Ann: Change of Auditor, page-17

• Gleneagle received options as remuneration. They have every incentive to pump the price.

Gleneagle receiving options is not at all unusual and does not affect the fundamentals. No red flag here whatsoever.

• Auditor resigned with no explanation.

There is also no evidence of any problem

• Frenzy-like following on HC. Tend to bid prices to overvaluation.

That is ridiculous. This has a very small HC following relative to most stocks of similar size.

• Directors are converting options early. One director started to sell some.

One small sale months ago by one director and nothing since. Maybe she needed some cash. Hardly a red flag on its own.

• MWR has not yet proven to be sustainably profitable to justify the current share price.

Did Google, Yahoo etc need profits before reaching market caps in the hundreds of millions to billions? The market is not blind to future earnings. That is why MWR sp is growing rapidly.

• NTA backing is approx. 25c per share. Yep - a loooong way down if this blows up.

NTA means nothing to many businesses and nothing to the sp. This is not a property fund where NTA does matter. Can you tell us the NTA backing of our banks, Google etc.? Your arguments are weak.

None of these change the growth to date and outlook going forward. The sp for any stock is about expected future earnings. No one cares about past earnings except if they offer a guide to future earnings. The strong uptrend of the last 12 months tells us that the market sees it different to you. Who should we listen to more?