Ann: Appendix 4E & 2023 Annual Report, page-103

Hi mate, thanks for your comments. Please see my responses below.

1. It would be nice to have those smaller Institutional funds take an interest in AR9 however we need to raise the company performance and profile for AR9 to be noticed by those funds which would then trigger them to do a more in-depth analysis for an investment decision. How do we raise that profile??.......We need demonstrated revenue performance and a significantly higher share price. The former feeds the latter. If we get there by services contracts I don't see a problem - we want to get that revenue and share price up so the insto's want to look at the company.

To use a Pabraism, I think in AR9's situation, it is simply a case of value being its own catalyst. The company needs to focus more on what they're doing, and continue building on that, whilst at the same time informing the market of such.

At some point, the market will realise - and if it doesn't, a suitor will come along and acquire the firm for less than what it should be worth.

Have a chat with some of the insto funds lurking in this space. Understand what their mandates are. It's a matter of time.

The fact they're not buying right now doesn't mean it's not on their radar.

2. While the Australian government has been advocating for superannuation funds and institutional funds to invest in the defence sector, I reiterate again that the market and Institutions are quite fickle and let's not forget that they are an institution in the market to make money for their own investors. Unless the Government provides significant incentives(and I'm not suggesting they should), it may as well start singing platitudes. Insto's will go where there is money to be made

A big part of investing is understanding that the same company at a different price infers a completely different risk/reward proposition. As I've touched on earlier, in FY20 at the company's ATH, it was trading at approx 160x Price/Sales. Right now, that number is closer to 4.8x Price/Sales - when considering EV/NTM Sales it's closer to 2.3x.

I think that alone can be enough to justify the investment.