Ann: Performance Options Update, page-29

There are two types of investors here:

The first - Those who bought in early, maybe on listing, didn't understand that launching a new and highly technical product in a brand new industry was likely to be a slow and expensive process. These people might not take any resposibility for their investment decisions, instead blaming management for their perceived losses. They might be agrevied and feel entitled to a higher share price. They do not like Oleg.

The second - DRO investor who arrived later. The petient some might say. They watched for years as the relationships were built and the ground work was done, at the unfortunate expense of early investors. Then when goals started being kicked, revenues started rolling in and the drone defence industry had awoken - they bought in - potenially at a 50% discount to the current share price. These astute investors are patiently watching the company grow, in a meture, measured and methodical manner - building value daily, whether or not the market sees it. They think Oleg is great. (Even though they might have voted NO to ZEPOs).

Regardless of which goup you belong to - ask yourself, is the value of the company its current share price? Or, is it the sum of its discounted future cash flow? Stop look at the share price and start looking at the sales and profitability... and be happy.

SirKnight.