Ann: Appendix 4C - quarterly, page-3

* "Following its positive operating EBITDA in H2 2019, the company
is well positioned to deliver continued improvements in EBITDA in FY2020."

* "Operating EBITDA* for H2 2019 was positive at $0.046 million. Operating EBITDA*
for FY2019 was negative $0.658 million, which was a 29% improvement on FY2018."

* "Integration of Pyengana Milk products into Betta Milk’s distribution network in Q4 2019
contributed to a 49% increase in Pyengana Milk sales for the quarter compared to Q4 2018.
Other highlights included a 43% increase in Robur Farms goat dairy sales and a 21% increase
in Pyengana Cheese sales compared to Q4 2018. Both these increases were primarily driven
by sales into interstate markets.
A new proprietary fresh milk value brand, Tassie Taste, was launched into several Tasmanian
independent retail grocery groups in December 2019, with sales to date exceeding
expectations. These products will contribute revenue growth, improve manufacturing
efficiency and generate cream supply for the company"

* "Interstate poultry sales grew by 104% in Q4 2019, compared with Q4 2018, as a result of
expanded Ethical Free Range Chicken distribution in Queensland and a range of products in
New South Wales."