Dear Bob

Thank you for advising us that you have successfully raised $7.2m.

On first assessment, the placement price seems low and to an extent unnecessary. I say unnecessary because in your last quarterly report it appeared that your cash at bank and expected income would leave you with a small cash balance or at worst a small cash deficit. Given the quarterly numbers, why such a big raising and why at such a steep discount?

Please advise why you thought this raising was necessary and how it will impact the profit of the company once it is deployed. It would also be handy to know the expected time-frame for deploying the capital and obtaining the benefits from the deployment.

I am assuming the sophisticated investors were sophisticated enough to ask you the questions I have submitted and would hope that I could have the same answers you gave them so that I can make an informed decision about whether to buy some more shares or dump the lot.

Regards,

S