Ann: Annual Report to shareholders, page-61

I just give my perspective about the argument mentioned here. could be wrong

1. FDA Proposal: In 2021 FDA proposed that 2 mineral ingredients were considered safe and 12 chemical ingredients were not considered safe because additional data was needed to prove they are safe. As of 21/06/2023, no data from the industry has been provided to FDA proving that the 12 chemical ingredients were safe. So we can safely assume that FDA will be more than likely to finalise the proposed rule in the near future, which means that only 2 mineral ingredients (Zinc Oxide and Titanium Dioxide) will be considered safe. Is FDA going to ban chemical 12 chemical ingredients? I don't know. But if FDA has set a guideline stating the 12 chemical ingredients were not considered safe, the industry will be more than likely to follow the guideline. Public awareness about the zinc oxide sunscreen is increasing.

"No data exist to show that mineral sunscreens are equal or superior to chemical ones in preventing deadly skin cancers". this is not the point in FDA's consideration. FDA considers RISKS here instead of Benefits you are talking about. FDA is reviewing the data that 12 chemical ingredients are risker than 2 Mineral ingredients

2." I think most here do not understand the implications of this dividend. it's basically a way for LM to get tons of shares for free without limitations. other shareholders get diluted again and again."

tEvery shareholder receives dividend or extra shares (if they choose so) in proportion. It is not that Lev receives shares and other shareholders receive nothing. Yes shares are diluted but every shareholder receives extra cash or shares

3. "0 sales growth in 5 years"

Covid Pandemic was worldwide, The company has no control over this. Even US ecomomy at the moment has not reached to it's pre covid level. To expect ANO reaching precovid sales level now is unreasonable. The company has indicated in the report next year the sales is expected to reach precovid level.

4. "sunscreen sales can be ignored since they are probably with 0 margin"

I can''t find gross margin in each category of sales from the report. But generally finished products (sunscreen creams) have much higher margin than raw materials (zinc oxide powder).