Thoughts from me:This is a company that even in an environment...

Thoughts from me:

• This is a company that even in an environment such as this is not only able to survive but in my view, potentially thrive. We have several licensed therapeutic goods manufacturing facilities and labs, debt free, healthy cash levels, very low cost base, and our customers continue to place orders for use in sunscreens and cosmetics.

• Beyond sunscreens and cosmetics, the board is doing what any reasonable business would do in this environment, consider whether they have the capacity and expertise to pivot manufacturing based on new demand. They are leveraging our facilities to look into manufacture of other zinc-based products within oral care and general medicines. This was always something that was potential down-the-line pre-COVID19 outbreak however this is merely a catalyst to bring this forward. This is not some scam company that can't take advantage of such factors. ANO is without a single doubt, a world-class manufacturer with several operational licensed facilities, diverse IP portfolio, broad technical expertise and is better placed than many other businesses that are spruiking at the moment to respond to such needs.

• Our customers are also doing fine. Even our Italian distributor is operating as normal (they post regularly on LinkedIn), as an essential supplier, we're in an industry (effectively classified as medicines globally) where our facilities are unlikely to be impacted short of the end of the world type scenarios. In fact, I suspect, many of our major customers, distributors, contract manufacturers for end product, brand owners etc are actually booming at the moment, as they are able to pivot production into general hand wash and sanitisers. They will certainly have plenty of money available to weather the storm and invest in new products that ANO is developing, in addition to growing their suncare lines.

• As a brand owner myself, our customers continue to purchase, and we are negotiating numerous deals for upcoming seasons. Almost everyone I speak with in our supply chain context are doing very well and are perhaps even more confident to invest in their business growth at the moment.

• The issues being raised here in regards to AstiVita relationship are potentially being misunderstood. I've yet to see any evidence that ANO is losing any benefit, it seems to me the deals are structured either that it is fair/equal or actually more commonly, favouring ANO. We've seen this before with various other cost savings between the two companies. It's probably easier/cleaner to not enter into any arrangements with them, but that absolutely does not mean that we would be somehow better off - probably the opposite from what I've seen. Even regarding staff appointments, if you met ANO's former scientific team from several years ago like I have, you would hope we never fall into that trap again. I've met Dalia, and I know she has and is solving real world problems for us. We were told at the AGM that she was the one who discovered various optimisations in our production process that are quite significant. I don't believe she gets paid very well either.

I guess at the end of the day. I'd rather own a business like this, that will continue to deliver significant profits even in potentially the world's most challenging crisis to date, than one that is really exceptional at letting its shareholders know how badly it is doing like most of the ASX at the moment.