Ann: Investor briefing - Full year results to 30 June 2018, page-62

Hi Crystalblue, yes, you and Inductor make the same point about the speed of expansion. i guess that's the key issue: how fast should NEA expand? should we wait for the US to become a revenue powerhouse to fund expansion into europe or act now, and execute another CR? i think the US has proven NEA has an excellent product and business model that is replicable across borders, so i'd prefer that management expand quickly into new territories and reduce opportunity for competitors to muscle in first. interested to hear other people's view on this. i'm sure the same discussion is taking place inside NEA as we speak.