Ann: Quarterly Activities Report & Appendix 4C, page-2

Hello all

Not a lot can be gained from the 4C. I guess as expected - the revenue leaves a lot to be desired but has to be considered in view of the current environment. I think the cash position has been preserved well with timing of production and accounts receivable - but the annual report will tell the whole story.

This is really a 'belief' investment in the future efficacy of Goat Milk Infant Formula as a total share of the Global Infant Formula Category. Nuchev is a company positioning itself for the rebound once Australia opens again and students (DAIGOU) returns. One would assume by years end, and in time for the 2022 student calendar year. In the meantime the growth in Coles has been steady, CW ongoing, and they are entering Woolies in the next quarter. Cash burn is managed well and the brand is further establishing itself (in a controlled manner) in what is clearly a growing addressable market.

Perusal of the Oli6.com website is also better than I expected and it seems this little company, with 15m cash, no debt, and a developing brand is doing ok. I am happy to hold and continue to accumulate.