Ann: Quarterly Activities Report - 30 September 2022, page-9

Profoundly disappointing.

I agree with Gerard's strategy, but most certainly not his tactics. There is ALWAYS an excuse. Spin based on the best possible take on the numbers in any given quarter. My sentiment in 2020 was that the capital raise was way too small. It should have been double what they raised. Blind Freddy could see they were going to come back to the capital markets after announcing the establishment of an outbound sales department.

Now.... 2 years later, the sales have hardly moved from where they peaked in 2019. The money spent should have seen a seismic increase in revenue. It has not. It has been incremental at best and an profound disappointment from a return of invested capital perspective.

This company has huge potential. It's success and failure comes down to the board of directors. They are failing and must look at their own performance and that of the CEO.

I will be voting no on the next Remuneration Report.

MJB