Ann: FLLYR: PEB: PEB Financial Results for the 12 months to 31 March 2021, page-6

I have always seen the potential. The addressable market is huge.

My concern is we have huge costs and management pushed ahead with extras despite COVID impacts.

If we don’t increase the TLT numbers but don’t reduce the costs we are burning $2M a month.

Couple this with the fact that they don’t update numbers - it’s impossible to see a CR coming. I do see this company as another Xero - huge addressable market, however I see that the barriers to entry for PEB competition is significantly higher.

I’m not seeing traction at present.

We were told they were discussing with other major hospitals, similarly Singapore and Aussie really need to convert in the first half of the year IMO otherwise it will be a long slow burn, with lots of cash needed