Ann: Appendix 4C Quarterly Cashflow Report (Oct - Dec 2019), page-24

Hi Paul

I make no secret that I like TTT's technology and the potential it brings. I much prefer this to FBR's technology ; sadly both share the same issue and that is , their inability to turned a commercialised solution into revenue and despite a number of collaborations, nothing has come to pass. And so holders naturally become disenchanted. I sold my final lots in August last year at $1.76 it was a loss.

However the stock has been well beaten down since then. That said, I would not invest in it until I see something develops - I could take a leap of faith sure but I don't think the market now favours microcaps and certainly not in this period when there are lots of risks.

But there is one thing I like about TTT that could hold some promise- if they can win contracts I believe they can be big or lead to something big and I am talking about millions. So in that sense it could be feast or famine- now famine. It is unlike YOJ and even FBR revenue model where you can have many customers but ARPU immaterial - that offers little hope. The big question is will TTT be able to achieve that interest from international companies - as days go by, and little news the market is sensing there has been a loss of interest (bikes, ship, aircraft ).

Where to from here? In absence of material announcement, this could continue sliding and its market cap is still circa $100m with performance shares in. The difficult part is determining the value of its IP. In the short term however the sell off may have been overdone , possibly due to lack of liquidity. This stock can drop or rise quickly just based on relatively low volume.

But my concern is more macro as you know since you have been following my thread. And I can't see struggling microtechs doing so well in the environment we are about to face.

All the best folks.