Ann: Results of Annual General Meeting, page-23

Hi Wolf, as much as I am incredibly disappointed with the company and the performance of management, in regard to the CBA opportunity I think the company did a lot of things right. I think the way the resources were increased, the professionalism of the academy and the existing staff ( you have to remember that the vetting and training program that the company passed would have been far and beyond what any alternative offshore operation would have to complete) We have not been provided with enough detail to properly assess Managements role in the pilot and if they contributed to the lack of success, I also don't know if it is usual practice for Intiger to bear all of the set up costs, this is in effect what hurt the most.
The eventual termination was as a result of many factors, but it does highlight the risk involved in a company like Intiger entering into a pilot with a large institution that was going to drain capital without a cast iron guarantee that it would continue to contract, was this an acceptable risk to take, without all the detail i am not sure..... I will revert back to my previous view that i don't understand how the company got to the stage that the only way it was going to be viable going forward was a CBA moonshot.

In regard to BOOM2, I did ask Patrick for an update on what is the current functionality of the software, it is a big decision for a Financial Planning practice to move critical software, the landscape is crowded with a number of players who are providing the functionality that I saw in BOOM2, the big players in the financial planning field being X-Plan, Midwinter and Adviser Logic all have or are moving to providing a comparable level of functionality, so what I have tried to find out without any success at this stage, is exactly what differentiated BOOM2 from the market place what was the competative advantage that made it compelling. We are always looking for software solutions to increase efficiency, in regard to SOA automation I think the big players are well down this track. So do you hold out and wait for the big players to release upgrades or do you go with a company like Intiger.

There did not appear to be a significant track record of bringing on new clients organically, as you may have realised from my previous posts this is one of my major disappointments, at one stage the Sydney office had 3 people working on on boarding, at face value the offering was compelling, a great software solution? and a great team in the Philippines, I have never been unhappy with the performance of the Manila and Cebu offices, quite the contrary.

We all bought into a speculative stock, I did so after experiencing the standard of the offering and believing that the company had the intellectual property to move into areas that were truly going to deliver, I believed in the story. Patrick made the comment that he was comfortable that any announcement that the company made was a true reflection of the stage of the development, I think the veracity of this point of view may be challenged by a proper analysis, but this is only my opinion.

I really only wanted to come on here and provide my insight, I understand the pain and frustration and thought it was beneficial to cut through some of the theories that were only born on a lack of comprehensive update from the company. I hope some shareholders get a clearer understanding now that I have shared my experience, I think the time has come (unless anyone has the energy to take it forward) to acknowledge that we rode the wave and ultimately got dumped ( unless there is a big sucker coming up behind!) but lets see what plays out, my last investigate of unbridled optimism.