Ann: Appendix 3B, page-12

You make a fair point, Hoyland. But in a company such as BLT, it's not always fair or useful to judge management on a quarter-by-quarter or year-by-year basis, as it is for a blue chip company. The outcomes of the upcoming IPO and clinical trials are one-offs, and should it all pay off, directors' salaries and perks will be the last thing on anyone's mind. If it doesn't all pay off, their heads will roll, plain and simple. This is a gamble for all involved, management included. They have no control over the science itself at this point, and it can't be an easy thing to sell to the investment community, particularly here in Australia. I'm not saying management is untouchable or shouldn't be criticised, but I think at this point it's best to give them the benefit of the doubt. They are obviously privy to information the rest of us aren't. People were screaming for US exposure and soon we will have it. People were screaming for safety and efficacy and soon we may well have both. Are we paying them too much? Possibly. But their jobs aren't secure and they know it. If it gets them to the top of their game then it will be worth it for all concerned.