Ann: Quarterly Update and Appendix 4C, page-20

So, post IPO, which makes your background knowledge incomplete.

I remember the days when David Evans was involved (this was in 2008) and investors were being sought to ‘commercialise' the technology. Evans and the Winter ‘boys’ as you call them (they being the founders and the then major shareholders) fell out and the Winters brought in Phil Hutchings as CEO who executed the IPO.

Unfortunately, for Hutchings the product was not in fact market ready at the time of the IPO and certain parties (who I could name but won’t) were guilty of overselling this ‘market readiness’. Hutchings ended up taking responsibility for the 'over-selling’ and was ousted in a ‘Boardroom coup’ in late 2011/12 which was initiated by the Winter brothers.

Following the coup, Howard Stack joined the Board in early 2012 and mistakenly backed the Winter brothers to take the company forward. It wasn’t until mid 2013 that Stack finally realised his mistake in backing the Winters and Stuart Smith became the CEO replacing Chris Winter.

Slow process was made under Smith until Simon Hackett invested and he then took executive control so as to deal with the FLEX disaster begun under Smith’s watch.

Happily, the renaissance now began…but annoyingly there’s definitely been a lot of unnecessary time and money wasted.

We are now in the market with a market ready product; a clear strategy; and it appears that we at last have a competent Board and management team.

I have broken every investment rule with this company and should have sold out several times. I haven’t because I believe in the product and still hope that it will be a success.