Ann: Investor Briefing Presentation - October 2023, page-2

Glossy presentation full of good news to come. A long way to go, and significant expenditure and capital required to get there. Cost of Distillery build up from 13 Million to 19 Million. Still feel this is understated, given recent builds such as Callington Mill in Oatlands, and ongoing requirement to build bond stores as the stock grows.

Sound planning, not critical of that, just saying, it really appears it will be several years before the ball is constantly going through the goals.

Market for discretionary spend currently awful, but targeting larger customer base over time will likely pay dividends over the long term. Australia is certainly too small to grow significantly.

Good luck to all.