Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-22

- Nvidia exclusivity was enacted with the purchase of the additional servers (see June ann). I agree the delay isn't ideal. I'm encouraged by the already registered users, public commitment to a launch date and the beta quest portal
- The possiblity of a capital raise was forecast in the prospectus, and is a regular risk with early telcos who have to burn capital early. I encountered the same with iinet a long time ago.
- I'm comfortable with the capex spend on 5G given it accelerates their roll out, creates much bigger scale and extends the reach of their bandwidth from 250m to 5km from their towers. To get it for $8m and on a per-allotment basis in line with the big telcos (who paid $600m all up) was a pretty solid result.
- I don't know what a fixed wireless customer is worth in dollar profit figures per head. The gross margin on it is 85% as outlined in their ann. If this scales as they plan then it's very valuable.