Ann: Response to ASX Price Query, page-24

Wrote this a few weeks ago after purchasing but never posted;

- Seems likely there will be a Fed pivot and resumption of the money printer.

- Huge pullback in the Nasdaq in the last 9 months, tech sold relentlessly. Great buying opportunity.

- ESG reporting will eventually be mandated, probably sooner rather than later. Especially under Labour. SIS well positioned in this regard.

- D Tillett acquiring 10% of the company, often above market price. Took RAC from 5c to $4.There were plenty of disgruntled holders back then but sometimes businesses just need time to scale and execute. Big holding and his values are certainly aligned with shareholders.

- Scalable SaaS offerings to capitalise on emerging ESG markets.

- June update provided promising news. If management can continue to execute deals, SP should follow.

Great value down here at a $6m~ cap. Could easily be a $50m-$100m company one day (10-20 bags) if they keep earning contracts with the right macro environment behind it. Was happy to buy at the lows and will continue to add as opportunities present.