First Sentier group becomes substantial shareholder in Bega Cheese

First Sentier Group Limited and its related bodies corporate or associates became a substantial holder in Bega Cheese Ltd on October 27, 2025. The group now holds a total voting power of 5.01%, equating to 15,289,259 fully paid ordinary shares. This includes 15,017,371 shares directly held by First Sentier Group Limited and its subsidiaries, and an additional 271,888 shares where Mitsubishi UFJ Financial Group, Inc. has informed First Sentier Group Limited that it has voting power.

The relevant interests are primarily held by First Sentier Investors RQI Pty Ltd (ACN 133 312 017) with 3,621,158 shares, and First Sentier Investors (Australia) IM Ltd (ACN 114 194 311) with 11,926,662 shares. Mitsubishi UFJ Financial Group also holds a relevant interest in 271,888 shares. These relevant interests arise from the power to control voting rights and disposal of securities in their capacity as investment managers.

Key transactions contributing to this substantial holding occurred throughout July, August, and October 2025. For instance, on July 15, 2025, First Sentier Investors (Australia) IM Ltd acquired shares for a cash consideration of A$883,084.65, and on October 27, 2025, a significant acquisition for A$1,112,253.53 further increased their stake.