Ann: Appendix 4C commentary , page-8

I dont think anyone can be blamed for thinking this stock is about to re-rate.

If you take any announcement or quarterly in isolation, it certainly reads like a company in transition. On the verge of big things. One day it may just happen.

Its only when you look at history and you see that INT have been on the verge of a turnaround for awhile now.

The numbers in yesterdays quarterly werent that bad really, in the context of INT market cap.

Costs really seem under control.

I dont like the hire staff. nah fire staff. outsource. nah better re-hire. Work out the best business model and stick to it.

The reason the stock appeals to some, is the snow ball effect. WE are all waiting and have been for some time. Most contracts are long term. The day-to-day cost of maintaining the contract are minimal. All the costs are upfront. When will multiple contracts kick in simultaneously?

Technically, if they completed any outstanding contracts, they could stopped new contracts, clear all inventory, sack sales, etc. Then just service existing customers on skeleton staff. They would be profitable. So the business has some value.

It should be an interesting 12months for INT.