Ann: Change of Director's Interest Notice, page-12

I see AHF heading into the 20–30c range by year-end. Why? If they lock in 15–20% margins (probably more), plus leverage the Mutree deal (guaranteeing 100,000 units in Year 1, worth $2.5M), and build on strong Chinese demand for premium formula, the market could reward them with a higher multiple, similar to how a2 Milk was re-rated. That said, timing, sentiment, and overall market conditions are still in play. As always, do your own research before making any moves! We have a strong export market right now due to low AUD. Very exciting. Think we are going to wake up some giants in the investment game once some of the announcements and reports come out from the team. Don’t forget Andy Z has been doing crazy numbers in infant formula before jumping on AHF team. IMO people will be VERY surprised with the margins AHF will get for the formula the produce.

This launch will prove to be a masterclass by the team.