Ann: Appendix 4C - March Quarter Report-BUD.AX, page-31

My take:

• All tech goes through 5 key stages
1) concept / blueprint
2) working prototype
3) commercial reveal - first signs of revenue (often discounted)
4) commercial roll-out - more rapid sign up of clients (paying nearer full freight)
5) scaled success

Buddy is clearly between stages 3 and 4 - they have commercials / they have a large pipeline

• Buddy has big corporates for clients
- these clients spend big / and can become very sticky
- but these clients buy slowly - have a lot of process to go through before signing up

Buddy has proven it can connect with / be useful to / and sign major corporates

• Look out for the 'hockey stick' sales chart from here
- this quarter has all the ingredients of a perfect set up for rapid uptake for next quarter

Buddy has clearly stated they are in 'land grab' mode - signing up lots of clients at keen prices and grow from there