Ann: Appendix 4C - quarterly, page-8

Tesserent have delivered - big time!!!!!!!!!!

A few things.

1. Cash burn significantly reduced. Less than $300k this quarter. Costs are under control;

2. Significant revenue growth, both organic and via Rivium acquisition. Tesserent has previously made announcements highlighting the organic growth from the Tesserent business which is very encouraging;

3. I like the cyber360 strategy. I understand Ethan Glessich was the mastermind behind this. Well done. It appears to be getting traction in the marketplace and with customers;

4. On the estimated outflows next quarter of 3.8 million, current receipts of 3.36 million only need to increase by about 12% for Tesserent to break even on a month to month basis (this is not even including the PS&C acquisition);

5. Assuming the PS&C security acquisition goes through (I can't see why it won't), Tesserent will definitely be profitable from a group perspective once the 3 million annual profit from PS&C is added to Tesserent's books;

30 million revenue, profitable and in the cyber security space? Sounds like a decent business to me. The skies the limit. I can see Tesserent itself being acquired in a few years time.

Tesserent seems to have refined its acquisition strategy. Credit to the Board for learning from their mistakes. Rivium was very very clean. Fingers crossed for PS&C. I'm extremely happy the Asta acquisition was put on ice, hopefully permanently.

Also, I like the format of the announcement. Easy to read, succinct and well presented.

I have already applied for annual leave on 28 November 2019 to attend the Tesserent EGM / AGM - I am that excited.

Well done Mr Langford, Mr Challingsworth and wider Tesserent team.