the sale of the Colac building) and consolidation and expansion of operations

at Scorpio’s factory at Shepparton, Victoria.

The timing on completion of this transaction is dependent on a number of conditions

precedent, including the finalisation of the transition to Shepparton and settlement of the

Colac factory. This is expected to occur prior to December 31st, 2017.

As part of the restructure which is in train, the current Managing Director of Scorpio (and

60% shareholder) Mr Ian Paterson will retire from the business and be replaced by Mr Luke

Bramstead, as General Manager. Luke has well established experience and a highly regarded

track record in the meat processing industry, having previously been the Managing Director

of Cater Fair, a subsidiary of Top Cut Meats.

On behalf of the Board of BFC, I would like to thank Ian Paterson for his hard work and

efforts in managing Scorpio Food since BFC became a 40% beneficial shareholder in 2015.

We wish him well in his retirement.

Ian’s decision to retire from the business presented BFC with a strategic opportunity to

restructure Scorpio and bring it into the BFC Group as a wholly owned subsidiary.

The benefits to BFC from taking full control of the Scorpio business are multi-fold:

Scorpio Foods strategically fits a gap in our portfolio of “ready-to-eat” foods.

Scorpio Foods has a strong portfolio of “ready-to-eat” meal brands, intellectual property and

operating assets.

Scorpio Foods is experiencing strong market demand for its pre-cooked meals with further

growth in its contract with ALDI, demand from Costco and Metcash nationally, an increase in

the demand for contract processing, as well as the launch of its precooked meals into China.

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The changes introduced as part of the restructure initiatives have resulted in new production

efficiencies and cost savings which will flow through to earnings in the year ahead. Having

full ownership of the business will enable BFC to leverage our own sales and marketing

capabilities to further grow the revenues of the business.

The total capital injected into Scorpio Foods, including the original convertible note and

accrued interest has totalled $6 million. As such, the acquisition of 100% of Scorpio Foods

represents a price/earnings multiple of approximately four times, based on projected net

profit after tax for the 12 months from 1 January 2018.

SLIDE 39 – CLOSING REMARKS

Ladies and Gentlemen and Shareholders,

On behalf of the Board, I thank you for your attendance today and your continued support

for our great Company.

We are hopeful that the huge amount of work we have done over this past financial year to

capitalise on the assets we have acquired two years ago… at prices significantly below

replacement value and certainly below current market prices… will become recognised by

other investors as we continue to increase revenues and earnings over the course of this

financial year and into future years.

Our CEO has already explained the actions we have taken to commission an independent

research report on our Company which we will distribute to our shareholders and the

broking community. Given the increasing interest being shown in agribusiness companies by

overseas investors, we share the view expressed by a number of these investors that it

would be timely for a “Health and Wellbeing” Exchange Traded Fund (ETF) to be established

in Australia to provide easy exposure to a portfolio of Australian Companies, such as BFC,

which are active in this space.

Australia occupies a unique position in the Asia Pacific region with its diversity of clean,

green, healthy food producers and having an ETF such as this would enable both overseas

and Australian investors to gain access to our agribusiness sector in a simple, efficient and

cost-effective way.

Just before closing the meeting, and in appreciation from the Board, I am pleased to

announce that we are introducing an initiative this year whereby one of you attending today

will be randomly drawn from the attendance list and awarded with an all-expenses paid trip

for two to Mt Gambier to visit our farms and our AquaEssence Water Factory.

That is the reason that I suggested, at the start of the meeting, that you hold onto your

registration slips.

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The name of the winner has been drawn by the Link Market Services Staff. I am pleased to

announce that the Lucky Winner of the draw is..

____________________________________.

Congratulations.

In closing the meeting now, I would like to invite you all to join with the Board and

Management to enjoy some of the fabulous foods produced by your very own Beston Global

Food Company.

I would also remind you that we have a bus leaving from this Hilton Hotel at 1.00pm today to

take you on a tour of our Beston Pure Foods factory at Murray Bridge.

Those of you who would like to join this tour, and have not already registered, should talk to

one of our staff who will point you in the right direction.

Thank you, Ladies and Gentlemen and Shareholders.

I now close the meeting.

SLIDE 40 – THANK YOU

SLIDE 41 – DISCLAIMER

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