Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-7

Like you, I am down, about 48% average. It means nothing to me, I have zero concerns.

Understanding the business and business case, current conditions are not ideal for EOS and so to see results like this to me are impressive. I say this, because despite Ben Greene openly disclosing in shareholder presentations that production and recruitment of people with the right skills has been challenging as a result of border restrictions, we produce this better than expected result.

Looking at the mid to long term, todays share price does not matter, nor any other day in the next year - we need to decide if we want to become a takeover target at low prices for a big international, or we move higher to reflect future defined potential rather than assumed past weaknesses.

I have exchanged emails with Ben Greene, he is very honest and open but has to take into consideration not only ASX disclosure rules, but contractual obligations of non-disclosure, and a level of secrecy in terms of multinational security obligations. Without trust in our brand, it does not matter how good the products are, reliable customers will not purchase from us reliably. I accept there is a level of "silence" in Electro Optic Systems, because that is the nature of the business. It is a business that needs to be read between the lines.

I bought in because of my own suspicions on who our key clients were and why they were buying, who backs these same people and which big dogs within that arena may end up keeping a closer eye on EOS. This really is just the start of the journey if we keep kicking goals on development and show we can kick goals on deployment (e.g. with our distant orbit satellite network).