Ann: COMPANY ANNOUNCEMENT - FY2021 FINANCIAL RESULTS, page-7

Yes its very hard to discern what is structural growth and what is cyclical with GLB.

We know FXD and Impala were created out of thin air in 2012 and 2016. GLB bought Salty (50%) in 2014 and took over 100% of operations soon after. Now these 3 brands are 3 of the 4 major "pillars" of GLB's strategy.

How do we price in any new brands that succeed? (So far Dot Boardz in 2020 and R8GZ in 2019 are probably not the same level of success as an Impala).

The growth drivers as I see it:
1) Skateboarding renaissance, driven by Olympics inspiring millions of kids around the world.
2) Continued BLM / woke / freedom movement
3) Retro
4) Tik Tok / Insta / FB viral marketing
5) FXD push into NA and Europe (infra boom)
6) Surging popularity of rollerskating in Asia
7) New products within brands (past examples incl. Impala high socks and FXD work boots... maybe Impala can go into hats, T-shirts, short shorts etc)
8) Using existing extensive distribution network to carry 3rd party brands like Stussy

For 7.4x cash-adjusted FY21 P/E, I'm going to HODL for the ride..... downside appears limited.