Ann: Investor Presentation Sept 23, page-26

Yes you're correct on everything you said. I guess we'll see how the the cornerstone investors respond in the future. And Alison is also a a top shareholder, with another, the second largest holder, part of the board of directors, which guide and govern the executive team.

But in regards to your observation of her comment on the market, you have to admit the fact that the market responded the way it did for the Vitrolife deal is ridiculous. If I was the CEO I'd be pretty frustrated that even with such a impactful partnership the market reverted back to a price similar to when there was no partnership. But as I said in my previous post initially I had my doubts, which was largely due to the lack of sales targets mentioned in the announcement, which was made moot due to the initial order one week after. However, if there's no movement in a few months after the initial 150 cartridge order then I'd be worried again.

Your list of demands is what everyone wants. But going back to your not seeing the full picture comment, surely you can understand they can't release every bit of detail regarding their business dealings? It's simply a game of patience, and we can see with MEM they have reported any orders made for Felix from clients so you can rest assure that you'll be the first to know when more orders are made.

In regards to the Monash study, obviously the DGC recruits is a requirement made by the TGA, and thinking about the full picture if you are prospective parents wanting IVF knowing that swim up works better than DGC, would you simply volunteer for DGC when you can have the better option for more success for your future child? This anger should actually be directed at the TGA for wanting a ridiculous requirement when research has already shown swim up to be superior to DGC and the outcome is self-explanatory. We all want results, but you aren't expecting Alison to pay clinicians to lie to parents and say DGC is better than swim up just so we can complete the study, right?

But I do agree with your CR sentiments. We've made a mistake of delaying CR before... From a financial pov I'd be disappointed if we made the same mistake. Fingers crossed there's something up their sleeves they haven't told us about to manage funding.