Ann: Appendix 4C - quarterly , page-3

Excerpts from the Quarterly:

"We are confident that these sales (of VitroGro) will make a material and positive contribution to Tissue Therapies cash position in the current financial year.


Cash expenditure for the next 2 quarters is forecast to be lower than those incurred during the last 2 quarters."

Ample inventory (of VitroGro)for at least the first twelve months of sales is now stored ...... ..... for sales as soon as CE Mark approval is granted".

"CE Mark granting is now expected shortly....".

Cash on hand as at 30th June 2012 = $5.158 million

Seems like a positive outlook to me.

Regards,

Goggo