Ann: CEO Update and Appendix 4C - Dec 2016, page-9

Disappointing 4C report - just waffle. Not sure how Trent can claim that a shuffle of the board and management team (that have been awarded bonus shares) for non-performance is a highlight. Failure to recoup revenue within the quarter, even though it was tiny, shouldn't be acceptable - what on earth has the CFO and Revenue Manager been doing? Trent hasn't proven himself at Covata yet - so not sure how effective he will be as the Chairman. I just hope that Ted shakes the place up a LOT. Very disappointing and frustrating!!!!!