Ann: Appendix 4C - quarterly-AHZ.AX, page-168

Well what a difference two weeks can make. I have maintained my view that this company was seriously undervalued even when the selling was really hard to take.

I don't want to get carried away but why not sit back and have a rye smile at what's happening right now. While some posters may be getting ahead of themselves with rockets etc it is just nice to read the AHZ thread and not feel like an outcast plucking up the courage to sing the intrinsic value proposition of the company against a wave of often vicious negativity.

Obviously I believe this move is well overdue (and deserved on forecasts) but remember we still have to deliver. So keep your heads as we wait for further confirmation over the next few quarters that everything is on track as forcast. Remember also that whether you bought at 28 cents of $1.80 we are all on this journey from today and it does not matter so much about when we bought, how long we have held or how clever we have been. What matters is that if you believe, you hold tight and use this potential life changing opportunity to your advantage.

So like like a lot of holders I am still underwater and this has been my most challenging investing experience in my 12 years of investing. While not out of the woods yet I do feel good about what is transpiring and very confident in our future.

I have learnt a lot so far on this journey but the main lesson is that if you truly believe then the red screen should not bother or influence you too much. You also must be prepared to do what you can to buy at much lower prices than where you started buying. (again you need to be a true believer). As of this week I have had in excess of 21 bites at AHZ and almost half of those have been below the current share price (this was very tough). So while still under water I have a lot of personal pride that I forgot my average price, kept buying and often selling other stocks to continue to build a position. (Time will tell if this was a smart move!)

Now the next challenge might be letting this build to a massively overweight position (it is already) and not sell any shares so that it can truly have one of those rare life changing impacts.

So if everything goes to plan (a big if but hoping) and we reach 50+ million profit in 2022 and we have a successful HSV 2 vacine, we are all over China and EM and the HPV is looking the goods and we have multiple partnership agreements the challenge will be almost the opposite to holding on the way down.

Will I have the guts to hold on all the way up and let this change my life? Who knows, but it is a challenge I look forward to and hope to face.

Until then I feel quietly confident and content in our progress and I am more concerned with how the company progressss operationally than the share price in the next 12 months. (I am a buy and hold investor so hats off to those like Russ who can trade and make a few extra dollars along the way). Good luck to all holders on our journey (both new and long term holders.)