Ann: March 2021 Quarterly Update and Appendix 4C, page-9

I only became aware of ATP a couple of days after the latest quarterly, but have since acquired a substantial holding, not just in terms of my own portfolio. Although sales figures aren’t published, half-yearly inventory figures are, as are harvests. From these figures it is possible to infer half-yearly sales volumes, and hence unit prices. We will get inventory data for 30 June 2021 when the Annual Report is published. In the meantime it is possible to estimate the inventory and sales data, given that production and inventory are seasonal. It seems to me that, based on the above, there has been a very lare improvement in realised prices recently, which the company believes is structural, not cyclical or seasonal. In particular, the focus on online auctions, 24-month harvesting and improved seeding methods are resulting in larger, higher quality pearls, with a greater proportion of the harvest being marketable. As such, we might see a remarkable improvement in trading in Q4, after the Kobe auction. The current share price in no way reflects this turnaround.