Ann: Appendix 4C - quarterly, page-38

Instos WILL invest in a business that is not cashflow positive...providing the underlying story is strong enough (u curve type business with lots of upside potential) - just look at FZO as an example. If you don't have a good story, then you need a good set of financials, which is how instos currently categorise TNT. CyberBize can be positioned and sold to instos as the golden goose... the question is, is TNT's management (and board) capable of doing this? I believe there is REAL potential here - just need comfort that the current team can deliver! This is what I'll be looking for at the AGM