Ann: Appendix 3Y - M Halasz , page-6

Plenty of thoughts Elvis but for the moment it all comes down to waiting for the Quest letter IMHO.

Should the Quest letter confirm the company's expectations the market may significantly derisk CDY in a single stroke. Why? Because Quest perform around 500 million diagnostics tests each year for 150 million patients and that company is extremely keen to grow what they call esoteric/disease aligned testing. Overall market growth in the US for this type of testing is 4% pa.

The value of the expected Quest royalty stream dwarfs current hair loss product expectations. RM Research assigning a conservative initial value of 2c per share. No value was assigned to the previous advice from Quest that they are developing other tests that also utilise midkine (in the scope of CDYs IP by implication).

There are many pipelines in CDY's portfolio that need to be funded . If we can at least double the current SP floor capital with a cash positive situation, raising capital would be a far less an imposition than what has previously been the case. Maria has said previously that CDY is seeking non dilutive pipeline funding BUT there is (I understand) no intention to fire sale pipelines either. The price a partner should pay for a share of a therapeutic program must be reasonable.

That Maria continues to acccumulate which is good to see. I know nothing about her other investments, GFC losses, finance costs or lifestyle costs etc. etc. are and I don't want to know!! From the outside looking into a company it is always best to view director and inside interests as a single BLOCK and in that respect CDY now looks quite reasonable. There may be fewer less loose hands when the next big run happens than was the case back in 2010.

cheers