agm, page-29

Hi gbr - so are you suggesting that it is both COTY & 'distributing' our own version of products? Maybe it has something to do with COTY again after P&G's divestiture has now matured these said Haircare brands over to COTY, along with the original Workplans; and maybe 'Our own distribution of skin and hair products to go down value chain.. so we're not dependent on 3rd parties'? One really does seem to contradict the other, so the only plausible conclusion for me is both.

I get a sense of deflation when the supposed huge global conglomerates OBJ are purported to have these fantastic relationships with after many, many years of collaboration; eventually all choose to drag the chain in sectors where OBJ's Technology Platforms have very little or NO market entry barriers. Why after 10+ years of advertising the benefits of - Leading Developer in Haircare - 'Haircare solutions utilising enhanced brushes and applicators'; in a Market that presents NO barriers for entry........why the hell do OBJ even have a need for distributing their own Skincare & Haircare product's, apart from supposed Partner delays/procrastination/hesitation? Come on P&G, COTY, GSK, Pfizer and all the long list of others who are supposedly still interested after almost a decade and a half - it's time to step up or it's time for OBJ to stop banging on about them.

It's great to have more details from the Investor Conference Call and to finally/officially update the Market many years later on topics where many of us already suspected and speculated the advised outcome re failed projects etc. It's one thing to officially (?) update the Market and Shareholders years after the facts, where Partners/Collaborators walk away from certain projects; but are we really to believe that in Markets that present NO barriers for entry ie other than Pharmaceuticals, where we are currently a 'Leading Developer' for example in Haircare with no commercialised products in Haircare after more than a decade? Is this really what 'fake it until you make it' looks like?

Just tell me for once and all exactly what you are doing for Haircare, with whom and exactly how much return the OBJ BoD expect to receive on behalf of their Shareholders. And then apply this formula to every other Workplan/Partner/Collaboration to assist current Shareholders and considering New Investors to better make informed decisions with regards to their investment in OBJ.