Prosecution by ASIC, page-4

This was a direct lie to ASX


4th April 2022

Reply to ASX Query

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's financial and operational performance and remains supportive
of BUD; and