Gavin Rezos, page-33

I do think something has changed. The over-optimistic HC players have moved on. There are a few realistic expectations that are being expressed. What I find concerning is that the company seems to change its strategy and increase credible communication but then it goes into a hole. So we now have the presentation to **elli. What I think it lacks is finally fessing up and taking out the low margin rubbish. You cannot say you have moved away from this but you still record the $24 million 2017 turnover as the base and the growth to that figure. Its like we sold cars and now we sell planes but we will show the growth in our business as car sales.

I also think that the business should either have a regular monthly newsletter or a shareholders webinar - it needs consistency. Or define what it will put out and when and stick to it.

Finally, I think that the management must start talking about how shareholders fit into this.

They have $17 million they are burning $450K per month. From the rubbish about Cashflow neutral, this has to stop. The Pegasus contract looks like it really cannot be $10 million annually...

Reset the stage.

I want to know that:

1. They have enough cash to get to cash flow neutral.
2. That they are going to report like for like not fluff it all up.
3. That management is going to keep measuring against what shareholders are told.
4. No more change the process so we cannot measure what is like for like.
5. Under promise and over deliver - to that end GR has to go as part of the past.
6. Need to stop fudging the 4c - Give out working capital movements so you can balance back to profitability.
7. Stop showing the blue sky and deal with the next 6 months and next year so that the blue sky can take care of itself.

If I saw all that I may return as a shareholder.