Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-56

One thing that BIT needs to become honest about.

Where do they think the future of the company lies? They need to outline where their future direction lies.

Example - HIV and antiviral sectors. It is no use coming up with other sectors - cancer research, on average, takes at least 20 years.

BIT is a small company and will always have limited resources. Those resources need to be used prudently - and having numerous avenues for potential research will only dilute that scarce resource.

Any future cash raising (and that is inevitable and imminent) needs to include an outline of future activities. BT is not a BP and can't just outlay cash at every targeted illness and disease.

A CR will lower the SP to maybe 2 to 2.5 cents and if IT wants to have a fully subscribed CR, then they will need to explain why the company is existing for. I sincerely hope that they do outline the limits of future activity to entice investors. They also need to keep to those staed parameters and not deviate.

Given the time taken to get to their current position, it is now ludicrous for any holder to just say there is a human need and the SP is irrelevant. No one wants to wait another 20 years for results.