Ann: Guidance Update 2HY, page-22

Given the current share price, I thought I'd put together a few thoughts from the recent Henslow presentation, some of which I don't think have been mentioned here previously.

The qualified pipeline for the next 18 months is currently ~$300m with $200m being in armour and $100m in technology. Deals range in size up to $80m.

Highcom is currently in the process of building a direct to defence business in the US and has been shortlisted by both the US Marine Corps PEO and USSOCOM PEO for lightweight body armour which the company is very excited about.

Recently completed a trial with the FBI for shields.

The XTclave is expected to be up and running in August and will be used to target sales into the US DoD for both helmets as well as next-gen armour.

Major new multi year support contract due imminently in the technology division (as per a slide that was quickly skipped over in the Henslow presentation).

Highcom will be amongst the first armour manufacturers to meet the new NIJ 0101.07 certification standard sometime in September - this is likely to reduce competition from inferior and or uncertified products as all future US govt purchases must be NIJ 0101.07 compliant. Highcom is apparently in a better position than many other manufacturers for this certification.

Recent grant of ~$300k from USSOCOM PEO to trial a particular type of product in the XTclave.

Potential sale of AeroVironment loitering munitions to Aus defence force.

Close to $6m in annual cost savings achieved thus far.

In addition to all of this, Mark Stevens has so far been very conservative in his statements to the market and it wouldn't surprise me at all if we meet or exceed the top end of guidance for this HY.

Apologies to anyone who is still loading up!