Ann: Trading Update for FY2022 and FY2023, page-2

Hmm, not too bad given FY2023 looks set to be strong. We are capped at $17 mill net of cash and profitable which is more than can be said for most tech plays out there! Plus looks like cashflow will pick up in September qtr as well as the R & D Grant which should be pretty solid to come also. If you consider EBITDA to be $2.1 mill plus in 2023 but lets say $2.5 and cash may be closer to $10 million by then forward looking trading at a market cap of $12 million of 5 times EBITDA which is dang cheap for a listed ASX company.

Certus locked in and guaranteed income - minimum amount is only about $3 mill a year revenue BUT perhaps it will be higher as this is a minimum only. But factor in R & D put in to this device need more sales, this is just Irridium also though and we will be selling via SatPhone shope also I assume. And Go! will be selling alongside this I assume for a few more years I think we have been told.

A Zoleo numbers update in AusNZ would have been good as last we heard April was fairly trong but not sure how this has gone with winter kicking in and perhaps some reduced growth - should get this in June 4C though and not concerned but interested to see how this is going.

Will we get Europe numbers I wonder or perhaps not.

May nto go anywehre now until June 4C I guess, if anything could see small holders sell out due to impatience but reckon minimal downside here for now.