A letter with confidence from CEO

Hi,


Thanks for our email (I received an almost identical email from another shareholder, so I will use the same response for both as I suspect you may know each other).


Firstly, I am just as concerned as you for the lack of share price performance. However, the most important thing I can do is focus on business performance. As announced, our last quarter results were underlying EBITDA of over $3m and this trend is continuing this quarter (we are on track for a record EBITDA this half). We stated that Track was on the lower end of our expectations as we have been focused on building out the team and new products (our new CM website will be launched in the coming days which will showcase some of these products). We also commenced the optimization of key products which meant we took a hit on revenue in the short term within Track.


Secondly re debt refinance – we are on track for completion by end of June. We had the American lenders here last week doing their final due diligence. It is taking longer than I originally would have liked. However, we are dealing with 6 sets of lawyers (half from each side) across 3 continents (USA, EU, AU) which means that everything takes longer due to time zone differences.


I am now located in our European office and am happy if you want to call me on any of the numbers below. After 5pm your time is best as its morning here.


Ciao dom




DOMENIC CAROSA
CEO & EXECUTIVE DIRECTOR

Leading Mobile Innovation

+31 6 11 22 72 35 (Euro) +61 411 19 69 79 (AU)

skype: dcarosa
crowdmobile.com