Ann: Preliminary Final Report, page-42

Steve, greatly appreciate sharing of insights - with contracted orders of $45M already, your estimated revenue of $100M is suggesting conversion of approx 42% of the $130M pipeline - seems fair and could be higher if HiComm protection is considered best in class? The organic growth opportunities suggested in the investor update may increase revenue further - would seem to be huge untapped potential for composite structures... then their is the inorganic growth and the $25M of accumulated tax losses yet to be written off. The capital management statement due "in the coming weeks" will hopefully provide further detail around all of the above.