Ann: Appendix 4C - quarterly, page-114

The fact AHZ could not reach anything like their projected market shows that trying to go it alone is extremely difficult . A company can have one of the best products in the world but trying to market one or two products by yourself world wide with limited capital is almost impossible . WP obviously had little choice , AHZ had the developed product but no way to get the exposure it needed to advance CardioCel and VascuCel so future ADAPT products including the TAVR would get recognition . Investors need to realise the type of salesmen needed to market these products are not going to be cheap as their Medical knowledge required would justify high wages . Really it would have been great if AHZ could have held both these products as ultimately they would have a range of ADAPT products which could justify a large sales team world wide Unfortunately it wasn’t to be but IMO WP has done a great job saving this company from almost certain bankruptcy . As I stated in previous posts IMO the vaccine section is what ultimately attracted investors but ultimately nearly lead to the company’s downfall . IMO AVR is on track to show investors the returns they assumed they would receive back in the early days of AHZ . Vaccines are always very risky and there was way to much hype generated by Frazers previous success . GLTATH