Ann: Investor Presentation Results 2022, page-7

Fantastic presentation by Mike about 2022 and spoke confidently about 2023.

But I have a couple of risk factors.

- Consider major wins are not a free hit they have to convert their pipeline at 1 in 3 and that becomes even more vital at the bigger tenders end due to weighting, so this could create concentration risk.

- Central bank rates are just days into a new phase of higher rate expectations which will hurt the same sectors affected in H1.

Combine this with technicals still in a downtrend and my guess is there will be a cheaper opportunity (say 50-55c if pushed for specifics) in coming months.