Ann: Appendix 4C Quarterly Report & Brief Company Update-PAA.AX, page-35

Who knows what these sp fluctuations mean? Just the short term day traders taking their winnings or losses, or maybe some other investors losing their nerve just before the phase 2 trials begin. The important point is that phase 2 clinical trials are about to start. There is risk associated with this of course, but three years of laboratory work on PPL-1 and one year of phase 1 tests on humans give us confidence. At the present sp the company is basically being valued for little more than its Epichem unit, which is going well. Cheers