LARK DISTILLING CO. LTD — Capital/Financing Update 2020

Sep 17, 2020

==> picture [203 x 176] intentionally omitted <==

Capital Raising Presentation

18 September 2020 Lark Distilling Co. Limited

==> picture [843 x 44] intentionally omitted <==

==> picture [43 x 596] intentionally omitted <==

IMPORTANT NOTICE AND DISCLAIMER

Important information

The information contained in this presentation dated 18 September 2020 has been prepared by Lark Distilling Co. Limited (“ LARK ”) and includes information regarding an institutional placement of new fully paid ordinary shares in LARK (" New Shares ") to institutional investors (" Capital Raising ").

The Capital Raising will be conducted under section 708 of the Corporations Act 2001 (Cth) ( Corporations Act ) and will be made available to certain persons whom a prospectus is not required to be given under Chapter 6D of the Corporations Act.

Summary information

This presentation contains summary information about LARK (and its associated entities) and their activities current as at the date of this presentation. The information contained in this presentation is for information purposes only. The information contained in this presentation is of general background and does not purport to include or summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with LARK’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

This presentation is not and does not contain all of the information which would be required to be disclosed in a prospectus, product disclosure statement or any other offering document under Australian law or any other law (and will not be lodged with ASIC or any foreign regulator).

Not an offer

This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in LARK. This presentation has been made available for information purposes only and does not constitute an offering document of any type.

Risks

An investment in New Shares is subject to known and unknown risks, some of which are beyond the control of LARK, including possible loss of income and principal invested. LARK does not guarantee any particular rate of return or the performance of LARK, nor does it guarantee any particular tax treatment. Investors should have regard to (amongst other things) the risk factors outlined in this presentation when making their investment decision. See the “Key Risks” section of this presentation for a non-exhaustive list of the risks relating to an investment in New Shares.

Future performance

This presentation may contain certain ‘forward-looking statements’. Forward-looking statements include those containing words such as: ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’, ‘consider’, ‘foresee’, ‘aim’, ‘will’ and other similar expressions. Any forward-looking statements, opinions and estimates (including forecast financial information) provided in this presentation are based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks and uncertainties and other factors which are beyond the control of LARK. This includes any statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements may include indications, projections, forecasts and guidance on sales, earnings, dividends, distributions and other estimates and statements regarding LARK's intent, belief or current expectations or projections with respect to business and operations, market conditions, results of operations and financial condition, including, without limitation, forecasted economic indicators, performance metric outcomes, the potential impact and duration of the COVID-19 pandemic as well as the timetable and outcome of the Capital Raising and the proceeds thereof.

Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. A number of important factors could cause LARK's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including but not limited to, general economic conditions in Australia and worldwide; exchange rates; competition in the markets in which LARK operates, the inherent regulatory risks imposed on the businesses of LARK's customers and suppliers for the duration of the COVID-19 pandemic. These forward-looking statements reflect LARK's current views with respect to future events and are subject to change, certain risks, uncertainties, contingencies, projections and assumptions which are beyond LARK's control, and no assurance can be given that future developments will be in accordance with LARK's expectations. Investors are cautioned not to place undue reliance on forward-looking statements and except as required by law or regulation, LARK assumes no obligation to update these forwardlooking statements. To the maximum extent permitted by law, LARK, its related bodies corporate, officers, employees, agents and advisers and any other person referred to in this presentation:

• disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions or as a result of new information, future events or otherwise;

• do not make any representation or warranty, express or implied, as to the accuracy, reliability, fairness or completeness of such information, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and

• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

Past performance information (including past share price performance of LARK) given in this presentation is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood or achievement or reasonableness of any forward-looking statements, forecast financial information or future share price performance. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty, or guarantee as to the past, present or the future performance of LARK. You are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and significant volatility, uncertainty and disruption caused by the outbreak of the COVID-19 pandemic .

No investment or financial product advice

The information contained in this presentation does not constitute investment or financial product advice (nor taxation, accounting or legal advice), is not a recommendation to acquire New Shares and is not intended to be used or relied upon as the basis for making an investment decision. In providing this presentation, LARK has not considered the investment objectives, financial position or needs of any particular recipients. Each recipient of this presentation should make its own enquiries and investigations regarding any investment and in relation to all information in this presentation (including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of LARK and the values and the impact that different future outcomes may have on LARK) and, before making any investment decisions, should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and should seek legal, accounting and taxation advice appropriate to their jurisdiction. LARK is not licensed to provide, and this presentation does not constitute the provision of, investment or financial product advice in respect of New Shares. Cooling off rights do not apply to the acquisition of New Shares pursuant to the Capital Raising.

Financial data

All dollar values are in Australian dollars ($ or AUD) unless stated otherwise. All references starting with “FY” refer to the financial year ending 30 June. For example, “FY20” refers to the financial year ending 30 June 2020.

Investors should note that this presentation includes both audited and unaudited financial information for various periods. This presentation also includes pro-forma financial information, containing pro-forma adjustments that have been made which assume the completion of the Capital Raising (net of transaction costs). With the exception of the audited financial information, investors should note that this information has not been audited and is based on management estimates and not on financial statements prepared in accordance with applicable statutory requirements. Accordingly, investors should treat this information with appropriate caution. Investors should also note that the pro-forma balance sheet is for illustrative purposes only and should not be relied upon as, and is not represented as, being indicative of LARK's future financial condition and/or performance.

Investors should also be aware that certain financial data included in this presentation including, EBITDA and measures described as “pro-forma”, are "non- IFRS financial information” under ASX Regulatory Guide 230 (Disclosing non-IFRS financial information). The nonIFRS financial information financial measures do not have a standardised meaning prescribed by AIFRS and, therefore, may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with AIFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial measures included in this presentation.

Effect of Rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

Disclaimer

No representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, neither LARK, its related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, agents or advisers (" Associated Persons "), guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness, currency or fairness of the information, opinions and conclusions contained in this presentation. LARK does not represent or warrant that this presentation is complete or that it contains all material information about LARK or which a prospective investor or purchaser may require in evaluating a possible investment in LARK or an acquisition or other dealing in New Shares. To the maximum extent permitted by law, LARK and its Associated Persons expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any direct, indirect, consequential or contingent loss or damage arising from the use of information contained in this presentation or in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. Any information in this presentation is made only at the date of this presentation, and opinions expressed reflect LARK's position at the date of this presentation and are subject to change. LARK disclaims any obligation to update or revise any forward looking statements based on new information, future events or otherwise except to the extent required by applicable laws. No assurance is given by LARK that the Capital Raising or any other transaction referred to in this presentation will proceed and LARK reserves its rights to withdraw or vary the transactions described in this presentation without notice.

2

FUNDING REQUIRED TO HIT TARGET OF 1.5 MILLION LITRES UNDER MATURATION BY END OF F22

==> picture [43 x 596] intentionally omitted <==

EXECUTIVE SUMMARY

BRAND AND BARRELS – “THE ROAD TO WHISKY RICHES”

==> picture [282 x 217] intentionally omitted <==

Whisky Under Maturation at 30 June 2020

• 711,313 Litres

• $16.7 million Cost

• $99.0 million Market Value

==> picture [420 x 124] intentionally omitted <==

• Lark Has Meaningful Scale in Terms of Revenue / Capacity / Maturation

• Flexible Sourcing Model w Low Capex – Inhouse & Outsourced

• AX8 Will Have Strong Asian Consumer & Trade Appeal

• Over The Maturation Cycle A Barrel Of Lark Increases In Value 7.5 Fold

• From a Cost of $1,971 to Net Sales Revenue ( NSR ) of $14,734 per Barrel

==> picture [65 x 59] intentionally omitted <==

3

==> picture [43 x 596] intentionally omitted <==

RECAP ON STRATEGY ROADMAP AND PROGRESS TO DATE

✔️ Completed in F20 ✔️ Completed in F20

1. Understand The Whisky Landscape - Domestic and Abroad 2. Clean Up The Mess / Reset The Foundations

2. ✔️ Completed in F20

3. Define and Articulate a Proven Strategy That Maximises Shareholder Value

F21 Commenced “Made of Tasmania”

1. Build “Lark” Into a Power Brand With Broad Appeal (and Asian Relevance)

F21 Summer Relaunch

1. Reboot Forty Spotted Gin To Own “Tasmanian Gin” 6. Innovate The Product(s) & Tell Meaningful Stories

✔️ Commenced w Symphony No1

• ✖️ On Hold With Australia The Priority ✔️ Distilling + 4,300 Ltrs Per Week F21 Expect Maiden Profit In F21 ✔️ Cap Raise Into Debt Cycle ✔️ Proposed Sept ‘20 Capital Raise

• Establish A Footprint In Key Export Markets With Proven Sell Thru

• Build & Stockpile Inventory to Meet Future Demand (& Acquisition Criteria)

• Execute The Plan While Maximise Revenue, Manage Costs and Achieve Profit 10. Leverage Balance Sheet To Fund the Journey

• Improve Liquidity and Move to Institutional Shareholders

WHY ………

• Market Demand For Acquisitions Of Spirits Brands Remains Strong

• Globally Over 20+ Transactions In This Space Over The Past 2 Years

• Premium Spirit Brands Command Multiples In Excess Of 6.0 X Sales And 19.0 X EBITDA

• Because The Alcohol Acquisition Playbook Is A Proven Model (Think Craft Beer)

==> picture [65 x 59] intentionally omitted <==

4

==> picture [43 x 596] intentionally omitted <==

LARK AT A GLACE

==> picture [88 x 86] intentionally omitted <==

Geoff Bainbridge – CEO  10+ Years at Fosters / Ex-MD Spirits  Ex-Founder of Grill’d, Bounce

David Dearie

 Independent Non-Exec Chair  Ex-CEO Treasury Wine Estates DIRECT SELLING MODEL Bothwell Distillery Cambridge Distillery Lark Bar Hobart CBD Brooke Street Pier

==> picture [340 x 188] intentionally omitted <==

----- Start of picture text -----

Net Sales ($m) Forecast to Double in F21
$14.0
$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
$-
F18A F19A F20A F21F
----- End of picture text -----

“MADE o f TASMANIA”

==> picture [111 x 155] intentionally omitted <==

• Founder Bill Lark

• 28 Years of Authentic Heritage

 First Tasmanian Whisky  First Australian Craft Whisky  International Award Winning  Only Australian Peat Bog  Innovation and Quality

==> picture [65 x 59] intentionally omitted <==

5

==> picture [43 x 596] intentionally omitted <==

WHAT IS GOING TO DRIVE THE SHARE PRICE IN F21 ?

1. F21 Maiden Profit (EBITDA) Driven by E-Commerce and Direct Mainland Sales

2. Continued Increase in Whisky Under Maturation

3. Launch Lark Portfolio Strategy To Address Multiple Occasions and Multiple Price Points

4. Reboot Of Forty Spotted Gin

46% Share Price Growth Since COVID-19

==> picture [65 x 59] intentionally omitted <==

6

==> picture [43 x 596] intentionally omitted <==

F21 SHARE PRICE DRIVERS

REVENUE MOMENTUM WITH COST CONTROL DRIVING PROFIT

• Revenue Forecast to Grow by Over 100% in F21

• E-Commerce Sales in First Two Months of F21 Are More Than All of F20 at a 6 Fold Increase

• New Limited Online Releases Are Selling Out Within Hours / Days

• Lark Symphony No1 Tracking Ahead of F21 Plan Both Sell In and Sell Out

• Nant Sales Performance Ahead of F21 Plan Driven by Sell Thru

• Forty Spotted Gin Relaunch on Track for Summer 2020 in Line with F21 Plan

• AX8 Distilling on Newly Installed Column Still Forecast to be Lower COGS Than F21 Plan

• Expenses / Cost Control in Line With F21 Plan

==> picture [339 x 211] intentionally omitted <==

----- Start of picture text -----

Net Sales ($m) Forecast to Double in F21
$14.0
$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
$-
F18A F19A F20A F21F
----- End of picture text -----

==> picture [140 x 212] intentionally omitted <==

==> picture [72 x 72] intentionally omitted <==

==> picture [72 x 72] intentionally omitted <==

==> picture [77 x 72] intentionally omitted <==

==> picture [121 x 64] intentionally omitted <==

==> picture [65 x 59] intentionally omitted <==

7

==> picture [43 x 596] intentionally omitted <==

F21 SHARE PRICE DRIVERS

SIGNIFICANT MATURATION ASSET TO BE MONETISED

 We Are Presently Making Approx. 4,300 litres per Week @ 63.4% ABV

 Since 1 July 2019 Increase on Litres Under Maturation 54% to 711,313 Litres

 Represents The Equivalent of $1.81 Per Share in Whisky Inventories

==> picture [682 x 206] intentionally omitted <==

==> picture [335 x 171] intentionally omitted <==

----- Start of picture text -----

1.16m Litres Under Maturation End of F21
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
-
F18A F19A F20A F21F
----- End of picture text -----

==> picture [65 x 59] intentionally omitted <==

8

==> picture [43 x 596] intentionally omitted <==

F21 SHARE PRICE DRIVERS

LARK PORTFOLIO: MULTIPLE OCCASIONS / MULTIPLE PRICE POINTS

SYMPHONY Series Classic Cask Range Ltd Release Series Rare Cask Series 1 x Annual Release 3 x Core Range & Monthly Release Schedule FREQUENCY 2 – 3 Releases Per Year every July 1-2 Ltd. Releases Per Year (up to12 per year) RRP $139 $179 - $220 $239 - $330 $500 - $1,000 OBJECTVE Recruit Hero/Awareness & Trial Recruit/Trade-Up/PR Trade Up/PR/Brand Status A continuous quest to uncover the Innovative & Flavour driven single Tasmania’s First and world’s rarest casks to create Lark’s BRAND Accessible Every Day malt from the founders of the craft Finest Single Malt, Made most exquisite Single Malts for MESSAGE Whisky, Made of Tasmania whisky movement , Made of of Tasmania

$500 - $1,000 Trade Up/PR/Brand Status

A continuous quest to uncover the Innovative & Flavour driven single world’s rarest casks to create Lark’s malt from the founders of the craft most exquisite Single Malts for whisky movement , Made of celebrating life’s rarest occasions, Tasmania Made of Tasmania

==> picture [65 x 59] intentionally omitted <==

9

==> picture [43 x 596] intentionally omitted <==

F21 SHARE PRICE DRIVERS

FORTY SPOTTED GIN SUMMER’20 REBOOT – PACK / PRICE / VARIANTS

==> picture [763 x 423] intentionally omitted <==

==> picture [65 x 59] intentionally omitted <==

10

==> picture [43 x 596] intentionally omitted <==

EQUITY RAISING OVERVIEW

	▪A non-underwritten institutional placement of up to $8.9 million (“Placement" or "Offer").
Offer Structure	▪Up to 8.1 million new fully paid ordinary shares in Lark ("New Shares") to be issued under the Placement,
	representing up to 14.8% of existing Lark shares on issue.

Offer Structure ▪A non-underwritten institutional placement of up to $8.9 million (“Placement" or "Offer"). ▪Up to 8.1 million new fully paid ordinary shares in Lark ("New Shares") to be issued under the Placement, representing up to 14.8% of existing Lark shares on issue.	Offer Structure ▪A non-underwritten institutional placement of up to $8.9 million (“Placement" or "Offer"). ▪Up to 8.1 million new fully paid ordinary shares in Lark ("New Shares") to be issued under the Placement, representing up to 14.8% of existing Lark shares on issue.
Offer price	▪ All shares under the Placement will be issued at a fixed price of $1.10 per New Share ("Offer Price"). This Offer Price represents a: −nil discount to the last traded price of $1.10 as at 16 September 2020; −0.4% premium to 5 day VWAP of $1.095 as at 16 September 2020; and −1.1% premium to 30 day VWAP of $1.088 as at 16 September 2020.
Placement Bookbuild	▪The Placement will be conducted by way of an institution bookbuild process on Thursday, 17 September 2020.
Settlement	▪Settlement of the Placement is expected to occur on Tuesday 22 September 2020.
Ranking	▪New Shares issued under the Placement will rank equally with Lark’s existing ordinary shares from their respective issue dates.
Use of Proceeds	▪Fund the inventory build of Lark’s whisky under maturation; and ▪Costs of the Offer.

==> picture [65 x 59] intentionally omitted <==

11

==> picture [43 x 596] intentionally omitted <==

SOURCES AND USES OF FUNDS

Over the past 12 months Lark has successfully put in place the building blocks of its vision. The Capital Raising will assist Lark to continue on the path to becoming a globally consumed, recognized and loved Tasmanian Icon

Sources	$ million
Equity raising	$8.9
Total	$8.9
Uses	$ million
Inventory build of Lark’s whisky under maturation	$8.5
Costs of the Offer	$0.4
Total	$8.9

==> picture [65 x 59] intentionally omitted <==

12

==> picture [43 x 596] intentionally omitted <==

PRO FORMA BALANCE SHEET

Balance Sheet ($’000’s)	June 2020	Offer Proceeds	Pro-Forma
Assets
Cash at Bank and On Hand	6,119	8,457	14,576
Deferred Tax	0		0
Other Assets	40,178		40,178
Total Assets	46,297	8,457	54,754
Total Liabilities	8,920		8,920
Net Assets	37,377	8,457	45,834
Equity
Share Capital / Reserves	50,020	8,457	58,477
Total Retained Earnings	(12,643)		(12,643)
Total Equity	37,377	8,457	45,834

==> picture [65 x 59] intentionally omitted <==

13

==> picture [43 x 596] intentionally omitted <==

OFFER TIMETABLE

Event Date

Trading Halt	9:00am, Thursday, 17 September 2020
Placement Offer opens	10:00am, Thursday, 17 September 2020
Placement Offer closes	4:00pm, Thursday, 17 September 2020
Completion of the Equity Raising announced	Friday, 18 September 2020
Settlement of Placement	Tuesday, 22 September 2020
Allotment of New Shares issued under the Placement	Wednesday, 23 September 2020
Normal trading of New Shares issued under the Placement	Wednesday, 23 September 2020

Note: 1. All dates and times are indicative and Lark Distilling Co. Ltd reserves the right to amend any or all of these events, dates and times subject to the Corporations Act 2001 (Cth), ASX Listing Rules and other applicable laws. All times and dates are in reference to Sydney, Australia time.

==> picture [65 x 59] intentionally omitted <==

14

==> picture [43 x 596] intentionally omitted <==

FOREIGN SELLING RESTRICTIONS

This document does not constitute an offer of new ordinary shares of LARK ("New Shares") in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except to the extent permitted below.

The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. By accepting this presentation, you represent and warrant that you are entitled to receive such presentation in accordance with the below restrictions and agree to be bound by the limitations contained herein.

Hong Kong

WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of the Laws of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong other than to "professional investors" (as defined in the SFO and any rules made under that ordinance).

No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities. The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

New Zealand

NOTICE TO NEW ZEALAND INVESTORS: The offer of New Shares in this document is restricted to persons in New Zealand who are “Wholesale investors” within the meaning of clause 3(2) or 3(3)(a) of Schedule 1 to the Financial Markets Conduct Act 2013 (the "FMC Act"), being a person who:

• is an “investment business” as defined in clause 37 of schedule 1 to the FMC Act;

• meets the investment activity criteria specified in clause 38 of schedule 1 to the FMC Act;

• is “large” as defined in clause 39 of schedule 1 to the FMC Act;

• is a “government agency” as defined in clause 40 of schedule 1 to the FMC Act; or

• is an “eligible investor” as defined in clause 41 of schedule 1 to the FMC Act. (together referred to as "Excluded Disclosure Investors" for the purpose of this document).

Applications or requests for information from persons who are not Excluded Disclosure Investors will not be accepted and LARK reserves the right to accept or reject any or all applications at any time. LARK may also require further information, documentation and/or certification from an applicant to confirm their eligibility as an Excluded Disclosure Investor.

Please note that this document is not a regulated document. In particular, this document is not a product disclosure statement for the purposes of the FMC Act. Potential investors therefore need to make their own enquiries as to the appropriateness of this investment for them. If you have any doubt as to any aspect of the Capital Raising referred to in this document, you should consult your financial or legal advisor.

Singapore

This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), or as otherwise pursuant to, and in accordance with the conditions of any other applicable provisions of the SFA.

This document has been given to you on the basis that you are (i) an existing holder of LARK's shares, (ii) an "institutional investor" (as defined in the SFA) or (iii) an "accredited investor" (as defined in the SFA). In the event that you are not an investor falling within any of the categories set out above, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.

Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party. There are on-sale restrictions in Singapore that may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly.

United States

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. This presentation may not be distributed or released in the United States. The securities referred to in this presentation have not been, and will not be, registered under the US Securities Act of 1933 ("US Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States unless the securities have been registered under the US Securities Act or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and any other applicable securities laws.

There will not be a public offer of the New Shares in the United States. This presentation may not be distributed or released in the United States.

==> picture [65 x 59] intentionally omitted <==

15

==> picture [43 x 596] intentionally omitted <==

KEY RISKS

Effect of COVID-19

The COVID-19 pandemic has had and continues to have an impact on LARK's business and the food and beverage sector across Australia. In particular, Australian Federal and State government have implemented restrictions and closures, to varying degrees, on the operations of licensed premises which purchase LARK's products, to assist with slowing the spread of COVID-19. As at the date of this presentation, this impact has however been off-set to a degree by an increase in at home consumption of LARK's products.

LARK has taken careful steps to mitigate the impact of the COVID-19 pandemic on its business, including applying for the Federal government's JobKeeper payment scheme.

The events relating to the COVID-19 pandemic have recently resulted in significant market falls and volatility including in the prices of securities trading on the ASX and on other foreign securities exchanges. There is continued uncertainty as to the further impact of the COVID-19 pandemic including in relation to governmental action, work stoppages, lockdown, quarantines, travel restrictions and the impact on the Australian economy and share markets. The impact of some or all of these factors, which are beyond LARK's control, could cause significant disruption to LARK's operations and financial performance.

Foreign currency risks

LARK has limited exposure to fluctuations in foreign currencies arising from the sale and purchase of goods and services in currencies other than LARK's measurement currency and LARK manages foreign currency transactions on a monthly basis to monitor fluctuations in exchange rates.

Contractual risk

LARK has contractual obligations and rights with respect to a number of agreements it is a party to. These agreements may include provisions which allow for termination for convenience or otherwise. No assurance can be given that all such agreements will be fully performed by all contracting parties or that LARK will be successful in securing compliance with the terms of each agreement by the relevant contracting party. If a contracting party were to breach or terminate a material agreement, LARK's business, operations and financial performance could be adversely affected.

Insurance risk

LARK may, where economically practicable and available, endeavour to mitigate some business risks by procuring relevant insurance cover. However such insurance cover may not always be available or economically justifiable or the policy provisions and exclusions may render a particular claim by LARK outside the scope of the insurance cover. While LARK will undertake all reasonable due diligence in assessing the creditworthiness of its insurance providers there is a risk that an insurer defaults in a legitimate claim by LARK under an insurance policy. Insurance against all risks associated with LARK's business operations is not always available and where available its cost may be prohibitive.

Product liability

LARK may not be able to obtain product liability insurance, or may not be able to obtain such insurance on commercially viable terms. Any product liability claims may disrupt LARK's business operations and may cause reputational harm by affecting customers' impressions of product safety, quality or reliability supply, any of which may adversely impact LARK's financial performance. Manufacturing and retailing beverages carries an inherent risk of product liability, accordingly LARK may have to limit the manufacture and sale of its products if it is unable to successfully secure or renew adequate product liability insurance or defend itself against product liability claims.

Materials costs

In addition to packaging materials for LARK's products (glass bottles and labelling material), important raw materials used in the manufacture of LARK's products include water, barley and yeast. If the price of obtaining any of these materials significantly increases and LARK is unable to justify a corresponding increase in the price of its products, LARK's profitability will be adversely affected.

Consumer demand

Consumer demand for LARK's products will be subject to changes in consumer preferences and tastes. If there is a significant shift in such preferences and tastes and LARK is unable to develop new products or to otherwise adapt to prevailing consumer preferences, demand for LARK's products will decline and LARK's profitability may be adversely affected.

Supply and distribution risk

As LARK depends on third party service providers to transport and deliver its products, LARK is subject to the risk of delays in transportation of its products and/or any increase in the cost of such services. Accordingly, LARK's financial performance will be adversely affected if any delays with transportation impact consumer sentiment of LARK's products or entitle customers to compensation; or if LARK is unable to pass on any increased freight costs to its customers.

Regulatory risk

The food and beverage manufacturing industry in Australia is heavily regulated and LARK is required to meet various standards in relation to food and beverage safety, product liability, labour laws and other matters. Furthermore there is a risk that such regulatory restrictions may become more burdensome in the future. If this occurs, LARK may be required to dedicate more time and resources to ensuring that it complies with these regulations, which could adversely affect its financial performance and future prospects. Any failure by LARK to comply with such regulatory requirements and any associated negative publicity surrounding such failure may adversely impact LARK's business and reputation.

==> picture [65 x 59] intentionally omitted <==

16

KEY RISKS CONT.

==> picture [43 x 596] intentionally omitted <==

Macroeconomic and socioeconomic factors

The performance of LARK will continue to be influenced by the overall condition of the economy in Australia and any deterioration in employment or economic growth could adversely affect LARK's business.

In light of recent Australian and global macroeconomic events, including though not limited to the impact of the COVID-19 pandemic, Australia has entered into economic recession of uncertain severity and duration will which continue to impact on the operating and financial performance and prospects of LARK and continue to impair LARK's business and prospects.

As noted above, the macroeconomic consequences of the COVID-19 pandemic on LARK's business may be significantly mitigated by an increase in at-home consumption of its products, pivoting into manufacturing hand sanitiser and utilising federal government support packages. Other socioeconomic and macroeconomics factors could have a material adverse impact on LARK's business and financial performance, including unemployment rates and lower household income levels.

General market and share price risks

There are general risks associated with any investment in the share market. The price of LARK's shares may increase or decrease due to a number of factors. Those factors include fluctuations in domestic or global financial markets and general economic conditions, including interest rates, inflation rates, exchange rates, commodity and oil prices, changes to government fiscal, monetary or regulatory policies, legislation or regulation, the removal or inclusion of LARK from market indices, and the nature of markets in which LARK operates. These factors may cause the price of LARK's shares to trade below the price at which they are offered under the Capital Raising, notwithstanding LARK’s financial position or performance.

Tax and accounting

Australian accounting standards and tax laws (including GST and stamp duty taxes), or the way they are interpreted, are subject to change from time to time, which may impact LARK’s financial position or performance.

Litigation

Legal proceedings and claims may arise from time to time in the ordinary course of LARK’s business and may result in high legal costs, adverse monetary judgments and/or damage to LARK’s reputation which could have an adverse impact on LARK’s financial position or performance and the price of its shares.

Forward-looking information

The forward-looking statements, opinions and estimates provided in this presentation rely on various contingencies and assumptions. Various factors and risks, both known and unknown, many of which are outside the control of LARK, may impact upon the performance of LARK and cause actual performance to vary significantly from expected results. There can be no guarantee that LARK will achieve its stated objectives or that forward-looking statements or forecasts will provide to be accurate.

==> picture [65 x 59] intentionally omitted <==

17