Ann: Appendix 4C - quarterly, page-267

Jasmin - Once again I find myself mystified by the strength of your assertions and the nonsense of your claims. As a self professed researcher (though not on a daily basis) I have been unable to find any evidence to suggest you are correct. In fact on the contrary I draw the conclusion that such claims about future movement of cash outflows or revenue from the 4C is merely mischief making. Of course it is convenient to focus on what is not said because that leaves the field open for the imagination to run wild. There is however a vast difference between fact and fiction.

Once again I join the ranks of those clamouring for an explanation of your intense interest in bagging a stock which you hold. It is hard not to feel concerned for your mental health and future happiness if you persist in buying stocks you don't believe in and need to bag continuously.

When you first started writing with such fervour on Alexium I had thought you might have been simply jaundiced about one or other Director or Executive. Now that I could have understood - because it is perfectly possible to look at the performance of the business and the approach to corporate governance of communication taken by individuals.

But if indeed you truly believe your own writing, I can only wonder at the quality of your research and the courage of your convictions.

So do please explain to us the key drivers for your continued shareholding and consistent negativity so we might all be better informed. Without that it is reasonable for us to focus on what you do not say.

Parsifal