Ann: Investor Presentation, page-35

Frank. The substance of the facts I am quoting are from the TTI annual report. I don't make them up. I will concede some of my analysis is based on my own assessment of the reported numbers based on my own work experience. That does not mean my comments have zero substance. Shareholders should be critical of a companies performance when it is out of step with normal expectations. Management are expected to act in the best interests of shareholders. TTI shareholders have not had a dividend for years and the share price has been in decline for the last 15 years. The MD and the Finance Director are taking out close to a million dollars a year and shareholders get nothing. Quoting these facts is not mudslinging. A hideous 19% interest on a $7 million dollar loan in US dollars is not mudslinging. Its a fact. The MD and the board are responsible for this situation. Now they are asking shareholders to tip in more cash to clear that debt so they can keep paying themselves a million dollars a year. So here is my challenge frank. Quote me some numbers from the TTI annual report that demonstrates what a good position the company is in. If you cannot do that, then your accusation of mudslinging is nonsense.