Ann: Response to ASX Query, page-30

Especially the answer below:

c) BUD's net current liabilities / negative working capital position is primarily due to BUD's borrowings, in particular the PFG Revolver and PFG Term Loans (which comprise $16,098,518 of the total borrowings of $16,511,969), which, whilst classified as current liabilities in the Half Year Report, maintain their original maturity dates of December 2023 and May 2024 (respectively).

Since March 2021, BUD has not satisfied certain monthly financial testing covenants under its financing arrangements with Partners for Growth VI, L.P. (PFG) (being certain monthly revenue, EBITDA and financial ratio thresholds) (and has been aware of the same).

BUD does not consider its failure to satisfy these financial covenants to be information that a reasonable person would expect to have a material effect on the price or value of its securities on the basis that PFG has:

i. consistently formally waived BUD's failures to meet these financial covenants (refer to BUD's Annual Report and Half Year Report);
ii. not exercised any of its rights under the financing arrangements arising from BUD's failure to meet these financial covenants (nor indicated its intention to do so), save for recently applying the default interest provisions under the financing arrangements (which BUD has satisfied); and
iii. continually engaged with, and continues to engage with, BUD (on a regular basis) in relation to BUD