Ann: Acquires iQ3, page-98

Appreciate the response.

1) Aside from just telling me it is not mature, what reasoning is there? The acquisitions are the only components of TNT that are actually growing organically as at the conclusion of FY19 yet you say they are the mature components? As i said, declining revenues for 3 consecutive years is not the hallmark of a growing company.

2) They dont have their own tech, therefore they are not tech. it isn't debatable until their tech shows some form of traction. a re-seller of tech is not a tech business, they are a service provider. Rhipe for example. Classifying TNT as a tech stock is like classifying Real Estate agents as tech because they re-sell REA and Domain to their customers. They are a service business as it stands.

3. I agree. My point is solely that at a current multiple of 15x, with no evidence of synergies, no evidence of cross selling, the share price has a huge amount of those hopes and dreams already baked in. I hold in the hope that they deliver.