coments on todays gm, page-22

amex

Andrew Sigalla emailed me again this morning to explain his background and why he was unable to say more yesterday. He was in fact the founder of TZ and put in some of the initial capital, and has been instumental in recent deals and lining up CS to underwrite the NASDAQ float. As you have said he has a large shareholding and we know that he has recently bought another 2m shares. So his interests are very much aligned with ours! He is working on the M&A and this restricted even further what he could say yesterday.

I may have been too hasty in judging his performance yesterday. His correspondence has been thoughtful and good humoured .... so your assessment is looking on the money. I would like everyone to forget what I said about him being evasive yesterday... a comment born out of frustration.

I have taken the opportunity of our correspondence to reinforce the difficulties faced by shareholders in understanding and valuing TZ in an information vacuum, and to request a detailed shareholder update like the ones we saw in March and October last year.

H