Ann: Sept 2023 Appendix 4C, page-3

Smoke-and-mirror Trends confirmed:

- Another quarter with cash losses ~$3.0m

- Pre-paying NBN expenses to a third party supplier to reduce working capital by $570,000

- Cash at bank only $6.8m – most recent capital raise done when $6.1m cash at bank was the most recently disclosed figure

- Customer Acquisition Cost increased to $6,708 for the quarter, from $4,947 during Y23. 72 net new customers, on $483,000 in marketing expenses.

- For every new NBN customer won, an existing NBN customer left. A 100% churn rate confirms how poor the customer service and the network service are. 519 new NBN customers, 517 NBN customers churned.

- Company disclosed Churn rate of 1.46% at company record highs, the highest rate ever been.

- Misleading charts and graphs and numbers. Company uses charts and percentage changes that compares to previous Years’ corresponding Financial Periods. Comparing to Previous Years for the same period is only relevant to businesses that have seasonality, like retail / hospitality for example. A telecommunications / gaming business has no seasonality. Therefore, it is More relevant is to compare to the previous quarter, to show more accurately the growth, or in this case, the decrease rates. Of course comparing to a Year on Year period will come up with some huge % change, looks fancy to uneducated investors, its good marketing. But this is misleading. More accurate to report month-on-month, or Quarter on Quarter changes. The Revenue QoQ actually decreased.

- Cloud gaming is a defunct business. So in the space of 12 months, the number of people signed up to test out the cloud gaming, has grown by 68%. Over the same time period, there has only been a growth rate of 13% in Monthly Active Users. So there’s a large number of people who come along and test it out, give it a go, but only a very very small fraction of people remain active and hang around after testing. Wow, finally the confirmation this cloud gaming has extremely underwhelming uptake in the Australian market. There is obviously embarrassment to report the actual absolute customer numbers, because these numbers are painfully bad.