Ann: Change of Director's Interest Notice, page-17

Keen observers will notice that key PVL staff (James Kruger & Gregory Ross) have established a consulting/advisory business that is supporting/working with some of the PVL portfolio companies (hint: take a look at LinkedIn). This aligns with PVL's 3rd pillar of "expand horizons"... If this is linked to PVL in a way that is a win-win for all involved (i.e. some further options at 20c might need to be granted), PVL would move from a cash burner (which requires portfolio returns to exceed the cash-burn rate to continue increasing NTA) to a cash earner with multiple levers to increase NTA... Moreover, if PVL becomes a cash earner, not a cash burner, you'd expect the stock to swing from trading at a discount to NTA to a premium... Let's see what happens here across 2023.