Ann: Business Update, page-115

BAL conference call just finished a few minutes ago.

Points to take from the call, and I only caught the tail end of it:

1. No capital raising

2. No take over approaches (as stated in the meeting, the Company is aware of its disclosure requirements)

3. BAL is carrying 6 months worth of inventory but they are "very confident it will clear" because the majority of sales are in the domestic market. So, in my view, expect some discounting and promotions to clear this inventory. There will also be a dialing back of production.

4. The Board reiterated that BAL has "strong brand recognition". They source high quality European ingredients, and will continue to do so in my opinion.

5. In the short term the Board will focus on "sustainable growth" and "re-build confidence".

My view is this, the Company is badly bruised today but will gradually get better with Board changes and a
re-focused on sustainable growth.

The saving grace for BAL is its range of high quality products and brand recognition.

I think it is a BUY for patient investors.

Best wishes to all shareholders.