Ann: NTC AGM 2018 Presentation & C'man / CEO Address, page-15

I don’t want NTC to exaggerate their future prospects like some companies seem to do. I do want them to be more transparent with shareholders about future earnings even if this is conservative. The Board surely must have made estimates of future returns from their program of capital and human resource investments. Look at companies like Appen and NextDC. They provide growth projections even though they operate in areas with higher uncertainty than NTC and probably with similar NDA restrictions. Valuations are increasingly driven by analytical systems where financial data like future earnings is critical to determination of intrinsic value. Example: if the system can’t determine the forward PE or PEG ratio then the system will provide a very harsh valuation. The Board should consider getting some expert advice on how to manage profit guidance. They seem to be doing a good job in many areas of managing the business. What is lacking is a more powerful message for the investor community.