Ann: Appendix 4E and Annual Report to Shareholders, page-51

Growl's, DC and DD, as I enjoy a good debate and intelligent intercourse quite frankly the only way I can see that happening is if I change sides and cross swords with you lot.

I think the Annual Report was unbelievably positive. The simple fact that three senior executives were willing to either take pay cuts or accept shares instead of cash speaks volumes to their dedication and belief in the Company. Mr Stevan Tot has now been with NOR for 6 years which in itself is testament to how strong he sees the Company's prospects. If he didn't believe I'm sure he would have jumped ship long ago, its not like he doesn't have options. Instead he is hanging in there, despite taking a pay cut and being demoted from Vice President - Global Solutions & Partners to General Manager Enterprise & Vice President Sales.

PO in particular deserves credit for all he has done for the Company this past year. How anyone can see his lending the Company $200K as a negative is beyond me. I personally think he deserves a return on that loan well above the 8% he graciously accepted.

The absence of any direct reference to Oracle or Metaswitch in the Annual Report is also very significant in my opinion. Is it because those entities required it? If so does it suggest something big is around the corner? I think the earlier 1M buyer at .015 might have thought so before they pulled their order. Obviously they came to inevitable conclusion that NOR's shares are just too tightly held.

Much has been made of the current debt situation, too much in my opinion. Debt only matters if you are bothered about paying it off. As NOR has stated on numerous occasions they are not bothered about it and neither are their creditors. That being the case I personally see no reason to be bothered about it either.

The 2022 FY is looking fantastic for NOR IMO. It's obvious the T20 shareholders are solidly behind the business plan, no one is selling and we have partnered with a leading AI company to develop yet another solution which has been warmly received by a bunch of telcos and there are a number of RFPs coming up towards the end of the year.

The NOROC options expire in a little under 8 weeks. Can you believe there are only 355K for sale? Blind Freddie can see that means the NOROC holders are holding on tight waiting to exercise. The great thing is that once they do, and all that money drops into the NOR bank account then all the salaries can be returned to their former glory.

You downers need to take the blinkers off. You say its a negative that the top two employees both have side gigs, I say that's rubbish. What it shows is how smart and organised they are. Inefficient and disorganised management wouldn't have the time for a second job, these guys do so what does that tell you?

Possibly the best team we could hope for.

I'm going to change my sentiment to "Hold" because, well what else can you do with NOR shares.