Ann: FY21 Q1 Activity Report and Appendix 4C Cashflow Statement, page-6

Q1 FY21 QUARTERLY ACTIVITIES REPORT AND APPENDIX 4C CASHFLOW STATEMENT

•Q1 Group Gross Revenue at $9.4m,limited by COVID-led contraction in the Daigou Channel with greatest impact to Adult Goat Milk Powder products,ahead of evident consumer demand shift to cross border e-commerce platforms with time lag for inventory to move through the ecosystem.

•Bubs® Infant Formula sales across all Channels up 9% pcp.

•Bubs® Infant Formula sales to Australian major grocery and pharmacy retailers up 29% pcp.

•Bubs Australia is the fastest growing Infant Formula manufacturer,in double digit growth across Coles, Woolworths, Chemist Warehouse and My Chemist combined; up 44% value growth pcp.1

•Bubs®Goat Formula has25% market share in goat formula segment in top 3 domestic retailers.


•Bubs® Goat Formula direct export sales to China up 76% pcp.

•Bubs® Infant Formula sales to export markets outside of China up 6% pcp.

•Vita Bubs® range successfully launched into 400 Chemist Warehouse stores in October.

•Appointment of new distribution partner in Malaysia with first container to ship in November.


•Robust cash balance at the end of the quarter of $42.6m.