Ann: Results of 2022 AGM, page-2

My key takeaways from the AGM:

• Shares trading at a discount to net asset backing (around 8c a share)
• Management keenly aware of challenge in front of them (survival) and there are a lot of headwinds: input costs, product market fit, corporate costs, lack of mainland market awareness. Poultry prices haven't seen the same love as beef/pork and have suffered increased feed costs. Similar story with milk.
• Management refresh has been significant - new CEO, CFO, Supply Chain, Marketing, Sales. In my view Scott bringing a positive approach and seems to have attracted quality support.
• My 2c: success will be hard won, and based on key pillars of the business (dairy and poultry). We obviously need scale beyond Tasmania's market, but also margins need to be gained in multiple areas by reducing costs, gaining distribution efficiencies and increasing prices where it makes sense (these all involve hard decisions/conversations).