Ann: Bubs Sells Interests in Joint Ventures, page-4

BUBS FOCUSES ON SINGLE-STEP PROCESSING VIA NEW TATURA PARTNERSHIPSELLS INTEREST IN JOINT VENTURES FOR ~$3.5M RETAINING PRIORITY PRODUCTION EXCLUSIVITY
• Sale of 49.9% interest in dairy manufacturing joint venture in Uphamgo Australia and associated jointventure facilities back to partners – the NuLac Foods Vendors.
• Joint venture facilities now non-core as Bubs moves infant nutritionals production to Tatura (Bega).• No change to exclusive long-term Australian and New Zealand milk supply ownership or call optionover the Australian goat farms.
 No change to Bubs ownership of NuLac Foods Pty Ltd and the CapriLac® brand (and other brands in theNuLac Foods portfolio).
• Two-year priority tolling agreement with Uphamgo facility for exclusive processing of goat milkproducts and guaranteed unlimited manufacturing capacity – no minimum commitment.
 First right of refusal if the NuLac Foods Vendors offer any interest in the dairy manufacturing facilitybefore 19 December 2022.
• Sale completed 28 February 2019 with the purchase price $3.493m, resulting in a profit on disposal.• Sale generates a considerable saving in overheads previously required to maintain facility operations