Ann: Investor Update, page-2

At first blush. the RFG update was unremarkable.

Difficult conditions, competitive pressures etc remain though the announcement in optimistic that Stage 3 tax cuts that flow to their market demographic, will be a tailwind.

Importantly, Beefys is just performing to expectations. Nothing more. $1m - $1.2m EBITDA is fair, but not great.

It is way too early yet to know whether RFG can leverage the product & model into its expanded outlet base, but that is their goal (or shoud I say their hope?). The first RFG Beefys outlet (of 10 total) will roll out in June, 2025. Will be interesting to see how that goes.

I can't see a huge market response to this, one way or another. But these days, nothing surprises me.

Having accumulated in the 6c range (on no news) I have not been expecting a quick re-rate, nor does this update promise one. This is a long, slow burn for true believers. I happen to be one of them, but I am still deeply in the red, though highly leveraged to every cent of SP rise or fall.

GLTASH