Ann: Appendix 4C - quarterly, page-58

I have nothing to say about Sean's article except that he has been well placed in his employment...

The 4C revenues came in below my own expectations although I was still happy, mainly because of the jump in patient numbers. Last quarterly reported that in its history >1600 patients had been implanted with a CardioCel patch whereas this quarterly reported that >2600 patients had been implanted with a CardioCel patch..... This is a 65% increase, in one quarter over the whole history of CardioCel implants. This to me represents a fantastic result and keeps my investment hypothesis in place, that is that a snowball in clinical data/evidence will precede a snowball in patient numbers which will precede a snowball in revenues.... we're seeing that and we're seeing it grow at an exponential rate.

Patience will be rewarded and I'm now more optimistic about the future of this company than at any other time in the past.