Ann: Appendix 4C - quarterly, page-30

Whilst I would agree that the share price is undervalued.......and have in fact been buying stock at these levels..........the intrinsic / underlying business performance of Tesserent (ie a pure review of the financials statements) has been par for the course - nothing more. Average. Mediocre. Standard. Not exceptional.

The TNT Board has to bear responsibility for the intrinsic business performance of Tesserent. Accept they cannot control the share price. But they do have influence over the intrinsic business performance and that hasn't been exceptional to date. Modest growth. Not close to being cash flow positive. Cash burn an ongoing issue and an outside chance of a capital raising next year. Yes - Cyberbiz gives us all a lot of hope and I do feel that could be a winning growth strategy. In 2 years time it wouldn't be hard to see TNT at 50 cents a share if cyberbiz takes off (ie market cap of 50 million).

Mr Market would be entitled to mark down the valuation of TNT based on a review of its financials. I believe the market has overreacted and TNT is underpriced at 6.8 cents - buying opportunity - although it is perfectly rational that the share price is less than 20 cents a share.