Ann: Appendix 4C - quarterly, page-129

Welcome to the world of healthcare.

I had previously posted a revenue graph of Lemataire's sales growth and it took them a decade to generate material sales and growth in patches. Hopefully we wont take that long because our products such as 3D have negligible competition (cadavers) that attract premium pricing. However, having said that, its gunna take time for surgeons to learn how to use 3D and optimise its use.

Just a quick note on the infusion business. Its a dark horse and over time can be a pretty impressive business unit in its own right. I use infusion pumps and consumables in my day job and its totally insane how much consumables (e.g. IV lines, bags, etc) we go through on any given day. Sorta reflected by the fact consumables had no problem plugging the big gap left by the non-recurring capital receipts from Royal Adelaide. A recession proof business that fully deserves our company's affection, attention and nurturing.

I am cautiously optimistic**

**cautious because I have been burnt so many times before by bullish CEOs