Ann: AGM Presentation, page-38

Am I in denial? Maybe. But unlike last time, BG gave a sense of why the pipeline is delayed, Eg on the JP9360 we got more disclosure around reasons as to why the contract has been delayed, from the creation of the Space Division from outside of the RAAF and the bureacratic reshuffling taking place. But Tindall was clear they expect something from this program. Also on the US accreditation the issues with the DOD changing the process and undertaking much fuller diligence and the general issues around budget funding in the US.

Further on Spacelink- the overwhelming feeling i got is that there will be a definitive plan and the Board was saying just wait and see. This wasnt an empty assurance from BG- this was our Chairman and Director saying this.

I think BG needs to temper his confidence in giving updates on the Pipeline and remember to underpromise and over deliver. We also now these awards are complex and take time. Just say this next time explicitly.

If you watched the AGM and thought it was all Bullexcrement then so be it your call.

And am I as frustrated as you are? Yes I am.

Do i think there may be a catalyst soon and some value inflection shortly? Yes but could be wrong. If Im wrong ill have no one to blame but myself because as they say, fool me once, fool me twice...