Ann: Appendix 4C and Quarterly Update, page-29

Some great analysis here Tony.... thank you.

My colleague had a catch up with Jeff in Sydney about 6 weeks ago. Jeff explained that the business was gaining plenty of synergy from having multiple specialised units all cross referring and complimenting one another’s offerings.

He also articulated that the target clients are all the BIG end of town. We have clearly built a real niche and it’s obviously paying off.

Add in that there are only a few AWS accredited partners authorized to work on government in Australia and this is what has me most excited as there is very little competition for us.

There is no other listed cyber/cloud business that has the potential of what I believe we will see delivered here in the coming 6 months. Taking into account that Cyber Security is the fastest growth sector anywhere right now you would have to agree that TSN is still the best kept secret on the ASX.

And the largest derisking factor....we are already making money.

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