Ann: Appendix 4C - quarterly, page-81

Broker Support A$3.98 fair value

I have just seen a reputable broker report and they indicate Buy and fair value at A3.98! (can't post here due to copyright).

They said the cash receipts exceeded their upper range of $13.7m and fundamentals in the business have not changed with more focus going on B2B customers.

ZNO therefore professionally undervalued by 57% to fair value.

This is a professional firm that values companies day in and day out, I think they know a lot more than many commenting here do on how to value a growth company.

If ZNO achieve $60m turnover this year as predicted by this firm that is a 58% growth over last year's revenue - if that happens what's not to like about that!

The Company has done amazingly well in a short space of time. If regulatory issues are sorted out soon then more and more orders will flood in, then this will exceed broker valuations and value the company even higher!

IMO.