Ann: Avita Medical CEO Shareholder Letter, page-5

Avita Medical has Powerful Assets
….. Before exploring our commercialisation strategy, I wanted to first explain what drew me to the company, as an entrepreneur.

My due diligence concluded that the company has very strong assets.

Firstly, as said above, the technology works: the many accounts of patient recovery are completely compelling. Some of the most important conversations I had were with clinicians who really could not do without our esteemed device. ReCell® has become a crucial part of their standard of care, and they have treated patients thousands of times to great benefit. It struck me that the offering was created by innovative clinicians, namely the remarkable Professor Fiona Wood, purely to treat patients. This is quite a difference in the Medtech or Biotech space, where many offerings are from labs or institutes, and are often overly complicated, non-commercial or just plain weird....... Adam K

Having now met four surgeons, using Recell, I too have been extremely impressed how independent clinicians become true believers and enthusiastically promote the technology, once they have become an experienced user.

Likewise, in my own role of assessing technology in the biotech space, I can support Adam's comments regarding how much uncommercial research is performed, and how refreshing to come upon "end user" friendly inventions with Commerical demand.

As a biotech entrepreneur of sorts myself, I recognise Adam has built and sold solid businesses, twice over, in spaces dissimiliar but no less easy. He knows the value of solid assets, and more importantly a track record on what to do with them. He has plenty of opportunities and resources outside of Avita. I am very interested that he has put his most valuable and limited resource, his time, into this company. We on the other hand have only committed money, but I must say I am feeling very pleased now about having done so.

I think Tim is a champion, albeit a reluctant one, and Adam now brings marketing to the helm, I am extremely positive. In one month, the RES concept is refined, in my view a one step master stroke, to focus a surgeon's mind on the autologous safety of the product, the mode of action orchestrated by the body itself, and the surgeons own contribution to "Conducting" RES and a far superior outcome to SoC for patients.

Clearly connected well enough to get a hearing on both sides of politics in the U.S. It's hard enough to cultivate truly listening ears on one side. From experience I can add that the invitation to the emergency preparedness group is telling. These people don't have the luxury of entertaining academic or uncommercial brainwaves, and so never invite them. They are focused on what is at hand, available now, and works within their budget, Period. Question, could they now "hold" inventories of investigational device Recell, and apply for compassionate use in the event of a major Mass Burn Event?

Regardless of amazingly low SP now, this is definitely in my investment portfolio. When it moves on to Nasdaq or similar, we will all have another tax problem for sure.