Ann: Chairman's Address to Shareholders, page-5

petepan,

What is your wider opinion of those two businesses? In what way are they laggards? I think they are both directly benefiting from the current major global trend towards greater data security and are therefore different from most other IT stocks listed on the ASX.

SEN appears to have a relatively strong business with the impressive certification accompanying its products making it the leader in its field. It is also growing its maintenance stream which will provide more stable earnings going forward.

PRO is heavily reliant on its Snare product but I see no reason that it won't continue to do well.

Both businesses generate strong free cash flows and have large cash piles. The only major risk I can see is technology obsolescence.

Sorry to everyone for cross-promoting.