DW8 Growth, page-6189

I am not so sure that an update is needed specifically regarding Bibendum.

It is a case of exposure. I think the way to interpret the situation is that we have direct marketing access to 5000 trade buyers, via the relationships that Bibendum has already cultivated.

There is no guarantee of 'Market' utilisation by any of these trade buyers, but we are essentially leveraging the fact that there is already a constellation of relationships in play between these buyers and Bibendum (or more specifically, the products distributed via Bibendum).

There is a good chance of take up by at least some of these buyers due to them seeking the products they like, and following the trail to 'Market,' where the products now live (in terms of trade buying access). But, with incentives attached as well, chances are improved further.

Punchline is that we certainly don't have a guaranteed 5000+ buyers on day one, but we do have marketing access to 5000+ buyers who have been given notable motivation to make the switch to 'Market.' We should be conservative in our expectations regarding take-up from this pool in my opinion, as then we can be pleasantly surprised to the upside.

In addition, we can consider that this direct marketing to 5000+ buyers as part of the beta, is also exposing this industry collective to our company as an investment proposition. If a trade buyer finds the 'Market' value proposition/convenience compelling and a 'game changer,' a secondary effect may be that they wish to invest directly via share acquisition. So, we are about to see 'Market' marketed as a platform, but also DW8's investment proposition marketed, directly to industry stakeholders.