announcement out - capital raising, page-44

Has the possibility of listing on the NASDAQ ever been floated by TIS management? If so, could this capital raising be geared towards achieving this end (that is, having more shares on issue than the current limited stock) once a deal with a big pharma has been struck.

Any increase in the number of shares on issue might be achieved by the future partner taking a large equity position (hopefully at a premium) as well as current shareholders being offered an opportunity to increase their holdings.

Just my thoughts, but I'm confident TIS management won't sell current shareholders "down the tube".

Regards,

Goggo