Highlights • Transformational rebrand and product upgrade now in...

Highlights • Transformational rebrand and product upgrade now in market which includes the world’s leading levels of DHA (Omega 3) for a major organic formula in addition to ARA and GOS • Rebrand to set a new platform for sustained revenue growth and a higher level of investment in China. This includes doubling Marketing spend and doubling the size of the China team in 2H19 • A normalised 1H19 Group Revenue result of $130m and EBITDA result of $26m largely reflects the net impact of lower revenue and an improved gross margin − Revenue impacted by a number of factors previously flagged to the market, including delayed SAMR registration, a planned reduction in trade inventory prior to the rebrand, and observed slowdown in category performance • The normalised result excludes an additional one-off $12m inventory provision for the rebrand transition. This provision accounts for all legacy product and is a material investment in rebrand and setting the right trade dynamics for early momentum • We retain a strong balance sheet with group cash increasing to $95m, zero debt levels and continued access to a $40m working capita