Ann: Wellard FY2020 Annual Report, page-14

1. Global Cattle/beef production is not keeping up with demand and the developing countries need to rapidly increase imports (flows from the net exporters AUS/LatAm to China/Asia/ME will continue to increase rapidly)

2. It is cheaper to process cattle into beef in the net importing regions and also necessary in some regions given lack of distribution / refrigeration and religious practices - so live cattle export growth will outstrip beef export growth (cyclical decline in AUS supply will be offset by increased supply out of LatAm - WLD ships handle this route well)

3. Wellard owns amongst the best live export shipping fleets in the world - better animal treatment outcomes and lower cost than its competitors - regulation is already forcing out a material amount of inferior shipping capacity and there is minimal, if any, new capacity under construction

4. Stock price is about 60% of stated NTA. NTA is understated because economic depreciation is far less than accounting depreciation, the company will be paid compensation for the unlawful Live Export ban, its law suit against the Kelpie ship builder has legs and is still in train, it is continuing to make high profits this half...

5. Company is worth more than NAV given strong business and customer base built over decades and leading market position