Ann: Senetas Half-Year Results Announcement, page-16

you’ve been in and out of Senetas - surely you are used to this? They are not known as a serial disappointer for nothing. It’s why I was pretty luke warm about what was going to happen after the half year results. I guess because my expectations were low I didn’t feel that disappointed.

I am still OK with where we are heading - if you have any contact with the Senetas guys, maybe suggesting an update with expected ARR by August wouldn’t go astray.

The transfer changes to Thales masked a bit of a growth in profit (as I foreshadowed) and the accounting standard also seems to mask a bit of a growth in profit.

However Votiro continues to be the main game - we need the ARR to be achieved and to continue growing and we need Cash flow break even. Lots of patience needed….