Ann: Response to ASX Query, page-50

Asx Letter of 2/3/18 Queries concerning Bond Issue. Page 2 of this letter from ASX refers to documents signed by Paul Duckett on 21/12/2017. "The securities are irrevocably and unconditionally guaranteed on a joint and several basis by, Pacific Dairies Limited (suspended from ASX for nearly 2 years) AYB Properties Pty.Ltd.(Assetless) Pacific Dairies Fiji Limited(this must be incorrect as a company of this name does not appear to be registered anywhere).

It is extremely hard to believe that anyone would back or partake in a $150,000,000 Bond Issue to companies that do not operate a business nor own assets.

Corporate governance by the Directors of this company leaves so much doubt with shareholders and investors it is quite understandable why it is still in suspension.