Ann: Market Update-AYB.AX, page-32

Hi Amelbz,

I would like clarity around our debt structures both private funding and fin sector. I would like to understand the financing aspect of securing 5 farms and how it is structured.

I would like financials around the running costs of each farm. Supply contracts and with whom they are held including history of supply/demand. How they foresee the succession phase of each farm once current land owners are relieved from their labour hire agreements. How much these labour agreements are to cost the company. Definitive timelines around finalisation of the Aqcuisitions, how the CR will be structured whether it is underwritten encompassing a Soph placement OR to current holders.

And so on....at a glance, there will be many more.

I have no concern with the potential to create a genetically improved herd creating greater production and improving the cost of milk per litre - this we would expect as a significant upside. If there is the ability to add value increasing profits, then the investment is solid - should the balance sheet prove so.

I suppose time will tell and I think many at the meeting will have a lot more questions to ask than me