PRESENTATION TITLEPRESENTATION TITLEPRESENTATION TITLEASX SMALL & MID CAP CONFERENCE 2018

Bubs® provides quality nutrition for every stage of a child’s development.

Specialty dairy portfolio includes CapriLac® and Coach House Dairy® products

Digestion is a key criteria for parents when choosing which infant formula tofeed their child.

The unique protein and fat structure in goat’s milk makes it easier for thebody to break down and can be absorbed more gently.

Goat milk formula is ideal for infants suffering from a cow milk proteinintolerance or other digestive issues, ie. wind, regurgitation, colic, reflux,congestion, skin rash, or eczema.

Why goat milk?

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1 Goat infant formula milk is another fast growing trend in China with many brands entering in speed

5.7

8.0

11.6

15.5

2016 2017 2018 2020

Market size (retail value)Bn RMB

CHINESE DEMAND FOR GOAT MILK FORMULA

• Goatmilkbasedformulaisexperiencingrapidgrowth,nowaccountingfor5-10%shareoftotalcategory

• CategoryleaderNetRevenue¥1.2Bn(+55%YOY)

• Priceindexabovecategory

• Consumersaretradinguptopremiumbrands,driving+vevaluegrowth

In December 2017, Bubs Australia acquired 100% of NuLac Foods, transforming the Company into a clear leader in the goat dairy landscape, supplying >60% of Australia’s total goat milk production.

Guarantees ongoing exclusive access to locally sourced quality fresh goat milk at a fixed price.

The milk pool has grown to >13 million Lt/yr, or 1,500T milk powder. Plans to further grow the combined herd to 50,000 milking goats.

Australia’s largest producer of goat dairy products

Milk Processing

49.9% stake in CNCA registered dairy facility to convert liquid milk to powder

VERTICAL INTEGRATION

Nutritionals

Manufacturing Agreement with Burra Foods

Farm Gate

Exclusive milk supply from Australia’s largest milking goat herd

Canning

5yr Manufacturing Agreement with Deloraine, inc.SAMR (CFDA) nomination

Bubs Brand

100% ownership of Bubs® portfolio

Specialty Dairy

100% ownership of CapriLac® and Coach House Dairy® brands

Supply chain integration and strategic partnerships provide Bubs® with a unique positioning, offering consumers product integrity, scalability and provenance.

PERFORMANCE UPDATE

Gross sales triple to $18.42M with 330% net revenue growth YOY.Key growth drivers - Bubs® Infant Formula (+117%) & CapriLac® milk powder.

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$2M

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1HFY17 2HFY17 1HFY18 2HFY18

GROSSSALES- GEOGRAPHIC

Australia China EmergingMarkets

InfantFormula30%

BabyFood13%MilkPowder

36%

FreshDairy20%

Other1%

GROSSSALESFY2018- PRODUCTGROUP

KEY METRICS

Share Price* $0.67

Market Capitalisation* $296M

Cash Balance^ $38.6M

Group Revenue^ $18.42M

Normalised EBITDA^ ($6.47M)

Net Operating Loss ($64.6M)

Overall position includes non-cash write down of $48.23M impairment to goodwill, and other payments related to the acquisition of NuLac Foods, as well as share base payment for options. This impairment has no impact on the cash or operational aspects of the Group.

*as at 4 September 2018^as at 30 June 2018

ASX: BUB is now listed in the Top 500 All Ordinaries Index

IncreasedDomestic

Market Penetration

Enhanced Asian Focus

Brand Awareness& Impact

Innovation & Product

Development

2,500+ retail points

- Coles

- Woolworths

- Chemist Warehouse

- Aldi, Costco, Big W

- IGA & Pharmacies

China Multi-Channel

- Cross-border eCommerce

- Daigou

- Mother & Baby Stores

4 key pillars critical to delivering the future growth of the business:

Connecting with mums

- Brand design relaunch

- 120k social community

- 7.5mil influencers reach

- Programmatic targeting to

formula shoppers

- B2C website re-launch

New Product Launches

- Bubs Organic® Cereals

- CapriLac® pack extensions

- Coach House Dairy®

Caramel Flavoured Milk

- FY19 focus on expanding

nutritional & dairy portfolio

STRATEGIC PRIORITIES

CHINA ROUTES TO MARKET

China expansion strategy is progressing in all channels as consumer demand grows.

Retail Grocery Pharmacy Cross Border eCommerce

eCommerce

Premium Grocery Mother & Baby Stores

eCommerce

Premium Grocery eCommerce

AUSTRALIA/NEW ZEALAND

CHINA

EMERGING MARKETS

Retail Grocery Pharmacy Cross Border eCommerce

eCommerce

Premium Grocery Mother & Baby Stores

eCommerce

Premium Grocery eCommerce

AUSTRALIA/NEW ZEALAND

CHINA

EMERGING MARKETS

Retail Grocery Pharmacy Cross Border eCommerce

eCommerce

Premium Grocery Mother & Baby Stores

eCommerce

Premium Grocery eCommerce

AUSTRALIA/NEW ZEALAND

CHINA

EMERGING MARKETS

Retail Grocery Pharmacy Cross Border eCommerce

eCommerce

Premium Grocery Mother & Baby Stores

eCommerce

Premium Grocery eCommerce

AUSTRALIA/NEW ZEALAND

CHINA

EMERGING MARKETS

Bubs® has 12yrs heritage and is an

established brand ranged in >2,000

retail outlets throughout Australia.

Agreement with New Times Asia

for $17M in Y1 on CBEC platforms;

JD, Alibaba, Kaola, Suning & VIP.

Bubs® organic baby food has launched

into Mother and Baby Stores. Infant

Formula pending registration.