Ann: Appendix 4C August 2021, page-3

Cash based reports are always dangerous to use as a measure of how the company is trading. For example they may have built and paid for a lot of inventory during September. That would cause the report to suggest a high cash burn number but in fact they would have a large supply of saleable inventory on hand for the busy season. I am hoping this to be the case. Also they signalled staff reductions which invariably mean higher payments for redundancies. This could be included in the August/Sept wages and admin costs? The next couple of months are critical for BUD IMHO.