Ann: Update on Mozzarella Sales and Milk Supply, page-6

Reality check needed.
How can our investment perform in the short term when so many poor past decisions are impact on today's results. Like,

• Water - sold or operating profitably
• Ferguson Seafood - sold or ?? Rumour suggests M& A Partners have failed to find a buyer.
• DDT & BT - now dead. Investment in BT written off??
• Nutritions - ??

2018/19 annuals - suspect a BIG loss because basically Dairy is a disaster caused by,

• Little or no Export sales
• Poor margin on Domestic
• Poor overhead recovery - Mozz plant is running at approx 30% capacity.
• WOW Mozz contract at price less than Company milk cost. Will WOW renew in August?
• Increased staffing costs to cover Domestic sales - refer JHicks latest Press.

What is the Company's cash position - must be being managed closely everyday.
Could BFC raise new Capital? If so, at what price and for what reason.
Sell Dairy farms and release cash. Mortgaged to ANZ - so who gets the $$, ANZ - Yes............. BFC no.

Board and Management time is over.
Where is Sean Ebert? Still an employee or buried in BPAM costs/charges?

Rising milk prices and forward margins - what is/are the impact/s?

A mes. Changes is needed or does the "pack of cards" fall over - its happening quietly now