Ann: Appendix 4C - quarterly, page-208

Morning All,

A great result and credit to the ISX team delivering some well deserved relief to shareholders.

The below is a simple comparison on some of the recent figures released.

9 December cash at bank in excess of $14.5m and monthly EBIT of $2m for October - 31 Jan 4C cash at bank $17.7m. On face view of the numbers, one could reasonably assume that ISX is releasing in excess of $3m monthly EBIT as of December. If correct, December monthly EBIT annualised for 2020 assuming zero growth $36m EBIT.

IMO with JK making statements such as "the negative connotations of suspension diminish rapidly upon reiteration of ISX securities" together with other pieces of publicly available information, we have ADI pending.

It is worth noting that the level of exposure that ISX has been subject to in recent times is unprecedented and that the growth and potential of ISX is now indisputable. This demonstrates to me that we have an incredible and fundamentally strong business and management team. We should also bear in mind that all eyes, institutional and otherwise are upon us. This typically results in increased demand for company shares irrespective of the business model.

Re the suspension, I do see the clear logic and interests of both sides to get this suspension lifted and subject proceedings dismissed. Further, if ASX were to lift the suspension on mutually agreeable terms, I do consider pursuing the ASX further to be in the best interest of ISX shareholders so, I give this a low probability. IMO the most probable outcome here is a lifting of suspension on mutually agreed terms.

There is a very bright light at the end of this tunnel that is visible to many!

Have a good weekend.