COMPANY OVERVIEW

Freedom Nutritional Products is an emerging public company focused on building a leading position in functional and nutritional products in Australia and targeted international markets through a focus on brand development, product innovation, sales and distribution.

The company was formed in 1984, is headquartered in Sydney Australia and is listed on the Australian Stock Exchange.

Freedom Nutritional Products (FNPL) objective is to build scale through organic growth and a combination of acquisition, joint venture, strategic partnerships and marketing support. The company is targeting an initial sales target of $100 million and a further target of between $200-$300 million over the next three years.

The Company is a long established participant in soy and rice beverages in Australia with a prime focus on whole bean soy products. The company's core brands include So Natural, Australia's Own and Smooth White. In March 2005 the company established a contract packing joint venture in conjunction with Leppington Pastoral Company Pty Limited (LPC) to undertake the manufacture of beverages on behalf of FNPL, LPC and third parties.

The joint venture process and packing facility is ISO 9002 accredited, has NSW Food Safety compliance, a NSW Dairy License, HACCP and Woolworths Quality Certification.

The company is also highly regarded as a contract packer to the liquid beverages and foods industry, supplying all the major retailers and a number of blue-chip marketing companies with their various products.

In 2003 the Company entered the canned seafood market with the acquisition of a leading canned salmon business in Australia, Paramount Seafood's. As part of this transaction, FNPL established a long term strategic alliance and procurement agreement with Bumble Bee Seafoods, the world's largest full line canned seafood group, to facilitate product sourcing, quality assurance and new product development.

In May 2005, the company expanded its seafood activities with the acquisition of the Brunswick Seafoods brand in Australia and New Zealand from the parent company of Bumble Bee Seafoods. Brunswick is a brand leader in the value canned sardine market in Australia and New Zealand and has opportunity for expansion over time. The exclusive procurement agreement for Paramount Seafoods has been extended for Brunswick Sardines and for supply under third party contracts.

The Company entered the functional cereals and snacks market through the acquisition of Freedom Foods Pty Limited in November 2003. Freedom Foods is a leader in the development and marketing of foods for consumers with food intolerances and for those seeking improved health through better nutrition.

In May 2004, the Company entered into a unique joint venture arrangement with Australia's greatest Olympian, Ian Thorpe with the establishment of a food and beverage company, Thorpedo Foods Pty Limited. Thorpedo Foods has long term use of Ian Thorpe, associated trade marks and intellectual property in the development of food and beverage products in global markets, in particular in Japan. In December 2005, Thorpedo Foods entered into a strategic licence agreement with leading Japanese Functional beverage Company Yakult, for the development of Thorpedo branded functional beverages in Japan and Asian markets. Freedom has an initial equity interest of 50% in Thorpedo Foods with Ian Thorpe interests owning the balance. In addition, the Company established a separate seafood joint venture company, Thorpedo Seafoods Pty Limited, owned 75% by So Natural Foods and the balance by Thorpe interests, to pursue seafood growth opportunities in specific markets.

Functional Foods

Functional Foods are foods that have a specific physiological or medical benefit beyond their pure nutritional benefit. With an increasing focus on health and nutrition from key stakeholders such as consumers, government, retailers and healthcare professionals, there is an opportunity to develop and promote the consumption of foods that offer value in terms of nutrition and improved functioning of the body.

In Australia functional foods exist in many mainstream food categories accessed either through grocery, route or food service channels. These foods are marketed in both recognised and underdeveloped brands and are typically at the forefront of innovation in their categories. An opportunity exists to consolidate these category opportunities building value through an integrated approach to brand development and product innovation.