OUTSTANDING, page-16

I have never worked out exactly what the nature of the Stuttgart connection is. The Company has been quoted there under the M4W:STU code since inception (the choice of ‘M’ in the code would derive from Medical Therapies), but with negligible activity. I don’t understand what form of Cellmid securities would be available to trade there, perhaps as a package equivalent to an ADR. Australian shares I believe can only be traded on an Australian exchange.

The Boerse Stuttgart GmbH was created for retail investors. Cellmid’s traded price in Australia is mirrored there every day, converted to euros, but it is very rare for there to be any trading volume indicated there. Turnover history in M4W is virtually non-existent.

I don’t know whether Medical Therapies applied for the listing or not. If there is any cost in maintaining it I should think it would be negligible. As a retail exchange it is unlikely to be of value for any significant capital raising.

I like the current M4W technicals though.