Ann: $2.0M extension to milestone deal with South Tees NHS Trust, page-20

Agree with you that the 3rd or 4th NHS Miya contract is likely to be the tipping point where the market will be convinced of Alcidion.

At this stage, I think the market is still a little bit unsure because, in my humble opinion:

- the Dartford and Gravesham contract was maybe lower than it should. However, this was necessary to secure them as our first reference site in the UK. There is always an element of risks associated with being the first mover for a government organisation
- the South Tees contract was secured via grants from the Digital Aspirant programme with local match funding.

What I, conservative investors such as yourself and perhaps other market participants want to see are further integrated contracts being secured with other NHS trusts on an ongoing basis via cost-reflective pricing independent of any one-off grants via government programs.

Because that is when we can truly be confident that Alcidion is offering customers a compelling business proposition that they are willing to pay for on an ongoing business due to the net benefits.

However, this would take time and patience is required by all of us.

I think it is also inevitable that there would be some form of corporate activity in the UK. Considered and strategic land grab, entrench and expand is critical Alcidion's long-term success. I believe there any activities involving NextGate and IMMJ Systems (refer here) remain the most logical choices. It would also not surprise me if all 3 partner up in some form or another to bid some future NHS contracts as a consortium.

All shall be revealed in time...