Ann: Half year results commentary, page-30

Got the better of me I sent this today in prayer

To TNT management,

I am sure I am not the only investor asking questions why Tesserant has not lived up to expectations and mine are not unrealistic. Surely there has to be more growth than 9% yoy in sales considering the US business and any other small to medium contracts. Organic growth would have to be at least Double digit on reputation alone in the current cyber climate gaining plenty of airtime.

The updates have no real substance in strategic direction and seem to repeated from prior announcements.

What industries are being targeted and what is the offering? On current cash burn even with injection from the recent sale you will be doing a CR to stay alive.

Keith's video testimony with Alan pre IPO said you were turning a net profit of $500k on $3.8M and EBIT to sales of 13.8% and on current figures this would see a profit of $690k. Understand you need to spend to increase market opportunity but the benefit vs outlay in the current situation is not good business.

At what point will management look at current strategies and review and make necessary changes to get this ship back above water?

It's not difficult, earn more than you spend and you will turn a profit, stop with refurbs until you have money you made not given in the bank.

I am only down $35k and have $15k left in the game, I will let it ride in hope it can't possibly get any worse.

Sincerely I hope you start kicking some goals and reduce expenses, I would only be too happy to stand corrected.

Regards

Unhappy investor