Just Out., page-23

Yes, the word ‘commercial’ was used in the 18^th December announcement:

· Firstcommercial use of 4DMedical’s XV Lung Ventilation Analysis Software (XV LVAS™)completed successfully in Victoria, Australia

· Installationsof XV LVAS anticipated across Australia from early 2021 as nationalinfrastructure is established by 4DMedical

· Achievedahead of schedule, the first commercial scan marks a key milestone forthe commercialisation of 4DMedical’s XV Technology™

“While this might beour first ever Australian patient report, we expect to scale up quickly andbegin to make a real difference to lung health in Australia.”

But if you read the above statements again; nowhere in the announcement does it say anything about revenues…. we can imply that that is the likely next step from this announcement but in my view we have misinterpreted the term commercial. Commercial does not singularly mean $ transaction.

The view that the 18 Dec announcement meant revenues I think is, at worst, a poorly worded statement from the company, at best, a narrow view by us shareholders of the word ‘commercial’.

I feel it is absolutely credible that the commercialisation strategy would necessarily involve the running of pilot programs - in time this will convert from a pilot into a revenue producing arrangement. Nice to hear Andreas inform that these trials and pilots are going gangbusters and we are working with some of the best brand names in US hospitals.

In reality, I think it is unrealistic if we expected hospitals to simply sign up and start paying without going through pilot programs. They are dealing with people’s lives and to turn the ‘$18b stone over’ as Andreas puts it will take a good strategy, energy and time – that is so logical.

All of that aside;

4dx has some pretty heavy hitting supporters as has previously been shared by 4D Medical. This, along with other significant milestones met by the company, provides much reassurance that the bullishness of Andreas around the potential of this product is not misplaced.

As a long term shareholder in PNV, RAC, BD1 and 4DX I think this one could be bigger than all the rest. It is not unrealistic to have to wait until the start of 2022 for SAAS $ to start flowing to the company as Andreas stated when asked about timelines to a profit and loss etc. This is such a short time from their listing in August last year.

Ill roughly quote Buffet again ‘the share market is a great vehicle for transferring wealth from the impatient to the patient’.

This opportunity looks as exciting to me as BD1 did at 60c. I am buying as much as I can – it looks highly likely that the company will be significantly larger with growing revenue streams in 12 months and then ongoing….