Ann: Appointment of Chief Executive Officer, page-5

Appointment of Lark Distillery chairman, Chris Malcolm, as $AWY CEO is transformational. I believe AWY will soon:

. Achieve majority control of Lark

. Consolidate Lark results in AWY accounts

. Consolidate Overeem Distillery results in AWY accounts

. Consolidate Nant Estate results in AWY accounts

. Move to realize tourist potential of key real estate holdings

. Exploit potential of selling Tasmanian whisky into China

I note that $AWY - now Australia's key whisky player - has an MC of $12.3m with Dec 31 cash of $3m.

The group has an EV of ~$9m.

I sense this will rise.