Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-7

I agree with Jonboi that cash flow is worrying. Last year our cash position was boosted by a capital raise. Just over 4 quarters cash reserves now. Management is trying to reign in costs but they are not under control by a long shot. The biggest expense is staff costs. The directors and staff are making money while smaller shareholders are losing. Look out for another capitol raise this year. And a year or so ago management said we would be cash flow positive in 2024. That'll take a miracle. No mention of California now we are just focussing on Florida. Circa 270,000 agents are on the platform in the US compared to c.50,000 in Australia, yet Australia is pulling c.4 times the earnings. Why? Clearly, RMY is not seen as a compelling addition to an agent's toolkit in the US. Is agent Teams the answer? We'll see. If the top 30% of agents in the US are more resilient during the current market downturn, they don't seem to need RMY. DW said some years ago RMY would be his best money earner. I don't doubt his sincerity or hopefulness, but I hope David's concern for his credibility prompts him to do more to turn this poorly performing stock around.