Ann: 2023 Annual Report to shareholders, page-73

I agree. I wouldn't sell at these prices even if we didn't have NNZ-2256!

Daybue guidance (70m AUD) on a 40 forward PE = 2.8B AUD. We also have 250m cash on top of this. Zero value assigned to NNZ-2256

This 40 forward PE is very reasonable because:

• Peak sales won't be achieved in the first full year, so there will be growth in the coming years (North America)
• Additional geographies will add more sales, even if the pricing isn't as strong as North America (Europe and Japan, EMA)
• Milestone payments aren't included in my calculations, but they go straight to earnings. These milestones are reasonable and many of them can be hit within a reasonable time frame. An additional 77m~ is projected to be comfortably hit based on the guidance already provided.
• PRV isn't included in these calculations.
• We have very low expenses compared to peers and, our expenses spent on R&D are partially a tax deduction.