Ann: Notice of General Meeting/Proxy Form, page-28

Wow, so much doom and gloom!!

Guys, keep perspective.

1) We have a core MSSP business generating in excess of $6m locked in multi year revenue and growing. We've just bought a business with $12m MSP rev (note the missing "S" for security). We now have combIned 18m rev and the ability to cross sell TNT SecurIty servIces to 300 existing friendly customers.

2) My understandIng from the AGM Is that the busIness wIll be cashflow posItIve (and profitable) thIs year.

3) The busIness has also sIgnaled It's IntentIons to grow by acquIsItIon wIthIn the "cyber securIty" space.

The new management team, from what I can see, have made all the rIght moves over the past 6 months or so. The only thIng wrong wIth thIs busIness Is It's depressed SP, whIch Is a legacy from past management. Current MC values TNT at less than half x revenue, whIch Is a joke.

Don't get me wrong, the SP must Improve sIgnIfIcantly for me (and a lot of other SHs) to make money out of thIs, but the fundamentals are In place for the busIness to be rerated to sometIng closer to other companIes in the space (i.e valued at a multIple of rev instead of a fraction of rev)...