Ann: Appendix 4C-CVT.AX, page-6

Wop, respect your grounds for frustration but at the same time we need to recognize nimbleness in the face of various adversities.

The CISCO delays due to the management restructure were (I thought) adequately covered 3 months back. I think we saw a change in emphasis towards the UK at the same time as the CISCO delays were acknowledged (and were beyond CVT's control). So today UK GOVT is the apparent gamechanger, while CISCO (now more slowly) builds its separate KaaS ++ head of steam. I for one am thankful that that change of emphasis was effected.

Your other points can be confronted in the upcoming briefing?