Ann: Quarterly Activity Report and Appendix 4C, page-2

QUARTERLY ACTIVITIES REPORT AND APPENDIX 4C CASHFLOW STATEMENT

Highest quarterly sales revenue on record:

99% year on year growth for Bubs® infant formula Significant advances in China route-to-market strategy;

agreement with CNCA manufacturer Bubs Australia (ASX: BUB), producer of Australian-made premium infant formula, organic baby food, and dairy products, submits the following Activities Report and Appendix 4C Cash Flow Statement for the fourth quarter, period ended 30 June 2018.

Releasing the Quarterly Activities Report, Bubs Australia Founder and Managing Director, Kristy Carr said: “During the quarter, we saw a strong growth trend with material uplift in infant formula and overall sales to China delivering our highest quarterly revenues. The sales performance reflects both a 99 percent year on year increase in Bubs® infant formula and the additional sales from the NuLac Foods® portfolio.” “Our China route-to-market strategy advanced significantly with several new cross-border trading partnerships. Our long-term Manufacturing Agreement with Certification and Accreditation Administration of China (CNCA) approved Australian Deloraine Dairy means we are well positioned to progress our application for registration of our infant milk formula with the China Food and Drug Administration (CFDA). “In June, Bubs Australia initiated a $40 million share placement. The material over-subscription was a powerful affirmation from professional and sophisticated investors of their support for the Bubs vision,“ said Mrs. Carr. REVENUE HIGHLIGHTS Bubs Australia has again delivered consistent positive sales growth, quarter on quarter throughout FY18, across both the Bubs® and NuLac Foods® portfolios: • Quarterly growth driven by additional revenue streams for Bubs® infant formula, CapriLac® powder, and increased China cross-border eCommerce sales across the total product portfolio. • Q4 gross sales up 531% to $8.89 million on same period last year, and up 63% on the previous quarter. • Q4 net sales up 620% to $8.51 million on same period last year, and up 64% on the previous quarter. • Q4 export sales to China grew 644% to $1.9 million on same period last year, accounting for 22% of the group’s total quarterly gross revenue. • Q4 sales of Bubs® infant formula grew 99% to $1.77 million on same period last year, accounting for 68% of Bubs® quarterly revenue. • Q4 sales of CapriLac® milk powder up 133% to $4.52 million on the previous quarter, accounting for 72% of Nulac Foods® quarterly revenue. • Domestic sales remain strong with new ranging of Bubs® infant formula and cereals in Woolworths, and Bubs® infant formula sales increasing by 21.2% in Coles, making it the fastest growing brand in value over the last 26 weeks versus last year (Source: Nielsen Scan Sales Data as at 17 July 2018). • Successful share Placement raising $40 million.