Ann: Change of Director's Interest Notice - Martin Bryant, page-8

Hi.....I continue to be 'troubled' with regard to the announcement on the sale of the latest farm....some key commercial considerations would include:

- what is the expected volumes required if there was a strategy by Brand/Product, Channel, Customer and Territory

- what is the required milk supply required to meet that volume

- what is the capacity of the plant vs the potential forecast

-what other manufacturer formats need to be considered

- based on the feedback from the Board they advised they sold the farm because of surplus milk.....really!!!!.....there is a reduction in farms, a reduction in milk availability and AHF sells farm assets.....and still talk of a growth platform....if you listen to what they say (and this should be done with caution) they are looking at China (not sure what brand because
they have a relationship with Wellnex and Ocean Road
and Chemist Warehouse), the Board still talks US!!!!!.....and yet AHF has surplus milk......happy for you to explain that one......just have to wonder if a phased growth strategy is being built around a volume forecast that maximises assets and build profitable revenue streams......it's not something shared with shareholders....Martin advised at the AGM that they don't talk revenue......so that's helpful.