Ann: Expanded Funding Package, page-26

Hi NCRAW

I know it is hard at times. But if you genuinely do not need to sell anytime in the next 18 to 24 months just try and remain focused on the companies fundamentals and not it’s share price.

It is making serious strides fundamentally but may need the next couple of catalysts to move the share price to the next level. This ride with AVR has never been easy in terms of SP but the last three years from a fundamental perspective have been outstanding.

The big news this year will be FDA approval of the EFS trial with our TAVR, potential Breakthrough status and news of first successful patients off the hospital bed with DurAVR THV inside.

I am happy for the SP to do what it likes until these three bits of serious news.

Other news that we may get updates on could be the SAVR trial, updates on the CABG proof of concept trial, a reveal of the design lock for the delivery system and when our bench test hits 1 billion cycles. Should be around 800 million at present.