Timelines To Consider: 1. Prior to Bellamy's involvement,...

Timelines To Consider:

1. Prior to Bellamy's involvement, Camperdown Powder Pty Ltd "held" 100% of the China CNDA Licence. This was this company's major (some would say only) valuable asset.

2. Camperdown Powder Pty Ltd, whom BAL just paid $28.5m for 90% equity, is/was owned by Camperdown Dairy International Pty Ltd (CDI). This deal was finalised on 4th July 2017.

3. On 5th July 2017, Camperdown Dairy International Pty Ltd went into Administration. See ASIC Notice.

4. On 7th July 2017, BAL makes ASX Announcement re Camperdown Powder's issues re China IMF CNDA Licence.

5. From China sources, it seems that China Regulatory Authority issued a Notice to Camperdown Powder Pty Ltd on 3rd July 2017 (As it's in Mandarin, this needs to be verified) that its CNDA Licence was "suspended".

From above, arise a multitude of critical questions as to:

* Who knew what?

* When did they know-or were reasonable expected to know-of the facts?

* Were Bellamy's, BAL's Underwriter(s) and Advisors, in constant communications through the sale and acquisition periods-and subsequent periods-with Camperdown Dairy International Pty Ltd and Camperdown Powder Pty Ltd? CDI Administrators?

* Was anybody at BAL and its Advisors, any of Camperdown Entities and their Advisors, any of BAL Underwriter(s), in communications with China Regulatory Authorities?