Ann: Appendix 4C - quarterly, page-2

Pretty extensive commentary in the 4C report, so worth reading, but here are the highlights...

----------------------------------------------------------------

• Cash receipts increased 32% to NZ$1.4 million (from $NZ$1.0 million).
• Barclays is rolling its white label platform out nationally in coming weeks, following a
successful initial roll-out in the north of England, where conversion metrics exceeded Barclays’
expectations. The upcoming national roll-out by Barclays will include a focussed period of
marketing & PR activity.
• In addition, 9 Spokes will run three substantial marketing campaigns during May. 9 Spokes
announced initial user adoption of 1,000 users, with the next number to be reported this quarter.
• 9 Spokes will commence regular user reporting cadence of once a quarter from September,
with each announcement to be made soon after the quarter finishes.
• A number of potential opportunities in North America, Australasia and Asia are well
progressed including one that has been fast-tracked to an accelerated Proof of Concept.
• 9 Spokes announced it will expand into the US market first through its 9 Spokes Direct Platform,
to support and expedite business development efforts with large US channels.
• 9 Spokes received positive feedback from a large North American bank following their due
diligence visit to Auckland in March. These discussions continue at the time of writing