Ann: Appendix 4C - quarterly, page-18

• 1-What drove the significant decline in Manufacturing costs during the quarters in your summary as they went from 54% in September 2016 to 75% in June 2017 to 58% in September 2018? 

• 2-Why if total cost reductions vs same period as last year were a total of $2.4M ( Staff, Corporate and Advertising combined) the net cash from operating activities reported in September 2018 Scheduled 4C is ONLY $581K ? Were are the rest of the funds?

• 3-Since no cover memo was included for the report, how have margins evolved for the same period ( September quarterly) over the last 3 years?

• 4-Since Sales continue to decline even with significant increases in distribution as reported in the 2017 annual report, and there is no mention of margins trend, how does management plan to sustain growth and profitability with virtually no advertising and increased competition?

• 5-What are the size of the markets ( In $ and units) for each of the top 3 markets i.e. Australia, US and Canada? What is Yowie current market share and each of the Top 3-5 competitors ( In $ and units) as reported and certified by Nielsen?

• 6-How are Sales at the Top 10 accounts for each core market vs. 2017 and 2016?

• 7- Who has been responsible for each function ie CEO, Sales, Manufacturing, International development, Travel Retail , Marketing etc? Please provide the timings for each employee and role.Please also include the reporting relationships.

• Suggest to confirm:
• Why Sales continue to decline?
• Drivers of manufacturing costs fluctuations
• Rationale and future projections for Staff, Corporate, Advertising , and Margins
• Update on size of each core market , market share trend ( For Yowie and Top competitors) as certified by Nielsen
• Same stores Sales trend on Walmart over the last 3 years
• Timing and accountability for key roles/functions (Including reporting relationships) over the last 3 years.

• These questions might help in understanding the drivers for the results, who is accountable for them and potentially provide a better understanding of the relevance and sustainability of the reported results.