Perth Presentation, page-20

Hi Inductor,

Many thanks for your summary of the Perth meeting.

I was at the Sydney meeting today. Again, a casual affair with the team very open to questions and happy to provide clear answers. Sounds like the Perth meeting went for quite a bit longer than Sydney and you covered similar ground in more detail so I don't think we can add much to your report.

In general, I'm very happy with the current team and the decisions and directions they are taking. It does seem that the company has turned a corner (with some very deliberate and methodical thinking involved) and that good things are ahead.

The really big things (general military, NF) are still some time away but there should be consistent improvement in 4Cs in the meantime.

Best wishes to all.

Alhotcop