Ann: WNB June 2020 Appendix 4C & Commentary, page-3

WNB Q4 FY20 APPENDIX 4C & COMMENTARY
Highlights:

• Positive operating cashflow in challenging COVID-19 trading environment (Q4’20: positive cashflow of $0.27M vs Q3’20 negative cashflows of $2.125M)
• Human resource restructure and operational expenditure savings deliver significant cost reductions
• Strengthened balance sheet with $1.5M cash equity raising, the conversion of $1.4M convertible notes, and a 16-month extension of $1.6M of convertible notes with redemption date now October 2021
• MICRO19 JV license agreement established - with strong future sales pipeline
• Immersion Clinical Spa network closed in COVID impacted environment. Options to extract value being explored
• New sales channels and expanding distribution support growth in FY21
• Jbronze to be sold in 800 Coles stores from mid-August. Forecast annualised FY21 sales of $2M+
• $1.7M in purchase orders for ELLE & MICRO19 ranges in Asia via new distributor