Ann: Appendix 4D and Half Year Accounts, page-5

Only one way this business is going. In particular - but not limited to - an expansion of Analytica's expertise in the NZ dairy industry to encompass the Australian dairy industry, and other regions.

A few reminders from recent announcements...

1: Strategic Acquisition of Analytica Laboratories

CAIQtest (Pacific) provides a unique opportunity to support the growing export market to China - Incorporated joint venture led by Analytica (26% interest) and supported by the Chinese Academy of Inspection and Quarantine - New Zealand based laboratory, providing pre-shipment testing services for clients exporting goods from Australasia to China assisting greatly with supply chain bottlenecks – a key concern for exporters - Currently services the dairy export market, with a focus on infant milk formula.

CAIQtest (Pacific) developed a first mover advantage by achieving accreditation with the Chinese National Accreditation Service (August 2017) for a broad dairy testing scope – now providing services to commercial dairy exporters

2: Strategic Alliance with MilkTestNZ

Both HRL and Analytica are party to the strategic alliance agreement, which not only reaffirms the existing relationship but also provides the ability for MilkTestNZ and HRL to potentially explore new opportunities in the future, both in New Zealand and other geographical territories.

3: Half Yearly Report

Strategic Rationale for acquisition of Analytica:

The acquisition is transformational and positions HRL for its next stage of growth by expanding the business’ capabilities and expertise in new markets.

4: New Service Lines

During the period HRL commenced expansion of the Brisbane laboratory to facilitate an expansion of laboratory services....which are expected to be commissioned and provide a contribution during the second half of FY2018.

Analytica also hold a 26% interest in CAIQTest (Pacific) Limited, a New Zealand based laboratory, providing pre-shipment testing services for clients exporting goods from Australasia to China assisting greatly with supply chain bottlenecks. Results from the first few months of trading post-certification with IANZ, MPI and CNAS have been encouraging.

IANZ: International Accreditation NZ

MPI: Minstry of Primary Industries (NZ)

CNAS: China National Accreditation Service

5: Future Developments (From Half-Yearly Investor Presentation)

Support the CAIQtest(Pacific) joint venture partners to expand testing capability and geographic markets.