Ann: Quarterly Results Investor Update Webinar, page-36

Hi Rasaj,
I think to be more realistic at this stage of development we need to focus on absolute numbers rather than %'s and ratios. It's easy to have big percentages when we are growing revenue on small numbers. That's why I revised the table in an earlier post to highlight the good, the bad and the ugly. I don't think there is any "ugly" metric metric for AR9 but a few bad ones. Given the significant investment in marketing(people and resources) recent years I would expect AR9 to be securing greater amount of revenue. Yes, I have heard the rhetoric about dealing with Govt(Defence) takes time however the marketing strategy should have some diversity for large target contracts in the non-Govt sector to offset that hysteresis. I have expressed my concerns in the past at the huge focus on Defence and that there should be a significant focus on the private sector; recent happenings and reporting in the media(and new legislation) highlights the opportunity.

I will refrain from commenting further until they post the webinar(unfortunately I could not connect into it) - I acknowledge that I may be making comments in absence of that forthcoming info and should wait.

Always good to read your posts.