Ann: Appendix 4D & 1H FY25 Report, page-61

Bgpany2021, agree not all doom and gloom - I would say that the market values PNV at $1:80 - $2:00....and whilst we hope for more, especially me, its what the market thinks it is worth. I have a close friend who has completed a project towards their masters thesis in accounting in 2024 on company valuations through a new York based accountancy firm linked with NYU, and they completed a valuation of PNV based on the available information, modelling came out at a valuation of $1.77 per share. Is this a fair valuation...who knows...but the market says it worth the current SP, and yes, maybe the influence of shorters is resulting in significant downward pressure on the SP, but that would all disappear or be reversed with solid announcement as mentioned in multiple previous posts. SR mentions the number of patients treated etc and the positive effects on their health outcomes, but he is approaching 3 years at the helm as of August 2025, and the SP (yes I readily acknowledge that some influences of the SP are out of his control) but it sat at $1.91 in the first week of his tenure and remains at a similar price just coming up to three years down the track, with no dividends and no commercially available hernia or breast product to speak of (as yet). No I am not a PNV basher, but of recent times feel the influence of senior management has waned. perhaps it will be a $4-5 share, but not in the foreseeable future without something extra special being announced. This would dilute the effect of shorting and provide the SH's and investors with the much needed confidence and appetite that is currently lacking. I hope for a significant announcement soon, but fail to see where this will stem from. Apologies to all for the long post, but this is a really frustrating period, and strong, decisive leadership is what is needed - all will be revealed, this is why high performing CEO's and Chairpersons are rare......please this not fin advice, just an opinion on the SP, as always DYOR and GLTAH's