Bubs - Nulac 2018, page-49

"If they going cfda then its not urgent and not do or die must have situation unlike bal or a2m."

I will only speak in regards to A2, it is a must have for A2 for one simple reason, they have all the sales they can handle in Australia and whilst they continue to have Synlait ramp up production still struggle to meet demand. They realise that moving forward and to continue to rapidly grow China and direct sales is the gravy pot.

Anyone who believes selling into China is not a must have is kidding themselves. Australian market is tiny and just focusing on it will give very small profit for the company as a whole.

A2 has had its rapid expansion in sales and share price due to being a first mover each step along the way, BUB is now so far behind the pack and continues to slip further behind. By the time it gets CDFA so many other suppliers will have established themselves in China.

I hold BUB but cannot see any great movement forward until they have bedded down CDFA and move into markets that have the real sales volume.