Ann: Appendix 4C - Quarter ended 31 December 2018, page-3

Agree, it doesn’t look overly inspiring.

Also, it isn’t clear what “Receipts from Customers - Discontinued Products”, which appears under the December but not under the September quarter, refers to.

If something was discontinued at some point between June 30th and December 31st 2018, I would have thought the corresponding cash inflow should show up either under the September quarter only or under both the September and the December quarter. But, the fact that it appears under the December quarter only doesn’t make much sense to me.

The corresponding cash amount (841kUS$), though, is very similar to a trade receivable from Westfield (reported on page 28 of the November 21st Interim Financial Report), so that’s probably what it is.

Of the ~8mUS$ forecast excess outflow for the next quarter, and looking at page 57 of the Demerger Booklet, it looks like 2.05mUS$ was the “target” short-term incentive for Don Kingsborough and Mike Blandina (dependent on undisclosed Key Performance Indicators).

Adding to that the severance payment to Don Kingsborough (1.4mUS$ lump sum plus health insurance benefits, see page 93 of the Demerger Booklet), the remaining employee bonus pool appears to amount to “only” ~4.5mUS$.

Looks like the new CEO has a lot of work to do.