Ann: Portfolio Update, page-2

Great to see the new team starting to build a track record of NTA uplifts.

• At the end of the Q3CY22 (Q1-FY23), cash resources were $3,243,000 AUD
• Prior to today's update, the total PVL carrying value in portfolio companies stood at $6,976,497 AUD
• This is a total Net Asset Value (NAV) of $10,219,497 AUD or 8.5c/share (given 120,740,000 SOI)
• With this impending uplift, new NAV (or NTA) will rise to 8.9c-9.3c/share

Thus, the current share price at 4.7c trades at a circa 50% discount to NTA.

Possibly a mini Bailador in the making.