presentation, page-10

re: 2h bugger Amex

I would love to believe you, and in fact still do to the extent of holding on till further announcements.

It is all very logical, but it has to be tempered by my memories of your analysis of what GSK were doing for Relenza currently. That was all very logical too, but it fell down on the fact that GSK were not at all logical from BTA's (and our) perspective. And by the way, we still haven't seen figures that BTA are supposed to have received in May - perhaps we will be surprised on the upside.

Now we can only hope for at least one announcement from TZL within the next couple of weeks, showing their strategy and at least the first stage of implementation of that strategy.

Cheers

R