Dear Shareholder,

Less than 2 years ago the Board embarked on a growth strategy for eStar.   The initial steps were to appoint Andrew Buxton as CEO, with a remit to grow eStar into a scalable international technology business.   The last year has seen major investments in that growth with the key elements being the appointment of a senior leadership team and the re-establishment of the Melbourne office, which now employs 11 people.