Ann: Appendix 4C - quarterly, page-8

Excellent summary.

Software companies at the minnow stage are high risk - BPF in its cloud space may
not shoot the lights out but the high growth opportunity & recurring revenues should
provide more than adequate return over time. Pantha and staff numbers doubling
to capture high growth opportunities now is exactly what I am expecting a
well led small company to do in this space. 2015/16 will see the benefits and its only
just beginning.