Ann: FY22 Half Year Results Presentation, page-8

Thanks for your view – always cracks meup when people attack others on HC with a different view to theirs.

I factored in the 1.8Mill of contingentliability after I read the full report. I was surprised they had reported aprofit. I expected a loss, so the abnormal items make sense to me.

There plan has been to ramp up Capex spendand increase inventory re supply chain issues, this has been flagged and fullyjustified IMO.

I do not think they have any unfulfilledpromises over the last 2 quarters. I think over the last 6 months they have executedas they said they would – There have been macro factors which have softened theirmargins but the company is obviously ramping up to generate free cashflow from June2022.

Also IMO, with Micro caps you can fallinto a trap of looking too closely at the short term numbers as with $100 milin revenue this is very small and it doesn’t take much to increase or decreasethe bottom line.