Exhibit 7 – Transcript from a recent meeting between Vincent Spark and 2Tel’s

head of investor relations, Heidi Parr:

Vincent Spark: Ineed to discuss something with you. At the beginning of the year, the
remuneration committee of 2Tel awarded a large basic pay increase (and
pension contribution increase) to Frank Finn, our Sales Director. One of our major
shareholders, Avo Investments, has been looking into this, and has expressed
concern that the increase was, in their words, ‘substantially over-inflation’, with
no apparent link to performance. They also point out that Mr Finn has a cross
directorship with Joe Ng, an executive director of DEF Co, a software company
here in Farland. As you know, Mr Ng is a non-executive director of 2Tel, and
chairman of its remuneration committee.
Heidi Parr: Yes, I know all about this one. Avo Investments argued at the annual general
meeting last month that there was a problem with the independence of Mr Ng
and that Mr Finn's remuneration package is poorly aligned to the interests of Avo
and other shareholders because it’s too much weighted by basic pay rather than
other incentives.
Vincent Spark: You may remember that I openly disagreed with Avo’s position at the annual

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general meeting, telling them that they had nothing to worry about as Mr Finn’s
performance is strong, his remuneration is fair and it provides an appropriate
level of incentive. Surely there is no need for Mr Finn’s remuneration package to

Heidi Parr: lB
be designed merely to suit Avo’s requirements?
Avo Investments has proposed that the composition of Mr Finn's remuneration
package be reconsidered by the remuneration committee, and that Mr Ng should
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not be present during the discussion. But another of the larger institutional
shareholders, Hanoi House, has now objected to this. They argue instead that Mr
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Ng and Mr Finn both resign from their respective non-executive directorships as

there is, in their words, 'clear evidence of malpractice'. Avo considers this too
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radical a step. We can all see that Mr Ng's experience is very valuable on the
2Tel board.
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