Email from Ian Mutton

Did anyone receive an email like this yesterday date 10th of march.


Dear Shareholder, There has been much commentary about THC; some of it uninformed. Let’s be clear on some key points. I replaced Mr Beasley as chairman in October 2017. I did so at the request of all other directors. • At the time the share price was 20 cents. • When Mr Beasley issued a notice of intention to call an EGM the share price was 71.5c cents. Whilst I have been in the chair and with the enthusiastic support of most of the Board, THC has: • Assembled an effective executive team. • Added to its licence to carry out research and development, a licence to cultivate crop. • Completed its Research and Development facility in Bundaberg. • Applied for a licence to process crop into marketable product in Australia. • Opened discussions to export product to Canada • Concluded agreements with BOL (of Israel) and Endoca (Europe) to source product for resale in Australia. • Concluded a non-binding agreement (i.e. subject to due diligence) to acquire a distribution business in Canada with the indicated potential to deliver revenue of >$25m pa. • Concluded a licence with National Access Cannabis of Canada to acquire the “know how” needed to roll out clinics to service the market across Australia, on favourable terms • Developed a program to establish clinics across Australia that can service Australian consumers. • Started the recruitment of the people needed to roll out the clinics. • Raised $11m to fund growth It is said that our costs have risen. They have! What else would you expect from a company intent on building its business. Much has been said about “governance” – simply put, neither ASIC nor the ASX have reported concerns in relation to matters raised by Mr Beasley. The present Board has built growth momentum – if you believe in growth, if you believe that the greatest value steps come from seeking to gain by being the first mover – then this is not the time to change the board – you should vote against all motions that are being put forward at the EGM. Warmest regards Ian Mutton