Ann: Letter to Shareholders, page-5

"Under the current Board oversight and management leadership, Beston has undergone significant transformation from a collection of
moribund and underperforming assets (some of which had virtually zero revenues)"

It was under the current management that we bought and then sold at substantial losses several businesses which had been promoted to us a the next best thing. Scorpio and Fergusson's to name two of them. Lactoferrin may be a really good move, I hope so, however it may or may not live up to expectations.

Making good cheese is something Beston has achieved. IMHO the brand name is not well recognised in the domestic market, money and time spent on promoting it and also being able to purchase some of the products here in Australia in our local supermarkets is where effort should be being made. I really like and do sometimes buy the Vintage Cheddar and Edwards Crossing Cheddar and Colby. The Pepato cheese which is really good is not available in my local supermarkets which is where most Australians buy their cheese.

For the shareholders concerned about being taken over by the Chinese, or any other foreign country, I doubt that that will happen under the current Foreign Investment Review Board.