The independent Directors of Yowie, being those Directors who...

The independent Directors of Yowie, being those Directors who are not regarded as representatives ofKeybridge and comprising Sean Taylor (Executive Chairman) and Scott Hobbs (Non-Executive Director)(Independent Directors), unanimously recommend that you REJECT the Offer.

TO REJECT THE OFFER, SIMPLY IGNORE ALL DOCUMENTATION SENT TO YOU BY KEYBRIDGE.

The Independent Directors appointed Moore Australia Corporate Finance (WA) Pty Ltd (IndependentExpert) to prepare an Independent Expert’s Report on whether or not the Offer is fair and reasonableto Yowie Shareholders. A copy of the Independent Expert’s Report accompanies this Target’sStatement.The Independent Expert has concluded that the Offer is not fair but reasonable to Yowie Shareholders.The key reasons for the Independent Directors’ recommendation are as follows:• The Independent Expert has determined that the Offer is not fair but reasonable.• Keybridge is attempting to increase its level of control over Yowie without paying a customarypremium for control.• The timing of the Offer is opportunistic and the Offer Price is low relative to the historical pricefor Shares.• The Offer is opportunistic and comes at a time when major initiatives and achievements inYowie’s business have not yet had time to fully materialise in business growth and reportedrevenue.• Keybridge has provided no compelling reason to accept the Offer.5Each of these points is explained in further detail in this Target’s Statement. Please read this Target’sStatement carefully before making your decision in relation to Keybridge’s Offer.The other Directors of Yowie (Non-Independent Directors) are not making a recommendation to YowieShareholders in relation to the Offer, given they are also directors of Keybridge