Ann: 2023 Annual General Meeting Presentation, page-5

3 years ago, TNY was to be cashflow positive in 12 months.

2 years ago, TNY was to be cashflow positive in 12 months.

1 year ago, TNY was to be cashflow positive in 12 months.

Today, TNY is to be cashflow positive in 2-3 years.

You can boil that entire strategy down to three lines:

1. Everything that's bad about the business was the fault of previous management.

2. Since our subscription revenue has been more successful than our advertising revenue in the past 12 months, the CEO has come up with the left-field strategy of focusing on subscription revenue.

3. There will be heaps of capital to be raised over the next 2-3 years, while shareholders will be forced to give the last 2-3 year strategy more money and another 2-3 years.

My 2c prediction is that the only way this company avoids administration is if Thorney takes it over and de-lists it. SP will be sub 5c if / when that happens.