Ann: MOU to Manufacture SAMR Infant Formula in China, page-145

we have lots of asx companies as clients. I do not hold shares in client companies. some succeed in growth and some don't. my comments about bubs was my personal view based on public information such as sales figures for bubs and caprilac on chinese ecommerce sites TMall. that info is publicly available and it gives you an indication on how it's selling. looking at TMall also showed me daigous we're mostly recommending other Australian brands for infant formula and goat milk and the question is why and execution. the daigous don't recommend one particular brand over another without financial incentives. that's paints a picture about sales expectation which was shown in the 4c. blackmores is an example where their strategy is not working, sales have decreased, share price went from $160 to $75. when you watch the daigous on TMall, they don't recommend Blackmores, they are recommending other new brands that isn't sold in supermarkets in Australia. so the question is why is blackmores not pushing their sales through daigou channel? it comes down to their strategy. their strategy is to open wellness centres in china, more money spent and declining sales. why am I focused on blackmores because it shows blackmores was number 1 vitamin seller and then has been declining ever since due to their strategy not working and their sales have decreased year on years and doing more CR and then diluting shares.