Ann: Rights Issue Investor Presentation, page-2

The headlines in my view:

2 of the 4 Directors have not committed to buying shares. For Rick Christie his investment would be around NZ$4,600 - until recently he has not owned any shares and only has shares as a result of shares issued in lieu of directors fees. He has been on the board for some time, no doubt earned some good cash fees......my view is he should be taking up his rights, or resigning.

Why would any institutional investor invest early, given that there is no minimum raise etc. If they have any sense they wait to invest at the end of April. Then they can decide at that time if the investment makes sense. So assuming not TOO many dumb investors then PVL's cash position is looking dire. $190k in the bank at 31 March, around a $400-450k cash burn.

Invert Robotics - we are selling, no we are not selling, we think the company should maybe stop raising capital and diluting us because the future looks bright, we are selling. All this from the guys promoting patient capital.

The IPO prospectus may have said the money was for 18 months, but from memory it also talked about invest $5-6m in new companies......looks like less than $2m invested and much of that funded from investment sales.