Ann: Appendix 4C - quarterly, page-6

"not too bad execution."

The execution in terms of right-sizing the cost base has been evident for some time.

But, as you might know (I'm not sure how good or experienced an investor you are, so I'm not sure you do know it), "shrinking to greatness" is a strategy that is mostly an act of desperation, and it seldom works.

But what we are now seeing is evidence of the combination of executing on reducing Costs as well as executing on increasing Revenue.

In some ways, on a risk-adjusted basis, I see the stock as being a better buy today than it was 6 months ago, when the share was half its current price.