Ann: Appendix 3B-Exercise of Options, page-22

Don't be too concerned about MSB and their China deal. One has to ask the question why they can't get a deal done with a global western Pharma if the MSB stem cells are soooo good?! short answer is their stem cell treatments are not and can never by homogeneous and therefore become 'off the shelf' treatments. MSB is lucky they got their deal because if they hadn't they would staring down the barrel of yet another raise with no substantial good news. CYP on the other hand is just starting its life and truly has global, mass market application for its treatments but is hitting high value niche indications first. Good things will happen for CYP but as always with biotech it takes time!