Ann: Trading update and revised FY21 outlook, page-101

Cash balance expected to be in line with closing balance of FY20, $854m less MVM acquisition.

Share buy back announced however this could be months away given mgmt stated an update will be provided in Aug 21. This statement should have been far better detailed with greater clarification.

Growth strategy review, why is this only commencing now? It has been clear for months that certain channels, birth rates and competition were strong headwinds and yet mgmt will only start reviewing components of this now. Market will be concerned that this has taken so long, mgmt asleep at the wheel?

MVM, surely this needs to be questioned. Whilst we are obviously not privy to the contract, a break fee clause would certainly be included in the sale agreement. What is it and how much as certainly this acquisition should be reviewed. Yes, it would send a potentially negative message to the market however surely there are better ways to spend this cash given the business will need at least 18-24 months to turnaround in any significant manner. Have they been forced over a barrel as some have suggested, could well have been by the looks of it.

New products, somewhat off topic however new products have been touted for years and really nothing of substance has made it to market. Is this the time to actually push this and move away from essentially being a one trick pony.

Short term, this isn't going up in any significant way and I am surprised it's still in the $6's. I am thankful, and extremely lucky, that I sold half my position at $20. Obviously should have sold the lot however with the benefit of hindsight, none of us would be here. I truly feel for holders that are deep in the red and hopefully the fundamentals of why you invested return quickly and sustainably.

GLA

Cheers

Kosy