Avita Medical Ltd (RCEL)

[Hezekia]

John,

You make some very good points here. Speaking strictly for myself, my current "disappointment" is not based on Avita's product(s), or its longer-term future. In fact, I believe they have a great future.

My disappointment surrounds the coming reverse split (assuming they get the votes and nothing else stops it). While they gave some good reasons for the redomiciliation, and I'm not opposed to it, reverse splits almost always cause loss of value for current shareholders (as we've seen the last few trading days). Often times that loss can become significant . How necessary is a reverse split - particularly during this challenging time? I'm just not sure I buy into this aspect of the change. I'm also very puzzled by the complete lack of any word on Japanese approval. This was supposed to have taken place by February (according to previous PR's). I realize that the CV pandemic likely has been the reason for delay, but have not received an answer to repeated questions I've asked the company about this topic.

Hopefully all of this will be moot a couple of years from now and Avita will be thriving.

Lastly - on a somewhat humorous note - I believe it's Pediatric "scalds" that they are in pivotal trials for, rather than Pediatric skulls. Don't believe RCEL is intended for bones.

JMHO