Ann: Quickstep Investor Strategy Presentation June 2015, page-9

1DT1 - problem is, in the last CR they could not get a bank to touch them and had to settle for 12% interest plus a truck load of options. Will they be in a position within that time frame to raise money without having to drop their pants ..... that my friend is the real question. 150 people employed .... what do they all do? .... 40% capacity left .... does that mean we don't need more employees ...... at an average of 75,000 which I think is low given the Board and management remuneration, the wage bill is 11,250,000 - that is some wage bill.

So given the banks reluctance to come anywhere near QHL and the fact they still need money with 30 mill coming in this year, the question is are they making any profit on what they are producing. Also the statement they are tendering for other work within the Air and Defence fields has been repeated over and over with no or little success

Potential - sure - but the secret here is just how much we will be diluted in the process

Clyde