Ann: Appendix 4C - quarterly-OBJ.AX, page-16

What I really want to know is where is the money for all those fully funded P&G work plans? Somebody please tell me how P&G can fund 11 work plans over two plus years and have it not be reflected in the receipts (see chart above). We have had about 840K receipts since the signing of the PDA. That's supposed to be derived from :

1) P&G exclusivity fees
2) SK-II wand license/royalties
3) P&G workplan funding (lets say 8 of the 11 should be paid for by now)
4) Coty funding for design and development of dermaportation device

840K!! hurray for Steve Meller!!