Ann: Appendix 4G and Corporate Governance Statement, page-3

Some very preliminary thoughts:

• Second half platform revenue quite disappointing ($9.8M vs $10.4M PCP);
• Second half project services revenue very strong ($7M vs $3.9M PCP);

The absolute highlights, which are why I remain a committed investor:

• The cost outs are more than I expected, and are likely to turbo charge EBITDA growth from here.
• The new offerings (RiSE+), new acquisitions and new signings are likely to result in an acceleration in revenue from here.
• Janison, despite Covid and other problems, has managed to more than double gross profit every 2 years. I see this continuing, and with the new cost outs, I see very rapid profit growth, even with so-so revenue growth.
• Imagine what can happen if they hit their straps and revenue accelerates (I think this likely).