I've just come back from Ukraine, and what's your take on where we are with that conflict at the moment? Uh, that's a big question, I understand, but, uh, what NATO's role might be going forward should there be a ceasefire, should there be some sort of agreement?

Yeah.

So N- NATO, uh, set up two or so years ago, its, uh, uh, NSAT, so the support systems training.

So that continues, uh, and obviously has a key role in helping with nations' donations of equipment spend, et cetera, to turn into military capability that the Ukrainians can employ.

Where the, where the war is at the moment is a fascinating question.

I think, uh, and I know as a sort of Air Force bloke would say this, but, uh, I think people have finally gone, "Do you know what? There is a world beyond the measuring of square kilometers gained or lost." Go and have a look at what the Ukrainian long range strike campaign against Russian oil has been achieving.

Look at what it's achieved with, with effectively zero navy, uh, functioning navy to- Basically have its writ run largely over the Black Sea, and now as you see more recently, the Sea of Azov.

This is a bit of a cliché question, but is there anything that kinda keeps you awake at night more than others in terms of what NATO's capabilities are and where the, where the holes are that need to be filled?

[laughs]

Both would've been possible.

On the recce side, you get your tasking ahead, few hours ahead of when you're actually going flying, and then you plot out the route, where you need to turn, the best line to fly to get the correct look at the target.

This is the early days of Global Positioning System, GPS navigation.

Every time, folks, you look at your iPhone now and almost take for granted what it can do for you, in '93 Just the GPS itself was a standalone box that you mounted on the cockpit coaming, but it required a whole bunch of punching in the data.

Well, it wasn't very automated, put it that way.

So all that kind of planning, and then you go and brief it for about typically sort of 15, 20 minutes, and then off to a jet.

A friend of mine, former Lieutenant Colonel Johnny Gray, he commanded his regiment in Iraq, and he had this question, which is: With the US commitment to collective defense in Europe now questionable, where do you think NATO will be in five years?

Can we kick things off? Tell me a little bit about your roles at SBS Commerce.

Thanks, Kishan.

Matt and I, uh, worked together now, what, six years, Matt? I've been at SBS for 15 leading corp dev.

Matt and I are a two-person team, our corp dev team, and I really do the deal origination, sourcing, relationship management focus all the way up to Matt gets really involved when we really sink our teeth into a deal, and we're trying to start doing modeling and the diligence process, coordinating all that.

That really ends up kind of landing in Matt's purview, and then we both sort of team up all the way through close.

With a little bit left over on integration, Matt's more so than me, but less so, uh, than some other corp dev teams, I suppose.

We don't go deep on integration.

But now when we really look, it's been a wildly successful deal and what it's done for us in Europe.

It was like, is this in the

deal or not? I remember the tax folks came back and said, you might have a...

I'm going to make up a crazy number, but it was a crazy number.

$100 million tax exposure.

And I remember thinking, businesses, how did you...

I think I had to have a call on a weekend with the tax people going, how did you get to this? And when we really got to the bottom, it's like, that $100 million is a one in a billion chance that that would happen.

That's ridiculous that we're even...

So even if you think you can get to the final part on your own, it's nice to have them for any issues that