Ann: Appendix 3B, page-14

Competitive market. Tesserent has a competitive advantage with its experience and blue chip client base. However, still not easy to grow revenue as the last two years have shown.

I would like some idea of when TNT is expecting to be cash flow positive as this is apparently the threshold for institutional investors to invest in Tesserent. A capital raising is not off the cards if cash burn is not reduced significantly.