Ann: Appendix 4C and Quarterly Update, page-18

Hi Lastly

A court case would be very interesting.

Your proof that discussions occurred is because the board of directors said so. No other evidence because they are confidential.

My supposition that they may not have occurred, is because had there been legitimate discussions there are only 3 possible outcomes.

1. Negotiations were successful and a deal has been made. I don’t recall that announcement.

2. Negotiations were not successful and therefore details are no longer confidential and shareholders would be advised accordingly. I don’t recall that one either.

3. Negotiations and discussions are still ongoing but a commercial outcome has been delayed. No mention of that in the quarterly, and in fact, words like discussions, negotiations, commercial outcomes, seem to have disappeared altogether. They were very prominent in the June quarterly and again in the July Canine update.

Perhaps you can come up with a 4^th scenario that sheds a better light on the BOD.

If not, then you are entitled to your view and I to mine.