Ann: Appendix 3G, page-8

I have been viewing the company and the baby formula and dairy industry for some time now. If we look at the company's market cap of $100 mill, compared to its competitors of Nuchev and Bubs where they have a market cap of $70 and $370 million respectively. Now, if we look at each company's recent H1 revenue we see that Nuchev reported a income of $8.1 million, Bubs a net revenue of $27.1 million and Wattle a revenue of $463 thousand. looking at the market caps and revenues of these three companies who are all in the same industry we can gather that Wattle is severely over valued. Coupled with their inability to close a deal with Mason and limited liquidity I will say that the outlook for this company is very grim. Also may I ask about what has happened with their supposed deal with Shangdong for over $30 million in 3 years? I am not sure if this deal has even been put into action considering the last time the company mentioned it in 2018 and it seems that not a cent of revenue has been made from this deal.