Ann: Quarterly Activities Report and Appendix 4C, page-17

I can tell you are not too familiar with this company.

1. The growth in the US has been exponential for the last year. It's only caught investor attention now that the US has become the biggest source of revenue.

2. Don't use March share price activity to highlight your point. Three quarters of the tech stocks on my watch list have quadrupled or more since March 26

3. I haven't heard of a single true SaaS provider listed on the exchange with $50m revenue valued at $170m or less when its growing above 100% yoy. Understand that SaaS is a subset of software company with true scalability. FZO's two direct competitors in the US which are both losing customers to FZO were valued 4-5x FZO recently. They have between 2-3x the revenue base.

4. You aren't the first person to bring up the valuation of 1st when making an argument. It doesn't stick because 1st's product looks to be rubbish (read their online reviews) and appears inferior to the two products it competes against (DYOR). Growth is only achieved because of industry digitisation. How long until it starts losing share? The revenue model is also poor and will never make a big profit by the looks of it, just look at their reported margins. It is a company dressed up for takeover but it's customer list and tech platform are not exactly valuable imo. Playing in a different part of the health system isn't unique. Thats like saying FZO is unique because it is targeting religious schools (not the case).

Understand that FZO is a patented hybrid on-premise/cloud platform and is the reason why it's winning share. It offers an unrivalled capability to extend into the home so school issued devices can be protected whilst in the home and otherwise outside of school supervision.

With that said, recent selling pressure appears to be likely for the 4E to come on Monday. I don't expect it to be great as it is looking back 12 months. The September 4c will be fantastic so presents good subsequent buying opportunity.

All IMO. DYOR