Ann: Quarterly Update & Appendix 4C, page-11

Uptake in revenue very slow once again and high burn rate of cash in implementation and development costs.

Looks like a long way to go before break even.

It looks like with the increase of billable customers there is a jump in revenue but old customers are not renewing or continuing the service. Otherwise if old customers were renewing there subscription each month there wouldn’t be a slow increase in revenue, instead we would see revenue growing exponentially. Then add the implementation costs of each telco customer, equals massive cash burn.

Question is why are old customers switching off?